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LATEST BITCOIN NEWS
INDIA EXPLORING ITS OWN CRYPTOCURRENCY :
Dated 26.01.2021 : Reserve Bank Of India ( RBI ) had in 2018 prohibited all the entities like Banks , NBFCs , Payment Banks , wallets regulated by them to deal with or provide any service related to transactions involving Bitcoins and other cryptocurrencies . However the Supreme court of India , had lifted the ban imposed by Reserve Bank of India in 2020 . Further there is no legal development in India .
Now RBI , in a booklet published on payment systems in India , has advised that it is exploring the possibility as to whether there is a need for a digital version of fiat currency ( cash or Rupee notes ) and in case there is, then how to operationalise it. It has also noted that regulators and governments in India have been sceptical about these currencies and are apprehensive about the associated risks so far .
In case RBI finds and adopts and brings out a new digital currency which can be converted to Indian rupee , it will be saving on printing , storing , transportation and managing notes and coins which is having a sizable cost now . General public may also feel ease in having and using such currencies . While in one hand people will be safe from theft , counting , accounting and managing cash , they have to be careful of cybertheft , hacking , phishing attempts and other crimes connected with cyber world . Password maintenance will be the other headache to be encountered by the public .
We have to wait and see how RBI move takes shape in the future .
To know various alternate payment system available in India , go through the RBI BOOKLET
Dated 26.01.2021 : Reserve Bank Of India ( RBI ) had in 2018 prohibited all the entities like Banks , NBFCs , Payment Banks , wallets regulated by them to deal with or provide any service related to transactions involving Bitcoins and other cryptocurrencies . However the Supreme court of India , had lifted the ban imposed by Reserve Bank of India in 2020 . Further there is no legal development in India .
Now RBI , in a booklet published on payment systems in India , has advised that it is exploring the possibility as to whether there is a need for a digital version of fiat currency ( cash or Rupee notes ) and in case there is, then how to operationalise it. It has also noted that regulators and governments in India have been sceptical about these currencies and are apprehensive about the associated risks so far .
In case RBI finds and adopts and brings out a new digital currency which can be converted to Indian rupee , it will be saving on printing , storing , transportation and managing notes and coins which is having a sizable cost now . General public may also feel ease in having and using such currencies . While in one hand people will be safe from theft , counting , accounting and managing cash , they have to be careful of cybertheft , hacking , phishing attempts and other crimes connected with cyber world . Password maintenance will be the other headache to be encountered by the public .
We have to wait and see how RBI move takes shape in the future .
To know various alternate payment system available in India , go through the RBI BOOKLET
UNICAS , FIRST BITCOIN BANK IN INDIA
FIRST BITCOIN BANK STARTS OPERATION IN INDIA
14.01.2021 : A crypto bank called UNICAS has started its operations in India with physical branches through a joint venture between Cashaa , a London based cryptocurrency platform and United Multistate co-op society , Mumbai based co-operative society . Customers of the bank can open bank accounts, buy and sell cryptocurrencies, obtain crypto-backed loans, as well as learn about crypto. The bank pays interest on the cryptocurrency accounts .
Customers of the bank can also maintain crypto savings accounts with Unicas and get interest in the same cryptocurrency as the deposit. For instance a bitcoin deposit will get interest in bitcoin. For rupee loans against crypto, the cryptocurrency has to be deposited in the wallet as collateral and bank promises the instantaneous approval . The deposit acts as lien in case of default.
It has opened a branch in Jaipur , Rajastan offering cryptocurrency services and said to be the first physical bank branch in the world to offer such services . It is reported that the parent society has more than 56 ,000 customers with 16 branches in Maharashtra , Rajastan , Delhi and Gujarat . Unicas is using the regulatory licences issued to parent co-op society to enter Indian business .
Unicas is offering various cryptocurrencies that include Bitcoin ( BTC) , Ether ( ETC ) , Cashaa ( CAS ) & XRP for savings accounts and loans .
Presently there is a legal vacuum in India with regard to legality of cryptocurrencies , after Supreme Court lifted than earlier ban imposed by RBI . Subsequently no law or order has been passed by the government . One has also have to keep in mind the risks involved in investing including volatility of the market before dealing in cryptocurrencies .
TO visit the website of the bank , CLICK HERE
14.01.2021 : A crypto bank called UNICAS has started its operations in India with physical branches through a joint venture between Cashaa , a London based cryptocurrency platform and United Multistate co-op society , Mumbai based co-operative society . Customers of the bank can open bank accounts, buy and sell cryptocurrencies, obtain crypto-backed loans, as well as learn about crypto. The bank pays interest on the cryptocurrency accounts .
