Business Standard

Uncharted path: Experts seek light-touch norms to regulate cryptocurrency

Experts say what will also play on the minds of policymakers is the potential upside of taxing the cryptocurrency trade.

Topics
cryptocurrency | Reserve Bank of India | Supreme Court

Geetika Srivastava & Sudipto Dey 

cryptocurrency
The Supreme Court’s order has made it clear that virtual currencies do come under the mandate of the RBI. (Illustration: Ajay Mohanty)

In the aftermath of the apex court’s landmark judgment on the use and regulation of cryptocurrencies, the fate of the draft Banning of & Regulation of Official Digital Currency Bill, 2019, hangs fire. The draft Bill, in stark contrast to the court’s order, stipulates that the use of is punishable with a fine or imprisonment of up to 10 years. Both government and banking sector regulator — the — have to go back to the drawing board once more to firm up their views on the nascent ecosystem.

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First Published: Sun, March 08 2020. 23:46 IST
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