{"id":13407,"date":"2020-03-04T11:18:52","date_gmt":"2020-03-04T11:18:52","guid":{"rendered":"https:\/\/indiaforensic.com\/certifications\/?p=13407"},"modified":"2021-12-15T15:43:08","modified_gmt":"2021-12-15T15:43:08","slug":"tracking-the-legal-bits-of-virtual-currency-regulations-in-india","status":"publish","type":"post","link":"https:\/\/indiaforensic.com\/certifications\/tracking-the-legal-bits-of-virtual-currency-regulations-in-india\/","title":{"rendered":"Tracking the legal bits of Virtual Currency regulations in India"},"content":{"rendered":"\n<p>I am elucidating the sequence of events unfolded with respect to  various regulatory aspects on virtual currencies in India.<br>The  special interest the world has taken on \u201cLibra\u201d by Facebook has also  landed on Indian shores. The following events have taken place in the  past few months:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>An episode of popular game show KBC aired a  question on cypto. Indian Superstar <a href=\"https:\/\/www.youtube.com\/watch?v=cUat7S7w0Jc\"><strong>Mr Amitabh Bachhan<\/strong><\/a> read out a small  para detailing what is virtual currency, hype generated. <br><\/li><li>Bitcoin  Foundation member <a href=\"https:\/\/blockworksgroup.io\/blog\/untold-stories-rajeev-chandrasekhar-indias-views-on-crypto\"><strong>Charlie Shrem<\/strong><\/a> had a podcast with Member of Parliament  Mr Rajeev Chandrashekhar (Tech Entrepreneur himself) wherein he said  laws to support blockchain infrastructure in India will be rolled out  eventually. Bitcoin community in India hailed it and termed it as a  welcome move. <\/li><\/ul>\n\n\n\n<p>However the following events have  also taken place on the legal front across years, which is the crux of  this article. Let\u2019s understand the sequence of events in a chronological  order for better legal understanding:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>First RBI press release dated Dec 24, 2013, \u201c<a href=\"https:\/\/www.rbi.org.in\/scripts\/BS_PressReleaseDisplay.aspx?prid=30247\"><strong>RBI Cautions<\/strong><\/a> users of Virtual Currencies against risks\u201d.<\/li><li>FATF  made a preliminary assessment of <a href=\"http:\/\/www.fatf-gafi.org\/publications\/fatfgeneral\/documents\/guidance-rba-virtual-currencies.html\"><strong>ML\/TF risks on VCPPS<\/strong><\/a> (virtual currency  payment products and services) and published \u201cGuidance for a Risk  \u2013based approach to virtual currencies\u201d in June 2015. &nbsp;<\/li><li>Early  2015, app based bitcoin exchanges started to crop up in India (A to Z  name based). With curious Indians following global trends by end of 2016  (I hope all of you can connect the dots of the significant event-#Demon  at the end of 2016), these app based bitcoin exchanges had created a  buzz and downloads hit million mark.<\/li><li>Mr Amit Bharadwaj an early  2017 VC enthusiast created a #Bitcoin MLM scheme and a cryptocurrency he  named as MCAP. Many investors who were lured finally realized the fact  it\u2019s a ponzi scheme and case was registered under MPID (Maharashtra  Protection of Interest of Depositors Act), 1999 at Pune.&nbsp; First arrest  in the VC sphere in India.<\/li><li><a href=\"https:\/\/www.rbi.org.in\/scripts\/BS_PressReleaseDisplay.aspx?prid=39435\"><strong>RBI press release<\/strong><\/a> dated Feb 1,2017  referred back to the earlier cautionary advise on virtual currency and  stated that it had not given any license\/authorization to any  entity\/company to operate such schemes or deal with any virtual  currency. <\/li><li>March 1, 2017, RBI Governor R Gandhi signaled his  views at the \u201c<a href=\"https:\/\/www.rbi.org.in\/scripts\/BS_SpeechesView.aspx?Id=1036\"><strong>Fintech Conference 2017<\/strong><\/a>\u201d organized by FICCI,IBA &amp;  NASSCOM stating he believes in the power of #Fintech and Blockchain but  skeptical on the anonymity issues of Virtual currency. <\/li><li>Nov  2,2017 Ministry of Finance, Govt of India announced it has created a  Inter-Ministerial Committee (IMC) to study issues related to virtual  currencies and propose specific action to be taken in this matter.&nbsp;<\/li><li>Nov  3, 2017 Mr Siddharth Dalmia &amp; Vijay Pal Dalmia file a writ petition  W.P.(C)No.001071-001071\/2017 against the Government and RBI in the Hon.  Supreme Court of India. This was the first petition by anyone at Courts  in India seeking official stand of the Government and various other  regulatory bodies on <a href=\"https:\/\/sci.gov.in\/case-status\"><strong>crypto-currency.<\/strong><\/a> <\/li><li>Mid Dec, 2017 as reported  by Press Trust of India, the Income Tax Department raided major bitcoin  exchanges across India seeking information on cryptocurrency traders  and major investors.<\/li><li>In his budget speech dated 01 Feb, 2018;  Former Finance Minister Late Shri Arun Jaitley explained his stand; Govt  does not recognize cyptocurrency as legal tender and that Govt will  take all measures to eliminate use of these since they are not part of  payments system.