Customers of the bank can also maintain crypto savings accounts with Unicas and get interest in the same cryptocurrency as the deposit. For instance a bitcoin deposit will get interest in bitcoin. For rupee loans against crypto, the cryptocurrency has to be deposited in the wallet as collateral and bank promises the instantaneous approval . The deposit acts as lien in case of default.
It has opened a branch in Jaipur , Rajastan offering cryptocurrency services and said to be the first physical bank branch in the world to offer such services . It is reported that the parent society has more than 56 ,000 customers with 16 branches in Maharashtra , Rajastan , Delhi and Gujarat . Unicas is using the regulatory licences issued to parent co-op society to enter Indian business .
Unicas is offering various cryptocurrencies that include Bitcoin ( BTC) , Ether ( ETC ) , Cashaa ( CAS ) & XRP for savings accounts and loans .
Presently there is a legal vacuum in India with regard to legality of cryptocurrencies , after Supreme Court lifted than earlier ban imposed by RBI . Subsequently no law or order has been passed by the government . One has also have to keep in mind the risks involved in investing including volatility of the market before dealing in cryptocurrencies .
TO visit the website of the bank , CLICK HERE
BITCOIN AND OTHER CRYPTO CURRENCIES PRICE NOW - BTC TO USD
Cryptocurrency and Bitcoins prices provided by third party provider COINLIB
BITCOIN AND OTHER CRYPTOCURRENCIES PRICES IN INDIAN RUPEES NOW -BTC TO INR
BITCOIN PRICES AT ALL TIME HIGH OF USD 29,390
BITCOIN PRICE CROSSES USD 37,000 TODAY :
DATED 07.01.2021 : Bitcoin reached new peaks to day and crossed USD 37,000 per BTC . BTC has gained more than 7,000 per BTC in the first week of 2021 from yearend peak of USD 29,390 .
The year 2020 had given a bumper return of more than 300 % to the investors in Bitcoin ( BTC ) as its prices peaked to USD 29,390 . Bitcoin prices were at USD 7,200 in January1st , 2020 .
DATED 07.01.2021 : Bitcoin reached new peaks to day and crossed USD 37,000 per BTC . BTC has gained more than 7,000 per BTC in the first week of 2021 from yearend peak of USD 29,390 .
The year 2020 had given a bumper return of more than 300 % to the investors in Bitcoin ( BTC ) as its prices peaked to USD 29,390 . Bitcoin prices were at USD 7,200 in January1st , 2020 .
BITCOIN PRICES ARE AT HISTORICAL PEAK AND CROSS USD 22,000 :
DATED 17.12.2020 : Today Bitcoin ( BTC ) prices peaked to USD 22,100 AGAINST THE ALL TIME HIGH OF USD 19, 665 . Now ( IST 11.25 AM ) it is trading at USD 22,103 ( INR 16,22, 390 ) . The earlier peak of USD 19,665 was reached in December 2017 and fell to USD 3,194 in December 2018 .
Bitcoin was struggling to break earlier peak for more than a month and finally it has broken the earlier record .
Trading in Bitcoin was started at USD 0.06 per BTC in July 2010 and one can see volatility of the cryptocurrency over the years and the very high risk involved in trading of Bitcoins .
DATED 17.12.2020 : Today Bitcoin ( BTC ) prices peaked to USD 22,100 AGAINST THE ALL TIME HIGH OF USD 19, 665 . Now ( IST 11.25 AM ) it is trading at USD 22,103 ( INR 16,22, 390 ) . The earlier peak of USD 19,665 was reached in December 2017 and fell to USD 3,194 in December 2018 .
Bitcoin was struggling to break earlier peak for more than a month and finally it has broken the earlier record .
Trading in Bitcoin was started at USD 0.06 per BTC in July 2010 and one can see volatility of the cryptocurrency over the years and the very high risk involved in trading of Bitcoins .
WHAT IS BITCOIN ? WHAT IS A CRYPTO CURRENCY ?
To know all about them , CLICK HERE
To know all about them , CLICK HERE
LEGALITY OF TRADING OF BITCOINS IN INDIA
SUPREME COURT QUASHES RBI BAN ON BITCOIN TRANSACTIONS
Dated 04.03.2020 : Today , the Supreme court of India , disposing of a writ petition filed by Internet and Mobile Association of India lifted the ban imposed by Reserve Bank of India in 2018 on Bitcoin and other cryptocurrency Trading in India .
RBI had in 2018 prohibited all the entities like Banks , NBFCs , Payment Banks , wallets regulated by them to deal with or provide any service related to transactions involving Bitcoins and other cryptocurrencies .
