Presentation by Vijay Pal Dalmia,
Supreme Court of India & Delhi High Court
Partner Vaish Associates Advocates
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Current News – Blockchain & Cryptocurrencies
Govt to ban cryptocurrencies, make way for India's own digital currency. There's a fine print
A Lok Sabha bulletin released on Tuesday said The Cryptocurrency & Regulation of Official Digital Currency Bill, 2021, will "allow for certain exceptions to promote the underlying technology of cryptocurrency and its uses".
NEW DELHI: The government on Tuesday listed the Cryptocurrency and Regulation of Official Digital Currency Bill for introduction during the winter session of Parliament, which will seek to "prohibit all private cryptocurrencies" but provide for certain exceptions "to promote the underlying technology" and "its uses".
The proposed bill – which will also put in place a framework for Reserve Bank of India (RBI) to create an official digital currency – comes amid a raging debate over whether the government should ban private cryptocash or regulate them like shares and bonds.
Blockchain & Cryptocurrencies
- Blockchain is a Technology and is a blessing to the world.
- Blockchain is a revolution.
- Cryptocurrencies like BITCOINS, Ethereum and Dogecoin etc. are based on Blockchain.
- Cryptocurrencies are based on Blockchain.
- Blockchain & Cryptocurrencies are TWO different things.
What is Blockchain?
- Blockchain is a type of shared database that differs from a typical database in the way it stores information; blockchains store data in blocks that are then linked together via cryptography.
- As new data comes in it is entered into a fresh block. Once the block is filled with data it is chained onto the previous block, which makes the data chained together in chronological order.
- Different types of information can be stored on a blockchain but the most common use so far has been as a ledger for transactions.
- In Bitcoin's case, blockchain is used in a decentralized way so that no single person or group has control—rather, all users collectively retain control.
- Decentralized blockchains are immutable, which means that the data entered is irreversible. For Bitcoin, this means that transactions are permanently recorded and viewable to anyone.
- There are no specific laws relating to Blockchain in India.
- Under the Indian laws Blockchain is governed by the general laws of India including laws relating to contracts.
- Blockchain Technology is being adopted practically by all, i.e. Government and Private Parties including Banks.
Money transfers, Financial exchanges, Lending Insurance, Real estate, Secure personal information
Voting, Government benefits, Securely share medical information
Artist royalties, Non-fungible tokens (NFT), Logistics and supply chain tracking, Secure Internet of Things networks, Data storage
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