<\/li><li><a href=\"https:\/\/www.rbi.org.in\/scripts\/BS_PressReleaseDisplay.aspx?prid=43574\"><strong>RBI press release<\/strong><\/a> dated Apr 05,2018 \u201cStatement  on Developmental and Regulatory Policies, point no 13, elaborated as  \u201cRing fencing entities from virtual currencies\u201d and entities regulated  by RBI (banks primarily) with immediate effect shall not deal or provide  services to any individual or business entities dealing with or  settling virtual currencies. &nbsp;&nbsp;<\/li><li><a href=\"https:\/\/www.rbi.org.in\/Scripts\/NotificationUser.aspx?Id=11243&amp;Mode=0\"><strong>RBI circular <\/strong><\/a>dated April 06,  2018 \u201cProhibition on dealing in virtual currencies followed which  ordered regulated entities by RBI (banks) to stop maintaining accounts,  trading,clearing,giving loans, opening accounts of new exchanges. Those  banks already providing these services shall exit the relationship  within 3 months from the date of this circular. <\/li><li>This circular freezed the entire virtual currency market in India and most exchanges stopped their operations soon after.<\/li><li>May  2018, Ahmedabad based crypto exchange Kali Digital Eco Systems  (CoinRecoil) filed a writ petition in Delhi High Court against RBI  guidelines that banned banks from dealing with cryptocurrency exchanges  as arbitrary.<\/li><li>May 2018, IAMAI (Internet &amp; Mobile Association  of India-Industry body formed as non for profit society) move to  Supreme Court seeking stay on the RBI circular of April, 2018. The Hon.  Supreme Court clubs all the petitions related to cryptocurrencies  pending at courts in India into one.<\/li><li>Contrasting views mentioned  in the <a href=\"http:\/\/lawcommissionofindia.nic.in\/\"><strong>Law Commission of India<\/strong><\/a> in its report submitted to Minister of  Law and Justice in July 2018. The report has favored the use of  cryptocurrencies for gambling transactions. (The Hon. Supreme Court had  asked the Law Commission to submit a report on possibility of regulated  gambling instead of straight jacket ban and the Law Commission  recommended gambling transactions be made cashless and VC was one of the  options submitted.) <\/li><li>July 2019, the Ministry of Finance  releases the IMC report and draft bill Banning Cryptocurrency &amp;  Regulation of Official Digital Currency Bill, 2019.&nbsp;<\/li><li>A government panel in India has issued a recommendation to ban all \u201ccryptocurrencies created by non-sovereigns,\u201d a step which could be applied to Bitcoin. <\/li><\/ul>\n\n\n\n<p>The cryptocurrency industry has been open with its views that they seek  regulation after consultation and research with all the regulatory  bodies concerned adopting best global practices. They even submit before  the Court, legislation like Wyoming in US, UK\u2019s financial conduct  authority, G20 nations position on the same, etc. They have also shown  their willingness they reiterate in following self KYC, cashless  domestic transactions only and constant monitoring of transactions from ML\/TF perspective.<\/p>\n\n\n\n<p>The Govt stand so far is confusing so say  the least but as an entire new digital domain is being debated in the Supreme Court precincts; the war rooms of major corporate and financial conglomerates in India are keeping their tabs on it carefully planning  their future move in these uncharted waters. As the entire cryptocurrency industry awaits the judgment along with hoards of investors locked in; as well as an entire legal community awaiting clear definitions spelt out by the Hon. Supreme Court.<\/p>\n\n\n\n<p>4th March&#8217;2020 was a historic day, when finally <a href=\"https:\/\/www.regtechtimes.com\/indias-apex-court-lifts-the-ban-on-cryptocurrency-trading\/\"><strong>Supreme court decided to lift the ban<\/strong><\/a> on the trading in crypto-currencies. This is a game-changer decision and it is important to see if the bankers start offering the services to the crypto currency companies. Now it is important for the banking system to re-look at the RBI Ban, which was reversed by the Supreme Court Decision to lift the ban on trading in virtual currency.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>India&#8217;s Apex Court finally lifted the ban on the crypto currency trading. It is important to understand the legalities involved in this crypto trading with the time lines.<\/p>\n","protected":false},"author":14,"featured_media":12080,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26,39],"tags":[466],"class_list":["post-13407","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money-laundering","category-virtual-currency","tag-digital-currency"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Tracking the legal bits of Virtual Currency regulations in India<\/title>\n<meta name=\"description\" content=\"Supreme court of India lifted the ban on the crypto currencies on 4th march&#039;2020. 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