Home>EXCHANGES>CREBACO Clarifies the Myths and Facts of Crypto in India After The Supreme Courts Judgement to Lift the Ban by RBI
EXCHANGES

CREBACO Clarifies the Myths and Facts of Crypto in India After The Supreme Courts Judgement to Lift the Ban by RBI



MUMBAI, — The victory of IAMAI against RBI is indeed a great achievement for the crypto community in India and over the globe as India has a global population share of about 17.7% and most of them are young professionals under the age of 50.

According to the research by CREBACO Global Inc, a research and intelligence company focused on Blockchain and Cryptocurrencies, India has a potential market size of over 12.9 Billion USD and the capacity to create 20000+ Jobs in the very first year.

What is commendable here is that the Supreme court understood the nitty-gritty of the case and declared the RBIs blanket ban as unconstitutional. Now, it’s an open market for over 4000+ crypto projects to come to India and innovate. 

There are still a lot of misconceptions that the Crypto community and investors have in India following the judgment. Mr Sogani, Founder and CEO of CREBACO Global said, “Bitcoin cannot ever be a legal tender because usually a legal tender state ‘I promise to pay the bearer…’ and the central bank takes responsibility for the same. Bitcoin is a decentralized digital currency and is not eligible to come in the legal tender category.”

The trading in Bitcoin was never banned but there was a blanket banking ban led by the Reserve Bank of India which has now been lifted and investors can trade freely through exchanges, by making deposits through banks. 

This is an opportunity for a lot of startups to start innovating in Blockchain and cryptos space by developing new technologies wallets and payment systems. Earlier, there was a lot of reluctance in Indian startup space because of the banking ban, which made them move out of India mainly to Singapore and even the USA. These countries have witnessed hundreds of ICOs and VC investments raising billions of dollars as per the report from CREBACO. Venture capital firms in India were reluctant for the last one and half years for investments; but following the lifting of the ban, there can be a significant jump in Venture Capital Investments.

Following this judgment, Indians can now make or receive payments in Bitcoin subject to declaring it in the right manner. The date of receipt, time, and the Bitcoin to fiat conversion price must be recorded and maintained in the right manner and reported in the tax calculations. 

Bitcoin falls into both the categories of payment and investment as a commodity and shall be treated accordingly. 

Now banks will start its operations with Crypto companies and exchanges in a few months and banking facilities can be used normally as it was before.

“The judgment has definitely reduced reluctance in Indian investors and Crypto community but many misunderstand Bitcoin to be completely regulated and legal now. Let me make one thing very clear, we still do not have any regulations from the Central Government, the Supreme Court judgment just marks Reserve Banks’ stance to be unconstitutional and has lifted the ban,” said Sogani. “As I have understood with the help of legal professionals, the RBI may challenge it as a review application but there is a very low possibility of it getting admitted. Even though the judgment is a historical one but it is still very early to call Bitcoin regulated or legal in India.”

According to Sogani, the industry still awaits clear regulations from SEBI, RBI, Ministry of Finance and Income Tax departments clarifying treatments of

  1. Trading
  2. Investments 
  3. Payments 
  4. Initial Coin Offerings 
  5. Security Token Offerings
  6. Initial Exchange Offerings 
  7. Exchange Regulations and 
  8. Minimum Compliance Standards for entities. 

“It is a completely new financial framework and a lot of work has to be done together with all departments,” said Mr. Jagdish Pandya, Co-Founder of CREBACO Global.

CREBACO plans to organize a sandbox and open panel to discuss the way several departments should regulate digital assets. Sogani wants to bring Crypto industry professionals’, Governments, Regulators, Key Opinion Leaders, Media and Corporates to have a dialogue to speed up the process of Crypto and Blockchain adoption in India because the majority of the other Nations already have regulations in place.

Further Reads:

About CREBACO Global Inc:

CREBACO Global Inc is a world-leading research and intelligence firm focused only on Blockchain and Crypto projects having a comprehensive research database of over 2500+ projects globally. CREBACO works with governments and regulators building better legal and regulatory frameworks for cryptocurrencies.

