The cryptoexchanges are seeing massive jump in business and trading volume post the Supreme Court lifted the ban brought in by the Reserve Bank on banks doing business with these entities.
DigitX co-founder Mehta said cryptocurrencies should be regulated by legitimate financial institutions in the country.
In this edition of the Explained series, find out all about the possible digital currency trading ban.
Moneycontrol's Sakshi Batra does a 3-Point Analysis to find out how soon can we expect the law and what will be the impact when it gets enforced.
Chainlink's website says that it is a “framework for building decentralized oracle networks that give your smart contract access to secure and reliable data inputs and outputs.”
The cryptocurrency has soared over 70 percent this year and has become one of the strongest performing assets.
The biggest cryptocurrency gained 4.4 percent to $12,424, its highest since July 2019. Bitcoin has soared over 70 percent this year, making it one of the strongest performing assets.
In 2018, the RBI prohibited regulated entities from providing services to any individual or business dealing in digital currencies but the circular was overturned by the Supreme Court in March 2020.
In 2018, the RBI had put a blanket ban on trading in cryptocurrency. However, the order was set aside by the Supreme Court in March this year.
Acknowledging scepticism over digital currencies, Visa stated intent to address concerns by working closely with leading companies and the public sector
However, a lack of clarity on regulations and reports of a possible law to ban cryptocurrency remain a concern.
Global technology majors, which are keen on India, are also looking for some indications from the government before bringing in their exchange businesses.
CoinDCX offers DCXLend and WazirX is all set to go live with lending features.
In March, the Supreme Court had quashed RBI's directive that prohibited entities under its jurisdiction from dealing in digital currencies.
The startup has seen a massive jump in the adoption of a crypto exchange platform with COVID-19 throwing traditional markets into a tizzy
Musk, who frequently tweets about Bitcoin and other digital currencies, added that he owns 0.25 Bitcoins.
Platforms see a big jump in trading volumes, new users as the government and the RBI stay mum on regulation.
Bitcoin has fuelled hundreds of rags-to-riches stories, but at the same time, it has enabled scammers to earn millions from unsuspecting buyers and investors.
While the Libra Association has come out with a new digital currency, expect authorities running fiat currencies to continue their criticism
The digital currency is now up 30 percent from its March lows, outperforming the likes of S&P 500 (25 percent), Nifty (27 percent) as well as most other major markets.
After months of criticism, the cryptocurrency is moving ahead with significant revisions.
According to new survey data from Visual Objects, the most commonly purchased items with cryptocurrency are food (38 percent) and clothing (34 percent). Purchases nowadays may not be as unlawful as people believe.
Experts say it now has to reclaim $8,000 to start the bull run.
After the upliftment of the RBI curb, BuyUcoin entered partnered with Mobikwik which further allows Indian users with the ease of simple smartphone-based transactions to buy or sell crypto assets.
Jiménez has been identified as the author of the Petro before, but he has never told his story