We have to wait for detailed judgement and revised RBI guidelines in the matter .
Source : Media
Dated 04.03.2020 : Today , the Supreme court of India , disposing of a writ petition filed by Internet and Mobile Association of India lifted the ban imposed by Reserve Bank of India in 2018 on Bitcoin and other cryptocurrency Trading in India .
RBI had in 2018 prohibited all the entities like Banks , NBFCs , Payment Banks , wallets regulated by them to deal with or provide any service related to transactions involving Bitcoins and other cryptocurrencies .
We have to wait for detailed judgement and revised RBI guidelines in the matter .
Source : Media
RESERVE BANK OF INDIA PROHIBITS SERVICE TO BITCOIN TRANSACTIONS BY BANKS AND OTHER REGULATED ENTITIES
Dated 05.04.2018 : Reserve Bank of India today prohibited all the entities like Banks , NBFCs , Payment Banks , wallets regulated by them to deal with or provide any service related to transactions involving Bitcoins and other cryptocurrencies . The ban comes in to effect with immediate effect . All the entities which are providing such facilities have to exit in time bound manner . RBI will issue a circular shortly .
The ban virtually ends any dealing of any cryptocurrency in India as no Indian will be able to buy / sell , make payment or receive payment In India .
However RBI has constituted a internal committee to study feasibility of introduction of its own digital currency . the committee is expected to give its report before June 2018 .
For Press release of RBI dated 05.04.2018 , CLICK HERE
Subsequently RBI has issued Notification on 06.04.2018 , CLICK HERE to read the notification .
Dated 05.04.2018 : Reserve Bank of India today prohibited all the entities like Banks , NBFCs , Payment Banks , wallets regulated by them to deal with or provide any service related to transactions involving Bitcoins and other cryptocurrencies . The ban comes in to effect with immediate effect . All the entities which are providing such facilities have to exit in time bound manner . RBI will issue a circular shortly .
The ban virtually ends any dealing of any cryptocurrency in India as no Indian will be able to buy / sell , make payment or receive payment In India .
However RBI has constituted a internal committee to study feasibility of introduction of its own digital currency . the committee is expected to give its report before June 2018 .
For Press release of RBI dated 05.04.2018 , CLICK HERE
Subsequently RBI has issued Notification on 06.04.2018 , CLICK HERE to read the notification .
HDFC BANK DISALLOWS ITS CARDS FOR PURCHASE OF BITCOINS
Dated 18.03.2018 : It is reported that HDFC Bank , India have informed their customers that they would be no longer able to do the transactions involving cryptocurrencies including Bitcoins using HDFC Bank debit or credit cards . Already in February 2018 Citibank India had stopped allowing its cards for purchase of bitcoins and other cryptocurrencies . In the February 2018 itself , the country's central banker Reserve Bank of India had also warned bank customers in India against investing in Bitcoins and other cryptocurrencies .
Dated 18.03.2018 : It is reported that HDFC Bank , India have informed their customers that they would be no longer able to do the transactions involving cryptocurrencies including Bitcoins using HDFC Bank debit or credit cards . Already in February 2018 Citibank India had stopped allowing its cards for purchase of bitcoins and other cryptocurrencies . In the February 2018 itself , the country's central banker Reserve Bank of India had also warned bank customers in India against investing in Bitcoins and other cryptocurrencies .
BTCXIndia and ethexIndia TO CLOSE OPERATIONS IN INDIA
Dated 02.03.2018 : Cryptocurrency Exchanges BTCXindia and ethexIndia are closing down its operations in India .
In its website , BTCXindia dealing in Ripples ( XRP ) has asked its customers not to make any Indian Rupee or Ripple ( XRP ) deposits with effect from 01.03.2018 . If any remittance is made , it would be automatically returned to the sender bank . Further it has asked all its customers to withdraw all the deposits both in Indian rupee as well as in Ripple ( XRP ) before 4th March , 2018 .
For further details , one may visit official site of BTCXIndia , by CLICKING HERE
Similarly Cryptocurrency Ethereum ( ETH ) Exchange ethexIndia is closing down its operations in India . In its website , it has asked its customers not to make any Indian Rupee or Ethereum ( ETH ) deposits with effect from 01.03.2018 . If any remittance is made , it would be automatically returned to the sender bank . Further it has asked all its customers to withdraw all the deposits both in Indian rupee as well as in Ethereum ( ETH )
For website of ethexIndia CLICK HERE
It is reported that the reason for closure of operations is the budget speech of Mr Arun Jaitley wherein he had advised the intention of government was to outlaw the cryptocurrencies . He had also announced the intention of government to bring suitable amendment to the existing laws to this effect .
