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Calvin Montgomery   25 November 2021

Crypto trading

Hi. Is there someone here who knows cryptocurrency? I'm interested in the topic of crypto trading, as I want to understand how it works and start earning. Could you, please, advise me some forums where I can find more detailed information about this. Thanks!



 3 Replies

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 )     26 November 2021

It is dangerous currency. It is not authorised in India. Discussions are going on about this currency. Better not to invest now. 

Anaita Vas   26 November 2021

Cryptocurrencies and the underlying concept of Blockchain are universally seen as revolutionary and disruptive. However, not just the government of different countries, but also the people of different sections and communities have reacted differently to this unprecedented phenomena and each one of them have viewed Cryptocurrencies through their respective prism.

There are some systematic approaches taken up by the RBI (Reserve Bank of India) and the GoI (Government of India) to have a blanket ban on all sorts of cryptocurrencies except creating a right for themselves to launch sovereign official Digital Currency regulated by RBI. 

Around 2013, cryptocurrencies started to gain popularity in India. In India the first regulatory response was on 24th December 2013, when RBI issued a Press Release cautioning the public against dealing in virtual currencies including Bitcoin. 

Cryptocurrencies are unique financial assets as they can be used as a mode of payment as well as a security. However, the value of cryptocurrencies are not inherently linked to any underlying assets in the real economy. Their value intrinsically depends on the demand and supply.

In general, regulation of the traditional Financial Sector is motivated by three objectives:

  1. Consumer Protection
  2. Prudential Regulation
  3. Financial stability and systemic risk

Unless the RBI and the Central Government use this opportunity to draw up a reasonable regulatory framework for persons desiring to issue, mine or trade in Cryptocurrency, India will again be behind the curve in reaping the benefits of this market.

 

Regards,

Anaita Vas

Dr J C Vashista (Lawyer)     28 November 2021

What is the dispute / problem for consideration and obligation of legal experts on this platform ?


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