Blockchain
CREBACO Clarifies the Myths and Facts of Crypto in India After The Supreme Courts Judgement to Lift the Ban by RBI
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
- Trading
- Investments
- Payments
- Initial Coin Offerings
- Security Token Offerings
- Initial Exchange Offerings
- Exchange Regulations and
- 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:
- https://blog.crebaco.org/2020/03/04/status-of-bitcoin-after-the-supreme-courts-decision-to-lift-the-banking-ban-on-crypto-by-rbi-crebaco-clarifies-the-myths-and-facts-of-crypto-in-india/
- https://main.sci.gov.in/supremecourt/2018/19230/19230_2018_4_1501_21151_Order_04-Mar-2020.pdf
- https://www.moneycontrol.com/news/business/cryptocurrency/before-rbis-ban-crypto-market-stood-at-12-9-billion-in-india-5001611.html
- https://cointelegraph.com/news/verdict-in-india-imminent-rbi-cites-warren-buffet-skepticism-as-reason-to-ban-crypto
- https://www.business-standard.com/article/pti-stories/an-in-depth-analysis-by-crebaco-of-the-steering-committee-report-and-cryptocurrency-draft-bill-for-regulation-of-bitcoin-issued-by-the-ministry-of-finance-india-119091800558_1.html
- https://economictimes.indiatimes.com/markets/stocks/news/sc-allows-trade-in-cryptocurrency-quashes-rbi-curb-on-use/articleshow/74470078.cms
SOURCE CREBACO Global Inc
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Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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