Media Contact:
[email protected]

CONTACT: Pooja A, +91-9867760706, CREBACO Global Inc

 

source: https://blockchain-press-releases.com/crebaco-clarifies-the-myths-and-facts-of-crypto-in-india-after-the-supreme-courts-judgement-to-lift-the-ban-by-rbi/

TheBitcoinNews.com is here for you 24/7 to keep you informed on everything crypto. Like what we do? Tip us some BAT

Send Tip now!

Post source: CREBACO Clarifies the Myths and Facts of Crypto in India After The Supreme Courts Judgement to Lift the Ban by RBI

More Bitcoin News and Cryptocurrency News on TheBitcoinNews.com



  • Bitcoin
  • Ethereum
  • Bitcoin cash
  • Litecoin
  • Cardano
  • Dash
  • Stellar
  • Ethereum classic
  • Lisk
  • Tron
  • Neo
  • Qtum
  • Omisego
  • Binance coin
  • Zcash
Scan to Donate Bitcoin to 1J6PGL1oemFb3hxabLygq4WgWx8cbfji1r

Please help us if you can with some Bitcoin

Scan the QR code or copy the address below into your wallet to send some Bitcoin

Scan to Donate Ethereum to 0xA8E701dd11280a98e8F2e0A14064AC829E32D50F

Please help us if you can with some Ethereum

Scan the QR code or copy the address below into your wallet to send some Ethereum

Scan to Donate Bitcoin cash to qrth4e0g93h3gpxex8ycwuxtsa332tha5qvkmlz0g5

Please help us if you can with some Bitcoin cash

Scan the QR code or copy the address below into your wallet to send some Bitcoin cash

Scan to Donate Litecoin to LTxxjySMDtERJhHYJ99UFW9AamAWTwCAZ4

Please help us if you can with some Litecoin

Scan the QR code or copy the address below into your wallet to send some Litecoin

Scan to Donate Cardano to DdzFFzCqrhsopoZLhbouUwh2NvvWMPeFrXQW9vNNpPKrjKbRGyLRN5joJgCeZ6e1MRHtPHeLffpkNpQs5AdDA8qFCZ4gA9bYtaerNQTk

Please help us if you can with some Cardano

Scan the QR code or copy the address below into your wallet to send some Cardano

Scan to Donate Dash to XmAdEHrwiVZJVkAxe8hK5U6HZB59L5yhmK

Please help us if you can with some Dash

Scan the QR code or copy the address below into your wallet to send some Dash

Scan to Donate Stellar to GD4KROE42HPOMT7BT6M27HHLFCOSIXPYY2V3WSCX5FYEWRJDIJQ4RWFT

Please help us if you can with some Stellar

Scan the QR code or copy the address below into your wallet to send some Stellar

Scan to Donate Ethereum classic to 0x5BF3fCAC8deA20CF21C9D0D9d058E00EEfc431Ae

Please help us if you can with some Ethereum classic

Scan the QR code or copy the address below into your wallet to send some Ethereum classic

Scan to Donate Lisk to 15642042552518336132L

Please help us if you can with some Lisk

Scan the QR code or copy the address below into your wallet to send some Lisk

Scan to Donate Tron to TYnAenRiV6BsTiE6FVyAcDDxZtBKUQTFxN

Please help us if you can with some Tron

Scan the QR code or copy the address below into your wallet to send some Tron

Scan to Donate Neo to ATiXRHVqYqrNktbxJfcDETfnrSUWSG4cPb

Please help us if you can with some Neo

Scan the QR code or copy the address below into your wallet to send some Neo

Scan to Donate Qtum to QUYXxY6kX7TY2HSLwVYMwFaJNZLwvX5uyp

Please help us if you can with some Qtum

Scan the QR code or copy the address below into your wallet to send some Qtum

Scan to Donate Omisego to 0xA8E701dd11280a98e8F2e0A14064AC829E32D50F

Please help us if you can with some Omisego

Scan the QR code or copy the address below into your wallet to send some Omisego

Scan to Donate Binance coin to 0xA8E701dd11280a98e8F2e0A14064AC829E32D50F

Please help us if you can with some Binance coin

Scan the QR code or copy the address below into your wallet to send some Binance coin

Scan to Donate Zcash to t1cBCyKgSSqWaNrkpvQZUSTuxMmAbbAyFpZ

Please help us if you can with some Zcash

Scan the QR code or copy the address below into your wallet to send some Zcash



Source link

Review Overview

Summary