• About Us
  • Submit Your Story or Interview
  • Advertise with US
  • Career
  • Contact Us
  • Write For us
startup insider
  • Home
  • News & Updates
  • Startup Stories
  • Interviews
  • Press Release
  • Blog
  • Submit Your Story or Interview
No Result
View All Result
  • Home
  • News & Updates
  • Startup Stories
  • Interviews
  • Press Release
  • Blog
  • Submit Your Story or Interview
No Result
View All Result
startup insider
No Result
View All Result
Home News & Updates

Supreme Court Of India Allows Trading Through Cryptocurrency

Harsh Verma by Harsh Verma
in News & Updates
1
Cryptocurrency
Share on FacebookShare on Twitter

Today supreme court of India gave a historic decision on cryptocurrency. The supreme court of India has finally lifted the ban of cryptocurrency which was announced by Reserve bank of India in the year 2018. Citing the reasons for fraud, money laundering, illegal transaction and funding, RBI issued a circular to ban cryptocurrency in India. On many occasions, the government, along with the public bank, had warned the citizens about the risks of cryptocurrencies. Cases of bank accounts getting frozen were also reported due to cryptocurrency trading.

Cryptocurrency

However, The Internet and Mobile Association of India, the organization of cryptocurrency trading in India, challenged this ban and said that the Indian government had not banned cryptocurrency. Moreover, the Reserve Bank does not have any authority to make such an order. The Reserve Bank had argued that such a step was necessary to protect the banking system from any possible cybercrime.

Cryptocurrency

Now three-judge Bench of the supreme court which included judges like Justice Rohinton Fali Nariman, Justice S Ravindra Bhat and Justice V Ramasubramanian gave a historic decision on the future of cryptocurrency and uplifted the ban. It was proposed in the draft Regulation of Official Digital Currency Bill, 2019 that Indians who purchase and trade cryptocurrencies will be heavily fined and can be sentenced for ten years of prison time. Now Indians can safely trade cryptocurrency for purchasing items online.

Read More:-  RedBus Starts Car & Bike Pooling Platform ‘rPool’ in Delhi

Cryptocurrency

According to Nischal Shetty, CEO of WazirX, “Investments had closed, and start-ups were tarrying away from commencing a venture in the crypto and blockchain segment in India which will change now that the Supreme Court has said that the RBI ban was unconstitutional.”

rbi supreme court के लिए इमेज नतीजे

The government does not issue cryptocurrency; therefore, it can’t be regulated by any government. It can only get mined through specialized computers and is used for transactions. Today, there are several types of cryptocurrencies like bitcoin, XRP Ripple, etc. Bitcoin among the rest of the cryptocurrencies have the highest value. It has a market cap standing at $161 billion. Moreover, these virtual currencies use encryption techniques to produce currency units and verify fund transactions, making them quite safer and unhackable.

Tags: BanbitcoincryptocurrencyindiaRBIsupreme courtupliftXRP
ShareTweetShare
Previous Post

RedBus Starts Car & Bike Pooling Platform ‘rPool’ in Delhi

Next Post

PhonePe Services Halted After Ban On Yes Bank

Harsh Verma

Harsh Verma

Related Posts

Deepika Padukone
News & Updates

Deepika Padukone Becomes First Indian Face to be House Ambassador for Louis Vuitton

May 12, 2022
Shopflo
Funding News

Shopflo, a SaaS startup for D2C brands, raises $2.6M in a Seed round

May 12, 2022
Vishakha Mulye
News & Updates

Aditya Birla Capital Appoints Vishakha Mulye As CEO

April 24, 2022
STARTUP Benefits In INDIA
News & Updates

STARTUP Benefits In INDIA

April 19, 2022
IPL 2022
News & Updates

BCCI Buys Insurance Cover Of ₹5,000 Crore For IPL 2022, The Largest For Any Sporting Event In India

April 14, 2022
Tata Neu
News & Updates

Tata’s all-in-one super-app ‘Tata Neu’ is live for all users

April 8, 2022
Next Post
Yes Bank

PhonePe Services Halted After Ban On Yes Bank

Amid Coronavirus Outbreak, IT Companies Orders Work From Home

Women Employees

Women Employees Got Less Hired In Firms According To A New Survey

Subscribe For More Update

ADVERTISEMENT
  • banksathi

    Despite Covid-19 challenges, Banksathi founders committed to their Craft

    1 shares
    Share 0 Tweet 0
  • Unique Hobbies Based Startup HOBBYHUB

    1 shares
    Share 0 Tweet 0
  • Amazon All Set To Enter India’s Food Delivery Market

    1 shares
    Share 0 Tweet 0
  • Swiggy Startup Success Story – In-Depth Analysis

    1 shares
    Share 0 Tweet 0
  • Tim Cook Confirms: First Apple Retail Store To Be Opened By 2021

    1 shares
    Share 0 Tweet 0
PU college

How to choose a good PU college for yourself

May 15, 2022
Deepika Padukone

Deepika Padukone Becomes First Indian Face to be House Ambassador for Louis Vuitton

May 12, 2022
Shopflo

Shopflo, a SaaS startup for D2C brands, raises $2.6M in a Seed round

May 12, 2022
startup insider

Startup Insider is a prominent news website which deals with startup news, stories, interview tips, gives the latest update about events and conferences. We aim to provide significant knowledge and information to the people who visit this website.

Mail : media@startupinsider.in

Phone : 91-9034408083

Categories

  • Auto
  • Blog
  • ceo Story
  • Crypto
  • Funding News
  • Interviews
  • News & Updates
  • Press Release
  • Profile
  • Startup Stories


img

Recent

  • How to choose a good PU college for yourself
  • Deepika Padukone Becomes First Indian Face to be House Ambassador for Louis Vuitton
  • Shopflo, a SaaS startup for D2C brands, raises $2.6M in a Seed round
  • About Us
  • Contact Us
  • Submit Your Story or Interview
  • Advertise with Us
  • Career
  • Privacy
  • Terms of Use
  • Write For us

© 2020 Startup Insider

No Result
View All Result
  • Home
  • News & Updates
  • Startup Stories
  • Interviews
  • Press Release
  • Blog
  • Submit Your Story or Interview

© 2020 Startup Insider