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<ul><li>Supreme Court today held the complete ban on <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword> on RBI as unconstitutional. </li><li>The <keyword id="8865756" type="UNKNOWN" weightage="20" keywordseo="crypto-community">crypto community</keyword> in India welcomed the news and called it a historic day. </li><li>So, crypto exchanges and businesses that shut down in 2019, can get back to business now. </li></ul>India’s Supreme Court today held the complete ban on cryptocurrency on RBI as unconstitutional. With this move, Indian banks can now deal with cryptocurrency and exchanges that found it difficult to operate in the restrictive environment can now find their way back into the ecosystem. The crypto community in India welcomed the news and called it a historic day. “Today’s a historic day for the entire Indian crypto ecosystem. #IndiaWantsCrypto has won! This positive judgement will open doors to massive crypto adoption in India. It proves that we can now innovate, and the entire country can participate in the Blockchain revolution. With over 1 Billion population, the Indian market is a sleeping giant. I’m confident that this judgement will have a positive impact on the global crypto ecosystem,” Nischal Shetty, Founder &amp; CEO, WazirX told Business Insider. In January 2019, the <a href="https://www.business-standard.com/article/economy-policy/do-not-want-cryptocurrencies-spreading-like-contagion-rbi-tells-sc-119011701084_1.html">RBI</a> had told the Supreme Court of India that it does not want the cryptocurrency to spread like “contagion”, adding the virtual currencies can be harmful. With the banks not being to operate with cryptocurrency businesses multiple startups had no option but to shut shop. Startups like Koinex, <keyword id="2481086" type="PERSON" weightage="20" keywordseo="UnoCoin">Unocoin</keyword>, <keyword id="2761019" type="PERSON" weightage="20" keywordseo="Zebpay">Zebpay</keyword>, Cryptokart were the worst affected. As the news was announced, Zebpay which had recently relaunched in India, wrote on Twitter, “We will not stop here. We will continue to engage with the government to bring positive regulations through legislation.” <div type="twitter" handle="zebpay" handlename="zebpay" image="http://pbs.twimg.com/profile_images/1233395047678087173/y3JN34wt_normal.jpg" favoritecount="268" retweetcount="76" status="The verdict is out! Today the Supreme Court of India has removed the RBI ban on #crypto. We at ZebPay want to say a… https://t.co/bFfWcgokcp" createdat="1583299093000" id="1235072030317277184"></div>

 Unocoin too took to Twitter <a href="https://twitter.com/Unocoin/status/1235079808431734784">and wrote,</a> “A 22 month fight against RBI has ended in the Supreme Court with the verdict quashing the banking ban by RBI”. So, crypto exchanges and businesses that shut down, can get back to business now. “This verdict will give businesses who had shut down the option to return. It will also encourage budding entrepreneurs to start up. Healthy competition is good for the industry, and WazirX fully supports it,” said Shetty. See Also: <a href="https://www.businessinsider.in/finance/news/cryptocurrency-trading-can-restart-in-india-after-top-court-removes-rbi-ban-calling-it-unconstitutional/articleshow/74470872.cms">Cryptocurrency trading can restart in India after top court removes RBI ban calling it 'unconstitutional'</a>

Crypto community in India is rejoicing ⁠—  exchanges are ready to reopen

New Delhi, Mar 4 () Finance Minister Nirmala Sitharaman on Wednesday said she will go through the Supreme Court order allowing banks and financial institutions to provide services related to cryptocurrencies. The apex court on Wednesday set aside an RBI circular of 2018 which had prohibited financial sector entities from providing services to any individual or business dealing in virtual currencies. "I will have to go through the apex court order and then will probably meet you all to see what we want to do or how we look at the judgement," the minister said at a press briefing here. She was responding to questions regarding government's stand on cryptocurrencies in the backdrop of the Supreme Court's judgement. Cryptocurrencies are digital or virtual currencies in which encryption techniques are used to regulate the generation of their units and verify the transfer of funds, operating independently of a central bank.Last year, an inter-ministerial committee had suggested banning of private cryptocurrencies like bitcoin, and criminalising any activities related to virtual currencies. Regarding the panel's report, Sitharaman said the ministry had not taken a decision on it. The Reserve Bank had through public notices on December 24, 2013, February 1, 2017 and December 5, 2017, cautioned users, holders and traders of virtual currencies, including bitcoins, regarding various risks associated in dealing with such virtual currencies. NKD CS ABMABM