Dated 02.03.2018 : Cryptocurrency Exchanges BTCXindia and ethexIndia are closing down its operations in India .
In its website , BTCXindia dealing in Ripples ( XRP ) has asked its customers not to make any Indian Rupee or Ripple ( XRP ) deposits with effect from 01.03.2018 . If any remittance is made , it would be automatically returned to the sender bank . Further it has asked all its customers to withdraw all the deposits both in Indian rupee as well as in Ripple ( XRP ) before 4th March , 2018 .
For further details , one may visit official site of BTCXIndia , by CLICKING HERE
Similarly Cryptocurrency Ethereum ( ETH ) Exchange ethexIndia is closing down its operations in India . In its website , it has asked its customers not to make any Indian Rupee or Ethereum ( ETH ) deposits with effect from 01.03.2018 . If any remittance is made , it would be automatically returned to the sender bank . Further it has asked all its customers to withdraw all the deposits both in Indian rupee as well as in Ethereum ( ETH )
For website of ethexIndia CLICK HERE
It is reported that the reason for closure of operations is the budget speech of Mr Arun Jaitley wherein he had advised the intention of government was to outlaw the cryptocurrencies . He had also announced the intention of government to bring suitable amendment to the existing laws to this effect .
SBI CARD CAUTIONS AGAINST USE OF BITCOINS
Dated 21.02.2018 : Today SBI Card , a division of State Bank of India , advised its customers about the potential economic , operational , financial , legal , customer protection and security related risks associated with use of Bitcoins . However , unlike Citibank , it has not prohibited use of SBI cards for transactions involving cryptocurrencies . But Citibank earlier had informed their customers that they would be no longer able to do the transactions involving cryptocurrencies including Bitcoins using Citibank debit or credit cards . Already Reserve Bank of India has warned bank customers in India against investing in Bitcoins and other
Dated 21.02.2018 : Today SBI Card , a division of State Bank of India , advised its customers about the potential economic , operational , financial , legal , customer protection and security related risks associated with use of Bitcoins . However , unlike Citibank , it has not prohibited use of SBI cards for transactions involving cryptocurrencies . But Citibank earlier had informed their customers that they would be no longer able to do the transactions involving cryptocurrencies including Bitcoins using Citibank debit or credit cards . Already Reserve Bank of India has warned bank customers in India against investing in Bitcoins and other
CITIBANK INDIA DISALLOWS ITS CARDS FOR PURCHASE OF BITCOINS
Dated 13.02.2018 : Today Citibank , India informed its customers that they would be no longer able to do the transactions involving cryptocurrencies including Bitcoins using Citibank debit or credit cards . Citibank has decided not to permit usage of its debit or credit cards for purchase of Bitcoins and other cryptocurrencies , given concerns of potential economic , operational , legal , customer protection and security related risks associated with such transactions. Already Reserve Bank of India has warned bank customers in India against investing in Bitcoins and other cryptocurrencies .
Dated 13.02.2018 : Today Citibank , India informed its customers that they would be no longer able to do the transactions involving cryptocurrencies including Bitcoins using Citibank debit or credit cards . Citibank has decided not to permit usage of its debit or credit cards for purchase of Bitcoins and other cryptocurrencies , given concerns of potential economic , operational , legal , customer protection and security related risks associated with such transactions. Already Reserve Bank of India has warned bank customers in India against investing in Bitcoins and other cryptocurrencies .
INCOME TAX DEPARTMENT SENDS NOTICES TO BITCOIN INVESTORS :
Dated 12.02.2018 : It is reported that Income Tax department has sent more than 1,00,000 notices to the investors of Bitcoins and other cryptocurrencies in India to verify whether they have paid due income tax on the profits made out of Bitcoin transactions and reported the same in their Income tax returns . It is reported that Mr Sushil Chanda , chairman of Central Board of Direct Taxes disclosed the matter whilst speaking in an event organized in New Delhi by ASSOCHAM
Dated 12.02.2018 : It is reported that Income Tax department has sent more than 1,00,000 notices to the investors of Bitcoins and other cryptocurrencies in India to verify whether they have paid due income tax on the profits made out of Bitcoin transactions and reported the same in their Income tax returns . It is reported that Mr Sushil Chanda , chairman of Central Board of Direct Taxes disclosed the matter whilst speaking in an event organized in New Delhi by ASSOCHAM
WORLD BANK CHIEF CALLS BITCOINS A PONZI SCHEME
Dated 08.02.2018 : Newspapers reported that Mr Jim Yong Kim , World Bank Group president told in an event that cryptocurrencies like Bitcoins are ponzi schemes .However world bank is looking in to the blockchain technology which uses distributed ledgers to facilitate secured trading of digital assets . Earlier in the week Mr Agustin Carstens , chief of Bank of International Systems ( BIS ) had asked central banks to rein in cryptocurrencies as they can cause disturbances to the existing financial system .
