Crypto Currencies And Indian Laws

Crypto currency क्या है? Crypto currency के क्या फायदे और नुकसान, Is Virtual currency legal in India, RBI announcement related to crypto currencies, some website for virtual currency trading.
is virtual currency legal in india, precautions related to digital currency in India, risk factors
What are crypto currency
आज कल लोग क्रिप्टो करेंसी की तरफ बहुत रूचि दिखा रहे हैं. ख़ास तौर पर युवा वर्ग आज कल crypto currencies की बहुत बाते करते हैं. आज कल रोज कोई न कोई इस सम्बन्ध में बात करते मिल जायेगा की फलाने ने हजारो कम लिए, फलाने ने लाखो कम लिए, कुछ लोग तो शेयर मार्केट से हट के इन करेंसी की ट्रेडिंग करने लगे हैं. 
परन्तु अधिकतर लोगो को इसकी जानकारी नहीं है की –
  1. Crypto currency क्या है?
  2. Crypto currency के फायदे क्या है?
  3. Crypto currency नुक्सान क्या है?
  4. कैसे ट्रेड कर सकते हैं Crypto currency की आदि. 
Indian bazaars के इस लेख में हम जानेंगे इस महत्त्वपूर्ण विषय के बारे में.
Crypto currency एक वर्चुअल करेंसी है अर्थात फिजिकल तौर पर ये किसी के हाथ में नहीं है. बस डिजिटल तौर पर ये लोगो के अकाउंट में दीखता है जो इन्हें खरीदते और बेचते हैं. 
आज के इस डिजिटल युग में इस डिजिटल करेंसी की मांग लगातार बढती जा रही है और बहुत सारे डिजिटल करेंसी आज दुनिया में मौजूद है जिनको लोग खरीद और बेच रहे हैं. 
सबसे ज्यादा पोपुलर bitcoin है जिसका नाम हम सभी ने सुन रखा है. 
Crypto Currency को विभिन्न नामो से जाना जाता है जैसे -
डिजिटल करेंसी 
वर्चुअल करेंसी 
इन्टरनेट करेंसी 
ई – करेंसी etc.
जिस प्रकार शेयर मार्केट होता है, कमोडिटी मार्केट होता है वैसे ही आज करेंसी के भी मार्केट बन गए हैं. इन एक्सचेंजो में वर्चुअल कुर्रेन्किएस की डीलिंग होती है अर्थात लोग डिजिटल करेंसी खरीदते बेचते हैं. 
कुछ प्रसिद्ध Crypto currencies के नाम :
वैसे तो आज के दौर में हजारो क्रिप्टो कर्रेंसी बन चुकी है पर कुछ बहुत ज्यादा नाम कम चुके है जो की आगे दिए जा रहे हैं---

  • Bitcoin 
  • Ethereum
  • Ripple
  • Litecoin
  • Auroracoin
  • Peercoin
  • Dogecoin
  • Namecoin
  • Mastercoin
  • Primecoin
  • Factom
  • MaidSafe
Crypto-currency के नुकसान:
इस करेंसी के द्वारा किया गया पेमेंट नॉन-रिवर्सेबल होता है अर्थात एक बार किसी को पेमेंट कर दिया तो वापस नहीं लिया जा सकता है. 
अगर आपकी आई.डी. खो गई तो आपका सारा पैसा चला जायेगा.
अगर किसी कारण वश कंपनी ने आपकी ID ब्लॉक कर दिया तो भी आप किसी को शिकायत नहीं कर सकते हैं क्यूंकि ये ओपन सोर्स है.
कई देशो में इसे मान्यता नहीं मिली है अर्थात उन जगहों पर इन करेंसी का लीगल प्रयोग मना है.
businesstoday.in में भी इससे सम्बंधित खतरों के बारे में बताया गया है –
The RBI listed out some risks that virtual currency may pose to investors. Here are five
  1. The RBI says that virtual currency being in digital form are stored in digital-electronic media that are called electronic wallets. Therefore, they are prone to losses arising out of hacking, loss of password, compromise of access credentials, malware attack etc. Since they are not created by or traded through any authorised central registry or agency, the loss of the e-wallet could result in the permanent loss of the VCs held in them.
  2. Payments by virtual currency take place on a peer-to-peer basis without an authorised central agency which regulates such payments. As such, there is no established framework for recourse to customer problems/disputes/charge backs.
  3. There is no underlying or backing of any asset for virtual currency. As such, their value seems to be a matter of speculation. Huge volatility in the value of such currency -in this case bitcoin-has been noticed in the recent past. Thus, the users are exposed to potential losses on account of such volatility in value.
  4. So far, cryptocurrencies are being traded on exchange platforms set up in various jurisdictions whose legal status is also unclear. Hence, the traders of virtual currency on such platforms are exposed to legal as well as financial risks.
  5. It has been reported that usage of digital currencies are largely for illicit and illegal activities. The absence of information of counter-parties in such peer-to-peer anonymous/ pseudonymous systems could subject the users to unintentional breaches of anti-money laundering and combating the financing of terrorism laws.

क्या क्रिप्टो करेंसी भारत में मान्य है?