Will go through SC order on cryptocurrency: FM Sitharaman

Mumbai, Mar 4 () Cryptocurrency players on Wednesday welcomed the Supreme Court's order lifting two-year old ban on trading in virtual currencies by the Reserve Bank of India, saying the move will encourage them to expand their offerings in the country. The Supreme Court on Wednesday allowed banks and financial institutions to provide services related to cryptocurrencies. Concerned over the risk associated in dealing with virtual currencies, such as Bitcoins, RBI in its April 2018 circular, prohibited trading in such digital currencies. Pundi X chief executive officer Zac Cheah said the lifting of the ban on crypto only reinforces the fact that crypto and blockchain are the technologies of the future. "It brings in cheer for crypto / blockchain companies such as Pundi X who have done some remarkable work in this space and encourages us to expand our expert offerings to potential geographies such as India," Cheah said in a statement. Bitbns CEO Gaurav Dahake said the verdict would give rise to a greater ecosystem in a country where innovation has always had a place, and rope in new investors, better support for blockchain-based projects, and will create more jobs. "It's such a morale boost and will definitely help us bring back the high-volume traders who were concerned about the tips involved in our P2P transaction system, and have been unable to transact small amounts. We are happy that they finally have a resolution," Dahake said. Raghu Mohan, CEO and Co-Founder, IBC Media, a marketing solutions company that works with blockchain companies, said it is a step forward to empower entrepreneurs who build innovative business models to solve multiple grassroots problems in the country using crypto. "Crypto needs to be regulated in India, and we are all for it. Tax it and bring in KYC and anti money laundering (AML) measures to avoid any misuse if need be. In fact, regulating crypto is far easier than regulating physical cash," IBC Media's CEO and co-founder, Raghu Mohan, said. Springworks, a Bengaluru-based revenue-funded, HRTech startup said with today's decision developers can now work on blockchain projects around the world and participate in the upside. "This is a historic decision by the Supreme Court. The RBI circular meant that even though there was no ban on crypto, developers and startups were indirectly disincentivised to work on crypto projects because of the banking ban," Kartik Mandaville, CEO, Springworks said. A three-judge Supreme Court bench, headed by Justice R F Nariman, in its 180-page verdict said, "When the consistent stand of RBI is that they have not banned VCs (virtual currencies) and when the Government of India is unable to take a call despite several committees coming up with several proposals including two draft bills, both of which advocated exactly opposite positions, it is not possible for us to hold that the impugned measure is proportionate." HV MRMR

