What are Virtual Currencies? The concept of virtual currency is perhaps best understood by way of an example. Take Airline Miles, for example, also referred to as frequent flier miles–the more you travel with an airline, the more Airline Miles you accumulate. These can later be redeemed for more tickets. When you redeem yourRead more
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The Government’s Position on Cryptocurrency While the novelty factor of cryptocurrency and the blockchain technology has not abated since 2009, Indian regulators have only recently begun evaluating the financial and security risks posed by virtual currencies such as Bitcoin. The Finance Minister, Mr. Arun Jaitley, announced in his 2018 Budget Speech that the government doesRead more
[This article was first published on MediaNama, here] Starting 05 April 2018, the Reserve Bank of India (RBI) banned banks and other financial sector organizations that it regulates from extending services or dealings to individuals or businesses engaging in virtual currency related transactions. Existing services extended will need to be discontinued within a time period yet toRead more
Anish Krishnan, interning with us at TRA for January – February 2018 and Nehaa Chaudhari, Lead – Policy have put together a timeline on key developments on #cryptocurrency law and policy in India. February 10th: Sebi chief states Rules on cryptocurrencies should be out soon. Tyagi, who is part of the committee formed by the government toRead more