Dec 16, · Banks are exploring lending to crypto exchanges and accepting bitcoins as collateral. In March this year, the Supreme Court lifted a two-year-old ban by the Reserve Bank of India . Sep 17, · The Indian central bank had in banned crypto transactions after a string of frauds in the months following PM Narendra Modi’s sudden decision to ban 80% of the nation’s currency. Cryptocurrency exchanges responded with a lawsuit in the Supreme Court in . Aug 07, · As reported by CNF, India has had a ban on Bitcoin trading since Imposed on the basis of a ban by the Reserve Bank of India (RBI), the ban was lifted in March this year. At that time, expectations were positive as the market opened up to receive billion people in India. Since then, the market has changed.
Bitcoin ban in india budgetcryptocurrency: With a law, India plans lasting ban on cryptos - The Economic Times
Also read: Govt panel calls for ban on cryptocurrencies; wants year-jail for violations. The move came after it was observed that several companies had started dealing in digital currencies which, the government and the RBI claim, had no intrinsic value - therefore leaving the investors at risk. The RBI's move was an attempt to ring-fence regulated entities from risks associated with cryptocurrencies.
Days before the deadline for trading in bitcoin ended, the Finance Ministry had also made it clear that virtual currencies were not legal tender and such currencies had no protection. After the RBI issued circular on April 5, many cryptocurrency exchanges started winding up their business in the country.
One of the biggest digital currency exchanges, Zebpay, asked its users to withdraw their money before the RBI deadline.
But some others such as WazirX and Koinex Loop started working on a peer-to-peer model to facilitate virtual currency trade without using banking channels and prominent digital marketplaces.
Nifty 14, Tata Steel PP Market Watch. ET NOW. Brand Solutions. Reshape Tomorrow Tomorrow is different. Let's reshape it today. TomorrowMakers Let's get smarter about money. The Leprosy Mission Trust India. Corning Gorilla Glass TougherTogether. ET Power Talks. Open Up India. Great Manager Awards.
Morning Brief Podcast. Politics and Nation. Company Corporate Trends. Defence National International Industry. ET Evoke. ET Explains. Deepshikha Sikarwar. Font Size Abc Small. Abc Medium. Abc Large. Getty Images. The spur for the draft cabinet note was the March 4 decision of the Supreme Court to quash the April circular from the RBI that prevented banks from providing services in support of cryptocurrencies, said the official cited above.
The note will be sent to the cabinet after consultations and, subsequently, to Parliament.