Cryptocurrency players welcome SC lifting trading ban

<ul><li>The <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI) admitted that virtual currencies do not fall under its regulatory purview and thus it does not have the power to ban cryptocurrency trade. </li><li>However, it has banned banks from engaging in virtual currencies. </li><li>The RBI and the Internet and Mobile Association of India (IMAI) have been battling for cryptocurrency’s survival in India since last week. </li><li>Ashim Sood, IMAI counsel, argues that only the Parliament has the power to ban cryptocurrency. </li><li>He also cited multiple examples from other countries around the that still engage in crypto trade, despite the threat of cybersecurity by employing regulatory tools — rather than implement a blanket ban. </li></ul>The Reserve Bank of India told the Supreme Court that cryptocurrencies aren’t illegal in India — it’s just that banks are barred from trading in them. However, advocates argue that without a banking system to support cryptocurrencies, trading just isn’t possible. India’s apex bank admitted that virtual currencies did not fall under its regulatory purview. It also admitted that it’s not aware of all the different kinds of cryptocurrencies available in the market. Despite incomplete information, RBI claimed that it banned banks from engaging in virtual currencies because of the associated risks — like cybersecurity and money laundering. Ashim Sood argued on behalf on the Internet and Mobile Association of India (IMAI), stated, “[The] power to regulate monetary policy does not empower RBI to stop or exclude crypto,” as per a <a href="https://twitter.com/cryptokanoon?lang=en">Crypto Kanoon</a> report. According to him, if anyone has the authority to implement any kind of ban on economic activity, it’s the legislative arm of the government — not the RBI, which is the executive branch. This means that in order to ban cryptocurrencies, the parliament will need to pass a Bill through Lok Sabha. Only then will the RBI be empowered to execute the ban. Crypto isn’t a ‘currency’ it’s an instrument Sood argued that the only reason the RBI felt the need to intervene was because crypto was being treated as a ‘currency’ — just as every malware gets called a virus. However, it should be treated as any other financial commodity akin to gold or silver — they aren’t currency but still store value. The threat perception is why RBI thought crypto should possibly be another parallel currency on the rise that could threaten the sovereignty of the nation. But if it’s not a currency, it’s not a threat, according to Sood. Here’s what India can learn from the rest of the world The RBI’s main concern is that cryptocurrency exchanges are more vulnerable to getting hacked, which means that a layman could lose all of his savings overnight without any back-up plan in place. Sood argued that even though MountGox, a cryptocurrency exchange in Japan, was subject to one of the biggest hacks in recent history — Japan’s government still chose not to ban cryptocurrency. They decided to regulate the industry instead. Just as netbanking and online transactions have their own set of rules when it comes to cybersecurity, guidelines can be put in place for cryptocurrencies as well. Since Japan’s new regulations have been enforced, no subsequent hack on cryptocurrency exchanges has taken place. Sood also cited multiple examples from the Financial Action Task Force (FATF) guidelines. Some of the strongest nations in the world are signatories who agree that cryptocurrency should not be banned. Instead, FATF guidelines are used to combat issues like money laundering and terror financing. According to Sood, cross-border transactions in cryptocurrency should be subject to the same rules as SWIFT transactions and have the same safeguards in place, they require customers to KYC before getting an account. The case hearing was supposed to continue for the fourth day in court today. However, Justice Bose, of the three-judge bench precising over the case, is on leave. It’s likely the hearing will be adjourned to tomorrow, as per a report by <a href="https://twitter.com/cryptokanoon/status/1219514980954804225">Crypto Kanoon</a>.

Cryptocurrencies fight to survive in India even as RBI claims there’s no ‘ban’

