Smart Contracts and Cryptocurrencies: The legal Conundrum posed by Blockchain technology

Abstract:

Cryptocurrencies, or virtual currencies, are digital means of exchange that uses a cryptography for security. The word ‘crypto’ comes from the ancient greek word, ‘kryptós’, which means weather hidden or private. Cryptocurrencies challenge the orthodoxy of how a currency works in the ways that worry some and excite others. It could transform the way we do transactions as the so-called distributed ledger technology behind their blockchain can be integrated into all sorts of business processes. The Inter-Ministerial Committee (2019) noted that the technology underlying cryptocurrencies could improve the efficiency and inclusiveness of the financial system. However, several risks have also been associated with cryptocurrencies which have been highlighted through the cryptocurrency bill.

Authored By Parth Bathla, FIMT, GGSIPU, Delhi.

Cryptocurrency: The Digital Coin

Abstract:

A three-judge panel of the Supreme Court set aside a protest rally issued by the Reserve Bank of India (RBI) barring any organization from providing banking services to anyone dealing with crypto or cryptocurrencies. The apex court did so on the grounds that the ban, which applies to all RBI-controlled facilities, was unequal.Judgment itself is designed as a film show – complete with flashback, backgrounds, conspiracy and climax – and is designed to be read by heart. Interestingly, on page 172 of the 180-page decision, the apex court actually appears to be referring to the support of the central bank circle.

Authored By Rupa Paul, Amity University, Kolkata.