According to a 2018 report, Asia’s biggest industrialist Mukesh Ambani was preparing to bring his cryptocurrency in the name of Jio Coin.
Cryptocurrency has been discussed for a long time, but its discussion has intensified for some time. The world’s big industrialists publicize it a lot. Many companies have also started taking payments from it. In such a situation, it is important to know about what the industrialists of India, the Reserve Bank, the banks here and the Supreme Court have to say. This is because according to a report, about 10 thousand crore rupees have been invested in cryptocurrency in India.
The Reserve Bank and the government have cleared their stand. The government is considering bringing such laws with the help of which private cryptocurrency can be banned. At the same time, the Reserve Bank does not disagree with the idea of cryptocurrency but says that it will bring its own digital currency which will be fully regulated. According to a Reuters report, the central bank has asked the country’s public and private banks to stop working for the cryptocurrency exchange.
According to a Mint 2018 report, Asia’s biggest industrialist Mukesh Ambani was preparing to bring his cryptocurrency in the name of Jio Coin. According to that report, a team of about 50 people is working on blockchain technology. His elder son Akash Ambani is eyeing this team. Talking about the stand of the Reserve Bank and the government at that time, according to the report, the then Finance Minister Arun Jaitley had clearly stated that cryptocurrency is not legally recognized in India. At the same time, the Reserve Bank had said on many occasions that the creation, trading, payment of any cryptocurrency including bitcoin is not legally recognized. The finance ministry had called Bitcoin a Ponzi scheme. When Jio Telecom was asked about the stand of the government and the Reserve Bank, there was no answer from its side.
In 2018, RBI had asked banks not to approve transactions in bitcoins. Later in March 2020, this directive was challenged in the Supreme Court on behalf of the cryptocurrency exchange. The Supreme Court overturned the decision of the Reserve Bank and the banks were exempted to provide banking facility to cryptocurrencies.
According to the report, at present, the number of people investing in cryptocurrencies in the country is around 1 crore and these people have cryptocurrency worth about 10 thousand crores. A senior banking official said on condition of anonymity from Reuters that the RBI says that there is a huge possibility of money laundering through this route. Therefore banks should not provide banking facilities.
Due to instructions from the Reserve Bank, banks like ICICI Bank, Citibank, Kotak Mahindra are cutting facilities for the cryptocurrency market. Similarly, Axis Bank and IndusInd Bank are also in the process of withholding any payment related to cryptocurrency.