The Supreme Court on Wednesday allowed banks to provide services for virtual currencies (VC), better known as ‘Cryptocurrency’ or popularly referred as ‘Bitcoins.’ This order is expected to enable trading of such currencies.
Finance Minister Nirmala Sitharaman said that she is yet to read the order and that the government will decide on further course of action after studying the order.
Virtual Currencies are like codes, numbers or tokens. They are not a legal tender like the rupee, which is ‘fiat currency’ (issued under a government order by the monetary system, enjoying full sovereign support though not backed by any precious metal such as gold or silver).
According to the apex court, there is unanimity of opinion among all regulators and governments of various countries that though Virtual Currencies have not acquired the status of a legal tender, they nevertheless constitute digital representation of value and are capable of functioning as (i) a medium of exchange, (ii) a unit of account, and/or (iii) a store of value.
هذه القصة مأخوذة من طبعة March 05, 2020 من The Hindu Business Line.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة March 05, 2020 من The Hindu Business Line.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Covid Presents An Opportunity For India
India must attract investors exiting China post-Covid. Streamlining of project clearances and relaxation in FRBM norms will help
Did Alternative Assets Shield You From Covid-19 Volatility?
The assets closely linked to stock and debt markets could not stave off the losses
How To Put Aircraft To Bed
Preserving grounded planes, to get them up and flying at short notice, is a challenging task. Ashwini Phadnis captures the process
There Can Be No Going Back On WFH
Covid-19 has fast-forwarded the shift to ‘work from home’. However, some face-to-face connect will always be needed
UN, WHO Urged To Ensure ‘Benefit Sharing' Of Covid-Related Data
Biopharma firms should reach vaccines, medicines to poor nations at an affordable price, say civil society bodies
With No Clear Signal From Rlys, States Explore Ways To Bring Back Migrants
Quarantine centres, cross-country buses being arranged even as migrants hop on to boats, trucks and ambulances
Centre Allows All Neighbourhood Shops To Open But With Riders
Final call will be taken by local authorities; shopping complexes that draw fewer ‘outsiders’ are permitted to operate
Covid Impact Relatively Muted In India
Compared to Italy and the US, India’s rate of infection spread has been slow. This can be attributed to the strict measures in place
How Global Trade Will Fare Post-Covid
China isn’t likely to lose its pre-eminent position soon. India, for one, will need to make manufacturing globally competitive
How To Curb Harassment In The Virtual Office
Training and sensitisation are essential. Institute a strict dress code and chat etiquette to ensure professionalism during video calls
