Press "Enter" to skip to content

Posts tagged as “Virtual currencies”

DEA Steering Committee Report says Blockchain and ICOs are revolutionising Fintech Landscape

In July, DEA’s report on Virtual Currencies recommended a complete ban on Cryptocurrencies. But, DEA’s 2019 report from Steering Committee on Fintech Related issues acknowledges the potential of Cryptocurrencies, Blockchain and ICOs. The Steering Committee on Fintech related issues constituted by the Ministry of Finance, Department of Economic Affairs submitted its Final Report to Finance Minister Nirmala Sitharaman. The report is published on DEA website. The Committee was constituted post…

RTI: Policy around Virtual Currencies under ‘Formulation Stage’

An RTI response from Department of Economic Affairs around cryptocurrency says ‘Relevant policy [around Virtual currencies] is currently under formulation stage’, reaffirming the reports that cryptocurrency regulations may soon be a reality in India.  Yusuf Rampurawala, a lawyer and crypto enthusiast from Mumbai filed an RTI application in May directed towards the Reserve Bank of India which was then forwarded to the Ministry of Finance (DEA). Rampurawala’s intention behind the…

No Independent Research on Crypto done by RBI, Reveals RTI

It has been two months since the Central Bank of India announced a blanket ban on regulated entities working with companies or individuals dealing in Crypto assets. The decision sent the Indian Crypto trading community running for shelter. The prices of cryptocurrency in India dipped by over 50% on the day. In the two months, companies have reached out to the RBI, exchanges and individuals have filed appeals in High…

Supreme Court Hearing Against RBI for Banking Ban Pushed by One Week

On May 1, a writ petition against the Reserve Bank of India and Union of India was to be listed in court for a hearing. The Petition was filed by four exchanges and two individuals for an interim relief from RBI’s decision on Banking ban. The case was tagged with another petition that hit the news last year, filed by lawyer Dwaipayan Bhowmick. The 43 page petition by Bhowmick is to have…