In the mean time , Bitcoin is trading at around USD 8,000 after falling from life time high of around USD 19,300 in recent weeks .
Dated 08.02.2018 : Newspapers reported that Mr Jim Yong Kim , World Bank Group president told in an event that cryptocurrencies like Bitcoins are ponzi schemes .However world bank is looking in to the blockchain technology which uses distributed ledgers to facilitate secured trading of digital assets . Earlier in the week Mr Agustin Carstens , chief of Bank of International Systems ( BIS ) had asked central banks to rein in cryptocurrencies as they can cause disturbances to the existing financial system .
In the mean time , Bitcoin is trading at around USD 8,000 after falling from life time high of around USD 19,300 in recent weeks .
GOVERNMENT OF INDIA WARNS AGAINST INVESTING IN BITCOINS
Dated 30.12.2017 : Ministry of Finance , Government of India has issued warning people against usage of virtual currencies including Bitcoins , as they are neither currencies nor coins . The statement says virtual currencies are not legal tenders and are not authorized by either Government of India or Reserve Bank of India . The notification lists various risks associated with Bitcoins like volatility , hacking , loss of passwords etc. It compares the operation of Bitcoins to Ponzi schemes and advises the citizens to avoid Bitcoins as they would be participating in BITCOINS at their own risks .
However Ministry of Finance does not say that Bitcoins are illegal in India
Ministry of finance notification on its Facebook page . CLICK HERE
Dated 30.12.2017 : Ministry of Finance , Government of India has issued warning people against usage of virtual currencies including Bitcoins , as they are neither currencies nor coins . The statement says virtual currencies are not legal tenders and are not authorized by either Government of India or Reserve Bank of India . The notification lists various risks associated with Bitcoins like volatility , hacking , loss of passwords etc. It compares the operation of Bitcoins to Ponzi schemes and advises the citizens to avoid Bitcoins as they would be participating in BITCOINS at their own risks .
However Ministry of Finance does not say that Bitcoins are illegal in India
Ministry of finance notification on its Facebook page . CLICK HERE
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ARTICLE ON
TAX PLANNING FOR FY 2019-20 ( AY 2020-21 )
Comprehensive Article on Income tax changes in Rules, Rates , Slabs , Rebates and Estimation
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TAX ON RETIREMENT
MORE THAN 2000 VIEWS IN ITS FIRST WEEK OF PUBLICATION
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AAYKAR SETHU , NEW MOBILE APPLICATION FOR ALL YOUR INCOME TAX JOBS
ARTICLE ON
TAX PLANNING FOR FY 2019-20 ( AY 2020-21 )
Comprehensive Article on Income tax changes in Rules, Rates , Slabs , Rebates and Estimation
CLICK HERE TO READ
RBI CAUTIONS ON BITCOIN USAGE
Reserve bank of India has warned as early as in December 2013 about the risks associated in use of virtual currency including Bitcoins . It has also repeated the message on December 5, 2017 . The major concerns expressed by RBI are
1. VCs are in digital forms and stored in digital wallets . They are prone to hacking , malware , loss of password etc . LOSS OF WALLET MEANS TOTAL LOSS OF ASSET .
2. Payments take place peer to peer basis without intervention of a central agency . No recourse may be available for disputes between the parties .
3. No asset back up for Bitcoin and market prices are speculative . Prices are volatile and volatility may lead to huge losses .
4. Legal status of exchange platforms are not clear and users are exposed to legal and financial risks .
5 . Usage of Bitcoins from the counter party may be for illegal / illicit purpose . Hence usage may unintentionally lead to breach of Anti-money laundering provisions .
For RBI Press release dated 24.12.2013 , CLICK HERE
1. VCs are in digital forms and stored in digital wallets . They are prone to hacking , malware , loss of password etc . LOSS OF WALLET MEANS TOTAL LOSS OF ASSET .
2. Payments take place peer to peer basis without intervention of a central agency . No recourse may be available for disputes between the parties .
3. No asset back up for Bitcoin and market prices are speculative . Prices are volatile and volatility may lead to huge losses .
4. Legal status of exchange platforms are not clear and users are exposed to legal and financial risks .
5 . Usage of Bitcoins from the counter party may be for illegal / illicit purpose . Hence usage may unintentionally lead to breach of Anti-money laundering provisions .
For RBI Press release dated 24.12.2013 , CLICK HERE
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