<ul><li><keyword id="11338687" type="UNKNOWN" weightage="20" keywordseo="indias-crypto-exchanges">India’s crypto exchanges</keyword> are reportedly considering going to court against the country’s <keyword id="6358156" type="ORGANIZATION" weightage="20" keywordseo="central-bank">central bank</keyword>.</li><li>But <keyword id="2721952" type="PERSON" weightage="20" keywordseo="crypto">crypto</keyword> exchanges may have an uphill battle, even with the SC ruling in their favour once.</li><li>India is also considering a digital version of the rupee.</li></ul>India’s <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword> exchanges are reportedly planning to approach the country’s Supreme Court to resolve troubles they have had with banks recently. Almost every crypto exchange in the country has had to stop taking rupee deposits in the country, as banks withdrew their services, after an informal notice from the country’s central bank — the Reserve Bank of India — earlier this month. According to a <a href="https://economictimes.indiatimes.com/news/economy/policy/cryptocurrency-exchanges-to-approach-sc-on-rbi-diktat/articleshow/83015528.cms">report</a> by the Economic Times, the exchanges are now planning to approach the Supreme Court to find a solution. Their primary complaint is that the RBI’s directive, though informal, ignores the Supreme Court’s judgement from last year. The apex bank had quashed a ban imposed on financial entities in the country by the central bank, which stopped banks and other RBI regulated entities from working with <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto firms</a>. While banks <a href="https://www.businessinsider.in/cryptocurrency/news/users-not-able-to-deposit-money-on-indian-crypto-exchanges-right-now/articleshow/82831355.cms">stopped providing services</a> to crypto firms around May 18, the exchanges could still pull through for a while using PayTM and other payment processing companies. This would allow users to deposit money to PayTM and transfer it to their exchange accounts. However, the IPO-bound payments app also stopped working with crypto exchanges last week, leaving them in the lurch. “Unfortunately, this is an industry-wide issue and all Indian <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto exchanges</a> are facing a limitation in rupee deposits right now. We are working on adding more banking partners to support the increasing volume of INR deposits," Nischal Shetty, CEO, WazirX, India’s top exchange, <a href="https://www.livemint.com/market/cryptocurrency/crypto-exchanges-ops-hit-as-lenders-sever-ties-11621282141905.html">told</a> Mint on May 18. But adding banking partners is easier said than done. At the moment, with the lack of any firm regulation for cryptocurrencies in India, going to court may be the only way available to these exchanges. However, that could still be an uphill battle. Banks, for instance, have the right to withdraw services from anyone whom they deem unreliable. Essentially, while the RBI directive may not be an official diktat, a bank can always say that the market seems too unsteady for it to lend to. The crypto exchanges, on the other hand, will have to argue and prove that such thinking is unfounded and discriminatory towards them. Given the current regulatory uncertainty in India, that may be an arduous path. What would make things easier? An actual legal diktat from the government is what the industry needs in order to clear things up. A possible crypto bill was expected in the Budget session of the Parliament earlier this year, but seems to have been put off. While Finance Minister Nirmala Sitharaman <a href="https://www.livemint.com/money/personal-finance/looking-at-ways-to-experiment-with-digital-world-and-cryptocurrency-fm-11614953107529.html">has said</a>, on multiple occasions, that the government is considering its approach towards crypto right now, and doesn’t want to inhibit innovation, users and banks have been unclear on what the actual stance on these currencies remains. Additionally, the RBI had also announced its plans to build a central bank digital currency (CBDC) for the rupee. This digital rupee could be one reason why the bank opposes cryptocurrencies in India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/mukesh-ambanis-reliance-industries-share-price-sees-the-fourth-best-weekly-gains-in-2021/articleshow/83031946.cms">Despite the nearly 6% rally, this is only the fourth best week for Reliance Industries’ shares this year</a> <a href="https://www.businessinsider.in/tech/apps/news/twitter-is-at-odds-with-india-in-the-battle-to-control-online-speech/articleshow/83030224.cms">Twitter is at odds with the Indian government over new laws — reigniting the age old battle of national interest versus freedom of speech</a>

