Status Quo Cryptocurrency In India
Cryptographic currencies appeared due to technological progress and the evolution of money as a completely liquid medium of exchange. Indeed, originally money fulfilled the function of the exchange of goods. It was then assigned to gold as the universal equivalent. The next stage was the transition to paper money and now we have the emergence of electronic money (e-money). The Indian central bank in 2018 effectively banned crypto transactions after a string of frauds. RBI asked all the regulative authorities to stop their dealing in any kind of private cryptocurrency effective immediately. The Supreme court in March 2020 quashed the decision by RBI on grounds of disproportionality. The bench, headed by Justice Rohinton F Nariman, noted that RBI failed to show any concrete damages connecting the frauds and the crypto dealings. Basically, cryptocurrency is a form of digital asset based on a network that is spread across large number of computers. This makes it a decentralized...