अगर आप भारत में रहते हैं तो आपके लिए कुछ समाचारों को जानना जरुरी है- 
एक प्रसिद्ध वेबसाइट quora.com में बताया गया है की भारत में वर्चुअल करेंसी मान्य नहीं है. 
  1. Virtual Currency have not been recognized by the Reserve Bank of India ("RBI"), as a 'currency' in India, although RBI does have the power to include VCs within the definition of 'currency'. Currently, creation, trading or usage of VCs, as a medium of payment is not authorized by RBI or any other monetary authority in India.
  2. That said, given its nature, VCs can fall under the definition of a 'computer programme', which has been defined under the Indian Copyright Act, 1957, as 'a set of instructions expressed in words, codes, schemes or in any other form, including a machine readable medium, capable of causing a computer to perform a particular task or achieve a particular result.' Further, VCs can arguably be classified as 'Goods' of intangible nature (akin to a computer programme or software) under Sale of Goods Act, 1930. Being classified as 'Goods' may also give rise to certain direct and indirect tax related implications, such as applicability of sales tax on transfer of VCs, applicability of services tax (if mining of VCs is viewed as an act of providing service) and applicability of income tax on income arising on sale of VCs. However, the taxability of VCs still remains a grey area, rendering the regulatory environment governing VCs even more uncertain.
  3. From the perspective of foreign exchange control laws, purchase of VCs by an Indian resident, can be viewed as import of a software/computer programme into India, requiring compliance with applicable foreign exchange control laws including RBI's Master Direction on import of goods and services into India, with respect to imports being made in non-physical form.
  4. RBI also regulates 'payment systems' and 'prepaid instruments', which require prior authorization of RBI and compliance with the regulations/directions issued by RBI in relation thereto. However, given that VCs are not recognized payment systems that enables settlement of payments between the payer and beneficiary, and in view of the continuous fluctuation in the value of VCs, VCs are unlikely to be classified as either a payment system or a pre-paid instrument.
  5. Use and trading of VCs, may however, raise privacy concerns, including of protection of information/sensitive personal data and information of every individual dealing with such VCs requiring the use of VCs, to adhere to the rules and regulation prescribed under the data protection laws of India, primarily the Information Technology Act, 2000 read with the Information Technology (Reasonable security practices and procedures and sensitive personal data or information) Rules, 2011.

RBI'S ADVISORY/CAUTIONARY ISSUED REGARDING Virtual Currencies:
  1. As mentioned above, RBI has currently not regulated VCs and has not yet given legal validity or specified any restrictions/guidelines for the usage of VCs in India. In fact, RBI has time and again raised concerns over the usage of such VCs and the potential risks associated with them.
  2. For instance, RBI in its Report dated June 27, 2013 ("Report"), while discussing the VCs Schemes, made its observations, inter alia, that VCs schemes provide a financial incentive for virtual community users to continue to participate, and are able to generate 'float' revenue for their owners and also provide a high level of flexibility regarding the business model and business strategy for the virtual community. In view of the observations made in the Report, it was stated that the regulators are studying the impact of online payment options and VCs to determine potential risks associated with them.
  3. In a similar vein, RBI, in its Press Release Dated December 24, 2013 ("PR 2013") cautioned the users, holders and traders of VCs, including Bitcoins, about the potential financial, operational, legal, customer protection and security related risks that they are exposing themselves to. RBI further clarified that creation, trading or usage of VCs, as a medium for payment are not authorized by any central bank or monetary authority. RBI accordingly highlighted various risks arising from VCs in PR 2013. It referred to several media reports of the usage of VCs, including Bitcoins, for illicit and illegal activities in several jurisdictions, and that absence of information of counterparties in such peer-to-peer anonymous/pseudonymous systems could subject the users to unintentional breaches of anti-money laundering and combating the financing of terrorism laws. RBI also stated that it is presently examining the issues associated with the usage, holding and trading of VCs under the extant legal and regulatory framework of the country, including foreign exchange and payment systems laws and regulations.
  4. Soon after issuance of PR 2013 by RBI, as per media reports, Enforcement Directorate ("ED") reportedly conducted raids against VCs (such as Bitcoin) operators/vendors/entities operating trading platforms of VCs, inter alia on the grounds of violation of foreign exchange control laws. The details of the status of these investigations, are however, not available.
  5. In furtherance to the earlier issued PR 2013 (cautioning the users, holders, traders of VCs), RBI vide its Press Release Dated February 1, 2017, clearly stated that it has not given any licence/authorization to any entity/company to operate such schemes or deal with any VCs. RBI also added, that the user, holder, investor, trader, etc. dealing with VCs will be doing so at their own risk.
RBI, has, from time to time, issued cautionary advisories to the public stating that creation, trading or usage of VCs, as a medium of payment is not authorized by it and no regulatory approvals, registration or authorization have been obtained by the entities carrying on such activities. RBI has also stated that it is examining the issues associated with the usage, holding and trading of VCs under the extant legal and regulatory framework of India, including foreign exchange and payment systems laws and regulations and during such period, the user, holder, investor, trader, etc. dealing with VCs will be doing so at their own risk.

List of Some Online Exchange For Virtual Currency Trading:
zecoex
zebpay
unocoin
coinsecure.in
bitxoxo
btcxindia
buyucoin
throughbit
flitpay
coindelta
coinswitch
pocketbits
coinome
redipay

अतः अगर आप virtual currencies को खरीद रहे हैं तो पूरा रिस्क आपका है, सरकारी तौर पर आपको इससे सम्बंधित कोई मदद नहीं मिलेगी अगर आपके साथ कोई धोखा हो जाए. 
अतः क्रिप्टो करेंसी को खरीदने बेचने से पहले अच्छी तरह से सोच विचार कर ले. 
read about digital currency, virtual currency power online
what is crypto currency
Beware of Reliance jio Crypto-currency

Crypto currency क्या है? Crypto currency के क्या फायदे और नुकसान, Is Virtual currency legal in India, RBI announcement related to crypto currencies, some website for virtual currency trading.

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