India’s crypto exchanges are reportedly mulling the legal route again — may approach the Supreme Court over RBI’s directive

<ul><li><keyword id="11148714" type="UNKNOWN" weightage="20" keywordseo="Crypto-Regulations">Crypto regulations</keyword> in India have been unclear, to say the least, but a concrete direction is expected later this year.</li><li>An RBI circular from 2018 was struck down by the country’s Supreme Court in March last year.</li><li>India has been working on a “calibrated” approach towards crypto, its finance minister had said.</li></ul>India’s <keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword> retracted an email sent to customers late last week, which warned them about dealing in <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">cryptocurrency</a> transactions. The company had sent an email over the last weekend, which cited a 2018 order from the Reserve Bank of India (RBI) — the country’s central bank — to essentially say that cryptocurrency transactions are illegal in India. However, the central bank later clarified, on May 31, that the 2018 circular had been struck down by the Supreme Court of India (SC) and can’t be cited. “As such, in view of the order of the Hon’ble Supreme Court, the circular is no longer valid from the date of the Supreme Court judgement, and therefore cannot be cited or quoted from,” the RBI had said in its <a href="https://rbidocs.rbi.org.in/rdocs/notification/PDFs/45VIRTUALCURRENCIES37FE644EF97F4A36AAB951C73A411E96.PDF">circular</a>. Post this clarification coming in from the RBI, HDFC Bank has sent fresh emails to its customers asking them to ignore the earlier cautionary note. “We wish to update you that in the light of the advisory issued by RBI…dated May 31, 2021, on ‘Customer Due Diligence for transactions in Virtual Currencies’, we request you to ignore our earlier communication dated May 28, 2021,” according to the email. “Inconvenience caused is regretted,” the new email from HDFC Bank <a href="https://twitter.com/DocumentingBTC/status/1400426099633528836/photo/1">said</a>. <div type="twitter" handle="DocumentingBTC" handlename="Documenting Bitcoin 📄" image="http://pbs.twimg.com/profile_images/1369025687743500288/-4tdBSu5_normal.jpg" favoritecount="2244" retweetcount="446" status="HDFC Bank, India’s largest private sector bank, just told its clients to “ignore” their previous warning about ‘Vir… https://t.co/yO0t7Y9DVN" createdat="1622722575000" id="1400426099633528836"></div> The State Bank of India had also sent letters to customers, meant to deter them from dealing in crypto. However, it didn’t cite the 2018 RBI ruling. “The Reserve Bank of India has repeatedly through its public notices cautioned users, holders and traders of virtual currencies, including Bitcoins, regarding various risks associated in dealing with such virtual currencies,” the SBI letter <a href="https://www.businessinsider.in/cryptocurrency/news/indias-banks-started-withdrawing-services-from-crypto-exchanges-earlier-this-month/articleshow/83109454.cms">said</a>. “RBI has not given any license/authorization to entities regulated by them to operate in cryptocurrency schemes or any form of virtual currencies such as Bitcoins,” the letter added. Where do India’s regulations on crypto stand? India’s cryptocurrency regulations have been unclear, to say the least. The issues began in 2018, when the RBI issued a circular that asked all financial entities regulated by it to stop dealing with crypto companies. This order was struck down by India’s Supreme Court in March last year, which cited proportionality concerns with the order. This led to a period of sustained growth for crypto exchanges in India, especially on the back of bull runs by various cryptocurrencies last year. Exchanges like WazirX have <a href="https://www.livemint.com/market/cryptocurrency/indias-largest-crypto-exchange-crossed-2-billion-in-trading-volumes-in-feb-11614759147828.html">recorded</a> up to $2 billion in total trading value in February this year, but that’s when issues began again. Just ahead of the budget session of India’s Parliament, a listing on the <a href="https://www.livemint.com/market/cryptocurrency/whats-in-store-for-the-country-s-crypto-industry-11616432928274.html">Parliament’s agenda</a> said that a new bill would be proposed during the session. This bill would aim to ban all cryptocurrencies in India, and lay the framework for an RBI-regulated central bank digital currency (CBDC). This led to confusion amongst traders, investors and the overall crypto community, about whether the industry would become illegal in India. The bill wasn’t brought up during the session, but that could have been because the second wave of COVID-19 infections in the country cut the Budget session short this year. But the concerns mounted late last month, when an <a href="https://www.businessinsider.in/cryptocurrency/news/users-not-able-to-deposit-money-on-indian-crypto-exchanges-right-now/articleshow/82831355.cms">informal guidance from the RBI</a> to banks, led lenders to stop dealing with <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto exchanges</a> and companies again. Exchanges had to stop taking rupee deposits from users, almost overnight, and haven’t been able to restore services since. However, regulations still remain unclear. There is no order, law or notice in India that makes dealing in cryptocurrency illegal. Finance Minister Nirmala Sitharaman has <a href="https://www.livemint.com/market/cryptocurrency/fms-push-for-calibrated-approach-on-crypto-trading-calms-frayed-nerves-11615112421872.html">said</a> that the government is considering a “calibrated” approach to cryptocurrencies in India, and a clearer direction is expected later this year. The crypto industry has also been working on <a href="https://www.businessinsider.in/cryptocurrency/news/wazirx-zebpay-crypto-and-others-are-setting-up-their-own-self-regulation-board-in-india/articleshow/83203195.cms">self regulating</a> under industry body IAMAI (Internet and Mobile Association of India). The Blockchain and Crypto Assets Council (BACC), which has been set up under the IAMAI, had welcome the RBI’s clarification earlier this week, and said it has set up a self-regulatory code of conduct for its members, which includes top exchanges like WazirX and CoinDCX. “It is well known that with 15 million users and upwards of 10,000 crores held by small investors, India is among the top players globally in the crypto market and for the welfare of the users it is very important that crypto assets are regulated,” the council said on June 1. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/gdp-growth-projection-revised-by-rbi-to-9-5-leaves-rates-unchanged/articleshow/83226348.cms">RBI leaves rates unchanged as it lowers GDP growth projection to 9.5%, targets 5.1% inflation</a> <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-app-is-adding-a-new-feature-to-help-you-replace-snapchat-completely/articleshow/83226216.cms">WhatsApp rips off another Snapchat feature — this time Disappearing Mode</a> <a href="https://www.businessinsider.in/tech/apps/news/google-camera-app-is-expected-to-receive-an-update-that-lets-you-capture-the-night-sky-in-motion/articleshow/83228479.cms">Google Camera update might add the ability to capture the night sky in time-lapse</a>

HDFC Bank withdraws letter on crypto transactions after RBI clarifies that its 2018 circular is no longer valid

