The Bitcoin industry is gloating with the cryptocurrency platforms seeing nearly three times new users in the last two weeks. (Refer this article in ET).
The industry should thank the judgement of the following three Gentlemen Judges, the honourable V. Ramasubramanian, Aniriddha Bose and Rohinton Fali Nariman for this happy state of affairs.
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Their judgement of 4th march 2020 was a masterful art in the writing of judgements and a text book for Law students. It chastised RBI for drafting a circular banning the Bank’s support to Bitcoin exchanges as a “Disproportional Exercise of available powers” and quashed it. It was a demonstration of the commitment to the principles of good Governance of regulatory authorities and would be making all regulators more responsible in future while exercising any powers given to them under the law.
The Bitcoin industry should also thank the Ministry of Finance, the RBI and the Ministry of Home Affairs who have not so far moved to challenge the judgement.
The Bitcoin industry should also thank the Corona Virus which has given an excuse to Mr Amit Shah, Nirmala Sitharaman and the RBI Governor to take it easy to let the Financial Corona virus called Bitcoin to spread itself far and wide in India.
I suggest that the Bitcoin industry take steps to thank all these gentleman for enabling them help convert the hard earned savings of so many of Indians which were lying in Banks into the form of an anonymous wealth called Bitcoins so that they can escape the tyranny of the tax department in India.
Naavi
