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
Blockchain
Bybit Expands bbSOL Yield Opportunities Through Strategic DeFi Partnerships
Blockchain
This Week in Finance News: 11 Stories You Need to See
With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.
The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.
- Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few. - Cardinal Health announces two strategic additions to its portfolio
Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash. - BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems. - Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
“I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands. - Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately. - PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
- Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
- Finaya Unveils Nationwide Homeownership Platform
From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient. - GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too. - GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics. - Most US shoppers are encountering generative AI while shopping without realizing it
A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.
For more news like this, check out all of the latest finance-related releases from PR Newswire.
Do you have a finance press release to distribute? Sign up with PR Newswire to share your story with the audiences who matter most.
Helping Journalists Stay Up to Date on Industry News
These are just a few of the recent press releases that consumers and the media should know about. To be notified of releases relevant to their coverage area, journalists can set up a custom newsfeed with PR Newswire for Journalists.
Once they’re signed up, reporters, bloggers, and freelancers have access to the following free features:
- Customization: Users can create customized newsfeeds that will deliver relevant news right to their inbox. Newsfeed results can be targeted by keywords, industry, subject, geography, and more.
- Photos and Videos: Thousands of multimedia assets are available to download and include in a journalist or blogger’s next story.
- Subject Matter Experts: Journalists will have access to ProfNet, a database of industry experts to connect with as sources or for quotes in their articles.
- Related Resources: Our journalist- and blogger-focused blog, Beyond Bylines, features regular media news roundups, writing tips, upcoming events, and more.
The post This Week in Finance News: 11 Stories You Need to See appeared first on .
Blockchain
Fintech as a Service Market: A Comprehensive Trends Analysis Predicts a USD 1,329.12 Billion by 2032 CAGR: 17.4% | PMR
-
Blockchain Press Releases3 days ago
Notabene Raises $14.5M in Series B Funding Led by DRW VC to Drive the Future of Stablecoins and Payments
-
Blockchain5 days ago
The First Cold Wallet for Miners: EMCD & Tangem Launching Limited Edition Wallets
-
Blockchain5 days ago
Bybit Web3 and Aptos Kick Off APT Ecosystem Airdrop
-
Blockchain Press Releases5 days ago
Moby, Engages GSR to Enhance Liquidity and OTC Trading for Moby Token
-
Blockchain Press Releases5 days ago
QCP Trading Receives In-Principle Approval for Major Payment Institution License in Singapore
-
Blockchain Press Releases5 days ago
Bitget Lists peaq (PEAQ) on Launchpool with 12,125,000 Tokens in Rewards
-
Blockchain Press Releases3 days ago
Bybit WSOT 2024 Shatters Records with $100 Billion in Trading Volume, Redefining Crypto Trading Competition
-
Blockchain5 days ago
WAGMI Announces First Speakers and Featured Partners for the Biggest Blockchain Event in America