<ul><li>The Supreme Court of India has lifted the Reserve Bank of India’s circular that directed banks to refrain from any cryptocurrency transactions.</li><li>The three-judge bench called the directive “unconstitutional”.</li><li>The judgement will make it easier for cryptocurrency exchanges to operate in the country and open the gates for international players to enter the market.</li></ul> The Supreme Court of India today (March 4) quashed an order by the Reserve Bank of India (RBI) that had banned banks from trading in cryptocurrency in 2018. The apex court called RBI’s move “unconstitutional” and has lifted the ban. Indian banks can now deal in digital currency, which will make it easier for people to trade on cryptocurrency exchanges. Till now, although exchanges weren’t banned, the limitation on banks made it <a href="https://www.businessinsider.in/policy/news/cryptocurrencies-fight-to-survive-in-india-even-as-rbi-claims-theres-no-ban/articleshow/73483085.cms">difficult for them to operate.</a> While the RBI did not move to control cryptocurrency, it had directed banks not to aid it, on whom it has dominion over. After the 2018 ban, Internet and Mobile Association of India (IAMAI) filed a case against RBI’s move. The SC bench allowed the petition on the grounds of proportionality. IAMAI argued that crypto isn’t a ‘currency’, it’s an instrument — a financial instrument that should be treated like “casino chips”. The judgement could open up the gates for companies like Ripple to enter the Indian market. “You know, typically you’d say India would be high on our list. India hasn’t yet provided a lot of clarity from a regulatory point of view and so we have no prioritised,” said Ripple CEO Brad Garlinghouse during an interview with CNN last month. The argument to legalise cryptocurrency in India Ashim Sood, who argued on behalf of IAMAI, said that even though the RBI has the power to regulate monetary policy, it doesn’t empower it to ban cryptocurrency, as per a <a href="https://twitter.com/cryptokanoon?lang=en">Crypto Kanoon </a>report. He also pointed out that since cryptocurrency should be treated like any other financial commodity, akin to gold or silver. This means that even though they aren’t an actual currency, they still store value. So, if crypto can’t become another parallel currency — it doesn’t pose a threat to India’s sovereignty. Sood acknowledged that cryptocurrency exchanges are <a href="https://www.businessinsider.in/tech/top-cryptocurrency-scams-of-2019-and-how-most-hackers-got-away-with-it/articleshow/70670383.cms">vulnerable to getting hacked</a>. Last year, the Japanese exchange <a href="https://www.businessinsider.in/Top-cryptocurrency-scams-of-2019-and-how-most-hackers-got-away-with-it/Japanese-Exchange-BITPoint-Hacked-for-30-million/slideshow/70670499.cms">BITPoint</a> was hacked for $30 million and another exchange, <a href="https://www.businessinsider.in/Top-cryptocurrency-scams-of-2019-and-how-most-hackers-got-away-with-it/Hackers-Steal-40-Million-in-Crypto-from-Binance/slideshow/70670505.cms">Binance</a>, lost $40 million. Sood argues the risk can be managed by placing new regulations that could plug up holes in the system, which is what Japan did after its exchange was hacked. As with any currency, cryptocurrency can be used for money laundering and terror financing. But Sood said that possibility can easily be shrunk if digital money is subject to the same rules as SWIFT transactions in banks. “There is no doubt that cryptocurrencies are not only the future of money, but that they are already having a major impact in the world of mainstream finance in the present,” said Nigel Green, founder and CEO of deVere — an independent financial consultancy — at the Delta Summit last year. See also: <a href="https://www.businessinsider.in/tech/top-cryptocurrency-scams-of-2019-and-how-most-hackers-got-away-with-it/articleshow/70670383.cms">Top cryptocurrency scams of 2019 — and how most hackers got away with it</a>

Cryptocurrency trading can restart in India after top court removes RBI ban calling it 'unconstitutional'

