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FIRMS TO REQUEST RBI FOR TRADING OF CRYPTOCURRENCY: Another name of a digital asset is CRYPTOCURRENCY, which is illegal trading in India. But a firm in India, namely Fintech Law, a law firm in India, requests RBI for the trading of cryptocurrency. The RBI request came when the supreme court disallowed Central Bank or any regulatory entity for crypto transactions in 2018. The order by Supreme Court was given on 4th March. Many firms have enabled rupee deposits in the crypto exchange.
TRADING OF CRYPTOCURRENCY
It is reported that the banks are waiting for the RBI guidelines about this matter as it is not yet circulated. It is also said that RBI may not support the trading of cryptocurrency as they are faithful to the order given by the Supreme Court. The legality of such trades still now not very clear in India. A senior banker they will act according to the guideline of RBI once it is produced. The main concern with the cryptocurrency is with security. It is also reported that before allowing such types of trades, the bank’s capability should also be tested. The banking regulatory system is yet to come up with proper management to trade cryptocurrency.
Though any type of written communication from the bank is not yet given as they are waiting for the RBI to take the lead. The guidelines provided by the RBI will be abided by the banks as well. Though trading of crypto in India is a revolutionary step, it is also a necessity in the present situation of the pandemic. It is a significant step indeed when India is moving towards digitalization. Now it is a wait for RBI to take the decision about the crypto trading in India.
Digital India is ready to ride several stairs forward towards a developed nation.