NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Indian Official Tries to Condemn Bitcoin by Calling it a Shiny Toy But Ends Up Praising It Instead

Davit Babayan
Davit Babayan
1 year ago
3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

An advocate practicing in the Supreme Court of India wants the government and regulators to treat bitcoin like a shiny new toy.

Abraham C Mathews said in an opinion column published Monday that the Reserve Bank of India (RBI) had no structure in place to enforce crypto regulations – even if it wanted to.

The lawyer reminded the central bank that it had no control over how the bitcoin technology functions. And even when it comes to protecting investors, RBI could not warrant users any safety, specifically in the event of where hackers steal their bitcoins from regulated entities.

“Since the transaction is not traceable, one simply does not know who the real perpetrator was,” Mathews wrote.

Supreme Court, No Crypto Involvement Please

The statement follows a year-long high voltage drama between the Indian government and crypto startups over crypto regulations in India. In February 2018, finance minister Arun Jaitley said in a twisted statement that bitcoin was not a legal tender in India.

Two months later, in April 2018, the RBI issued a circular in which it ordered banks to stop offering services to cryptocurrency-enabled firms. The circular came into action in July 2018, following which the Indian crypto market saw shutting down of many startups, including Zebpay which later shifted its crypto exchange operations to Europe.

Here is a copy of the last Supreme Court Order dated 25th February. 4 weeks time is granted to the Government of India as the last opportunity. pic.twitter.com/yrXc1k87cC

— KoinX (@getkoinx) February 28, 2019

However, a section of Indian crypto startup refused to let go and dragged RBI to the Supreme Court. Kali Digital Eco-systems Pvt. Ltd. which runs the exchange CoinRecoil, alongside three other petitioners claimed that the Indian central bank was misusing its position against an emerging competitive industry.

The hearing reached its seventh-month this March, but the Supreme Court is yet to reach a decision.

Meanwhile, Mathews recommended the Indian apex court not to get involved in the crypto-RBI catfight. He explained that the RBI had already done its best – barring banks from offering services to crypto dealers. The central bank could not do anything beyond that, even if it wanted to.

“This is not to say that cryptocurrencies must be declared illegal. It must be treated for what it is: a shiny new toy. Let them play with it. However, giving it statutory or regulatory legitimacy is not just imprudent, it is foolhardy,” noted Mathews.

Similar Takes on Bitcoin Regulations

Mathews is not the first public figure who believes in the untamable nature of bitcoin. Some of the world top economies like the US, Japan, and South Korea understood earlier that they couldn’t control the cryptocurrency. Had they banned it, people would still exchange bitcoin for fiats in an underground OTC market, as in the case of India.

A working paper from the Finland Central Bank highlighted the point briefly. They realized that regulating bitcoin was an impossible task, purely because there was already a decentralized protocol that was governing it. Excerpts from their report:

“Bitcoin is not regulated. It cannot be regulated. There is no need to regulate it because as a system it is committed to the protocol as is and the transaction fees it charges the users are determined by the users independently of the miners’ efforts. Bitcoin’s design as an economic system is revolutionary and therefore would merit an economist’s attention and scrutiny even if it had not been functional.”

The Supreme Court of India has orally directed the RBI and the Indian government to come up with a crypto regulatory structure in the next hearing, per the local media reports. Till then, crypto users are forced to keep playing with their “shiny new toy” away from the government’s eyes.

Tweet123Share196ShareSend
Davit Babayan
Davit Babayan

Davit Babayan

Davit Babayan is an Armenia-based expat balancing the academic life of a software design engineer with the experiences of a financial technology journalist. He aspires to be a full-time columnist and wants to write a book that would be called, "A Homeless Who Found Bitcoin."

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

SHIBA INU

Shiba Inu burn rate stijgt met 2080% – de beste meme coin om nu te kopen?

De koers van Shiba Inu wist in de afgelopen drie weken met ruim 40% toe te nemen. Crypto-analisten verwachten dat...

Lars Diederiksen 1 hour ago
krypto więzienie

Dwa lub więcej lat więzienia za nieautoryzowany handel krypto w tym europejskim kraju

W dzisiejszym świecie handel kryptowalutami to coraz bardziej aktualny temat. Nic więc dziwnego, że kraje na całym świecie wprowadzają coraz...

newsbtc 1 hour ago
Dogecoin price news

Dogecoin Poised For A Monster Rally Amid Brewing Altcoin Season

In livestream that stretched beyond the hour‑mark, technical analyst Kevin (Kev Capital TA) laid out the most compelling bullish case for Dogecoin...

Jake Simmons 1 hour ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Snorter

Kateri Telegram bot bi lahko bil naslednja kriptovaluta s 100x donosom?

tanjapotocnik 1 minute ago
meme coins

Meme coins καταγράφουν νέα κέρδη καθώς το Bitcoin ξεπερνά τα 122.000 δολάρια

Ιωάννης Ριζόπουλος 44 minutes ago
Bitcoin

Unraveling The Bitcoin Boom: Experts Decode Record $123,000 Surge

Ronaldo Marquez 53 minutes ago

Premium Sponsors

Press Releases

  • 仮想通貨おすすめ|ビットコイン強気派の一休み中に買うべき銘柄

    ...

    9 minutes ago
  • 2025年注目の新しい仮想通貨|Solana発 次世代ミームコインが投資家の期待を集める

    2025年注目の新しい仮想通貨|Solana発...

    31 minutes ago
  • 2025年7月第2週にクジラが購入した注目のアルトコイン

    ...

    43 minutes ago
  • 仮想通貨おすすめ|1ドル以下の3銘柄が2027年までに200ドルの投資を200万円に変える可能性

    ...

    58 minutes ago
  • Тези 3 монети под $1 могат да превърнат инвестиция от $200 в $2 милиона до 2027 година

    Тези 3 монети под $1 могат да...

    4 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.