<ul><li><keyword id="1972612" type="General" weightage="100" keywordseo="coinbase" source="Orion">Coinbase</keyword> started offering trading operations in India on April 7 but withdrew the same by April 10.</li><li>Armstrong also said that Coinbase plans to work with the government to relaunch here.</li><li>Coinbase has invested in Indian <keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">crypto</keyword> exchanges, CoinDCX and CoinSwitch Kuber.</li></ul>Coinbase, which ventured into and subsequently shut down trading services in India last month, has blamed the country’s central bank and government for the closure. In an earnings call on May 10, the company’s chief executive officer (CEO) <keyword id="4875827" type="General" weightage="20" keywordseo="brian-armstrong" source="Orion">Brian Armstrong</keyword> said that the country’s authorities are applying “soft pressure” in order to discourage crypto trading within its borders. The US-based publicly listed crypto exchange had started operations in India, amid much fanfare, on April 7. The company allowed users to deposit money on its platform using the country’s unified payments interface (UPI) platform — a system that was built and is maintained by the National Payments Corporation of India (<keyword id="193629" type="General" weightage="20" keywordseo="npci" source="Orion">NPCI</keyword>). However, a mere few hours after Coinbase’s launch, the NPCI issued a statement saying it “wasn’t aware” of any crypto exchange using UPI to buy cryptocurrencies. Which led Coinbase and other crypto exchanges in the country to halt the feature in the country. <div type="ExtQuote" text="India is a unique market, in the sense that the Supreme Court has ruled that they can't ban crypto, but there are elements in the government there, including at (the) Reserve Bank of India (RBI), who don't seem to be as positive on it. And so they — in the press, it's been called a ‘shadow ban,’ basically, they're applying soft pressure behind the scenes to try to disable some of these payments, which might be going through UPI" auname="Brian Armstrong, Coinbase CEO told analysts in earnings call on May 10"></div> <cmsannotation type="cmsannotation" annotationid="The road ahead" comment="subhead" text="The road ahead">The road ahead</cmsannotation> That said, Armstrong also added that the company would prefer to work with the government and “focus on relaunching”. He said that there’s a lot of interest in cryptocurrencies among users in India. “I think there's a number of paths that we have to relaunch with other payment methods there. And that's the default path going forward. So my hope is that we will be back in India in relatively short order, along with a number of other countries, where we're pursuing international expansion similarly,” he said. <cmsannotation type="cmsannotation" annotationid="Crypto &amp; RBI’s concerns" comment="subhead" text="Crypto &amp; RBI’s concerns">Crypto &amp; <keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>’s concerns</cmsannotation> Armstrong, however, also said that the rulings by government bodies may be in violation of the Supreme Court ruling issued in 2020. At the time, the country’s highest court struck down a ban by the RBI, calling it illegal and unconstitutional. To be sure, the SC never said that the government can’t ban cryptocurrencies. It <a href="https://bfsi.economictimes.indiatimes.com/news/policy/sc-strikes-of-rbis-crypto-ban-calls-it-unconstitutional/74470345">said</a> that the RBI ban is “disproportionate and unreasonable”. “I guess just to zoom out for a minute, one of our theories here, and my theory is that action produces information. So it's not always clear as we go to these countries all over the world, everybody is in varying states of kind of education or lack thereof about crypto. And there's a lot of work to go meet with policymakers around the world and kind of teach them about what the AML (anti-money laundering) capabilities are and what are the positive benefits,” Armstrong said. Coinbase has invested in Indian crypto exchanges CoinSwitch Kuber and CoinDCX and <a href="https://www.techcircle.in/2022/04/07/coinbase-launches-trading-services-in-india-to-hold-1mn-pitch-contest-for-web3-startups">runs incubators</a> with crypto-focused bodies like Buidler’s Tribe in the country. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/the-crypto-market-is-in-a-frenzy-as-bitcoin-falls-below-30000-a-55-drop-from-its-all-time-high/articleshow/91459301.cms">The crypto market is in a frenzy as Bitcoin falls below $30,000, a 55% drop from its all-time high</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/instagram-to-start-testing-nft-sharing-this-week-facebook-to-begin-soon/articleshow/91459196.cms">Instagram to start testing NFT sharing this week, Facebook to begin soon</a>

