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- #206 The "Apprentice - Journeyman - Master" Strategy
- Apprentice Boss Alan Sugar Issues Warning Over Fake Bitcoin Endorsement
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The year was , after multiple attempts by programmers to create a decentralised digital currency, an anonymous programmer dubbed as Satoshi Nakamoto was successful in creating the Bitcoin which went on to become the largest cryptocurrency in the world. When one tries to define cryptocurrency, we hear terms like digital, decentralised, peer-to-peer, etc. However, to simplify: it is an online currency which is not sourced from the government like fiat currency such as notes and coins backed by the government , it can be exchanged anonymously and one does not need to trust a third party like a central bank to deal with or issue that currency.
There are various other cryptocurrencies apart from Bitcoin like Ethereum, Litecoin, Ripple, Zcash, etc. Before verging ahead to discuss the legality of cryptocurrency, we need to understand how cryptocurrency transactions are recorded.
Top Podcasts In Tech News
These records are kept through a technology called the blockchain, a journal with all data about past transactions which happen in a linear way from the person initiating it to the person receiving it in an anonymous manner, it consist of a timestamp along with a verification making a transaction secure without a governing authority like a bank. The technology has helped majorly in non-crypto based fields like banking and accounting as well.
Evolution of law on cryptocurrencies As of the date of writing, there is no global regulation on cryptocurrencies, hence, different countries have adopted different standards of regulation. Most countries are yet to have concrete laws regarding them and hence, they fall under grey areas of law. Countries such as Japan and Russia have legalised the use of cryptocurrencies, however, Russia limits their use. One of the major economies to ban the use of cryptocurrencies is China.
This table summarises the status of cryptocurrencies in various countries across the globe - Country Status Compliances, Regulations or Comments USA Not officially legal, however no express ban on usage No regulation UK Legal Bank of England is soon to release its own cryptocurrency backed by government Canada Similar to US, blockchain and barter in cryptocurrencies is legal No regulation Netherlands Barter in cryptocurrencies is legal No regulation Australia Confusing; Partially legal Brisbane Airport allows usage of Bitcoins No regulation France Illegal Strict compliances, KYC and personal info required Singapore Legal Verification and personal info required.
#206 The "Apprentice - Journeyman - Master" Strategy
Janardhan believes that the reason for the same is the inception of some fraudulent crypto exchanges which duped a lot of investors. In June, , it was announced that the government has almost finalised the regulation for cryptocurrency. Subash Chandra Garg, hinted that the regulation does not aim at a blanket ban.
In April, , the RBI released a notification that it would be banning banks from processing payments related to cryptocurrencies from July 5, An appeal calling for a stay on the notification was rejected by the Supreme Court in Internet and Mobile Association of India v.
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Apart from lack of support from the banks, no infrastructure has been expressly denied to cryptocurrency miners: electricity boards do not have any problem regarding crypto mining rigs operating as they are not concerned with purpose for use of electricity as long as it is paid for.
If India does end up banning cryptocurrencies, businessmen like Mr. Janardhan are bound to switch to services like Neteller, Paypal, etc. Singh believes that India should legalise the same with restrictions and caps on the transactions so that the investments are safe and the government also generates tax revenue. An uncertain future With the Supreme Court deferring the hearing on the matter of cryptocurrency till September this year, and the government aiming to regularise crypto tokens non-currency based use of investing money into crypto using fiat money without expressly legalising them as tender, the future of the innovative currency seems tumultuous in the country.
The same cannot be construed as legal advice.
Apprentice Boss Alan Sugar Issues Warning Over Fake Bitcoin Endorsement
This article was developed in-house by Mr. Shantanu Rawat, in collaboration with our team of lawyers and editors. Apprentice Insights works with experts in the field of law to develop and publish articles which are theoretically and practically relevant to legal professionals.
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Apprentice | The Mentor
I come from an average family living in Tyrol, Austria in the middle of the mountains. At the age of 16 I decided to move to the USA to play basketball - this was the first time I decided to go against mainstream opinion. When I told my family that after my studies during which time I've been a pro kitesurfer for 10 years I stopped working as a doctor and moved to Asia to start my own business, they were not thrilled as you might imagine. My talent is to explain complicated things in a simple way. My vision is that by at least 1 billion people will know and understand Blockchain through me.