Coinbase CEO blames India’s central bank for halting trading operations

<ul><li>The <keyword id="6354977" type="General" weightage="20" keywordseo="Supreme-Court" source="Orion">Supreme Court</keyword> on Monday said that no individual can be forced to get the <keyword id="8904563" type="General" weightage="20" keywordseo="Covid-19-vaccine" source="Orion">COVID-19 vaccine</keyword> against their wish.</li><li>The bench has also ordered that all the vaccine trial-related data, including upcoming trials, should be disclosed in the public domain.</li><li>The new judgement came out after a petition was filed seeking disclosure of the clinical trial data of COVID-19 vaccines and a declaration that making vaccination mandatory is unconstitutional.</li></ul>The Supreme <keyword id="6355578" type="General" weightage="100" keywordseo="court" source="Orion">Court</keyword>, on Monday, May 2, ruled that no individual can be forced to get the COVID-19 vaccination against their wishes, but said that the government can regulate the bodily autonomy of individuals. A bench of <keyword id="9760825" type="General" weightage="20" keywordseo="Justices-L-Nageswara-Rao" source="Orion">Justices L Nageswara Rao</keyword> and <keyword id="4460065" type="General" weightage="20" keywordseo="BR-Gavai" source="Orion">BR Gavai</keyword> passed the judgement on the basis of available material, and considering expert views on severe diseases, hospital admissions etc., and said “the current vaccine policy cannot be said to be unreasonable.” “This court is satisfied that current vaccine policy cannot be said to be manifestly arbitrary. Considering bodily autonomy, bodily integrity is protected under article 21. No one can be forced to get vaccinated. But the government can regulate in areas of bodily autonomy,” the bench said. The Court further added that as long as the COVID numbers are low, no restrictions should be imposed on any individual for accessing public areas. Any law preventing citizens from accessing public places without getting the jab should also be recalled. “Till numbers are low, we suggest that relevant orders are followed and no restriction is imposed on individuals on access to public areas or recall the same if already not done,” the judgment stated. <cmsannotation type="cmsannotation" annotationid="SC orders disclosure of vaccine trial data" comment="subhead" text="SC orders disclosure of vaccine trial data">SC orders disclosure of vaccine trial data</cmsannotation> The bench has also ordered that all the vaccine trial-related data including upcoming trials should be disclosed in the public domain keeping the identities of the people who helped in conducting the trials anonymous. "Regarding segregation of vaccine trial data, subject to privacy of individuals, all trials conducted and to be subsequently conducted, all data must be made available to the public without further delay," the judgment said. The new judgement came out after a petition was filed by Dr. Jacob Puliyel, who is a former member of the National Technical Advisory Group, seeking disclosure of the clinical trial data of COVID-19 vaccines, and calling mandatory vaccination unconstitutional. The plea filed by Puliyel also alleged that the vaccines currently being administered have not been adequately tested for safety or efficacy and are now licensed under emergency use authorisation without the data being disclosed to the public. "In India, the manner in which the vaccines have been licensed vitiates and even precludes the possibility that the vaccines can be evaluated objectively in the future," the petition had stated. India has so far inoculated 1.89 billion people and administered over 4 lakh people in the last 24 hours, according to the data by the Ministry of Health and Family Welfare. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/wikimedia-foundation-will-no-longer-accept-cryptocurrencies-donations/articleshow/91251553.cms">Wikimedia Foundation will no longer accept cryptocurrencies donations</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/the-big-boss-of-indias-largest-consumer-company-is-worried-about-stagflation-and-unprecedented-inflation/articleshow/91251341.cms">The big boss of India's largest consumer company is worried about stagflation and unprecedented inflation</a>

You Searched For "SC order on cryptocurrency" and got 9 results

Crypto community in India is rejoicing ⁠— exchanges are ready to reopen

Sanchita Dash

Will go through SC order on cryptocurrency: FM Sitharaman

PTI

Cryptocurrency players welcome SC lifting trading ban

PTI

Cryptocurrencies fight to survive in India even as RBI claims there’s no ‘ban’

Prabhjote Gill

India’s crypto exchanges are reportedly mulling the legal route again — may approach the Supreme Court over RBI’s directive

BI India Bureau

HDFC Bank withdraws letter on crypto transactions after RBI clarifies that its 2018 circular is no longer valid

BI India Bureau

Cryptocurrency trading can restart in India after top court removes RBI ban calling it 'unconstitutional'

Prabhjote Gill

Coinbase CEO blames India’s central bank for halting trading operations

BI India Bureau

No one can be forced to get vaccinated, vaccine trial data should be put in public domain, says Supreme Court

Vaamanaa Sethi

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