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      ccex JPJ Supreme Court issues notice to RBI, Union of India and other government ministries and institutions in petition seeking ban on all cryptocurrencies like bitcoin in India The Hon'ble Supreme Court of India on 13th November 2017 in a Writ (PIL) bearing W.P.(C) No. 1071/2017, titled as Siddharth Dalmia & Anr. Vs Union of India and Ors., filed against virtual currencies like Bitcoins, argued by Mr. Vijay Pal Dalmia, Advocate (petitioner-in-person), was pleased to issue notices to Union Of India, Ministry of Home Affairs, Reserve Bank of India, etc. The order was passed by a Bench of Hon'ble Chief Justice Mr. Dipak Misra, Hon"ble Justice Mr. AM Khanwilkar and Hon"ble Justice Mr. D Y Chandrachud. A copy of the writ may be downloaded from the following link: or at The Writ Petition is filed in Public Interest under Article 32 of the Constitution of India for seeking issuance of directions to the Respondents to ban the sale and purchase of illegal cryptocurrencies or Decentralised Digital Currency or Virtual Currency (VCs), such as, Bitcoins, Litecoin (LTC), Dash, Bbqcoins, Dogecoins, Ripple etc., which are being traded openly and extensively within the knowledge and domain of the Government of India for a host of anti-national and illegal activities. That in June 2017, the Petitioners herein, Mr. Vijay Pal Dalmia, Advocate along with Mr. Siddharth Dalmia, an engineer and a law student at Jindal global Law School, filed the Public Interest Litigation on the instant subject by way of a Writ Petition (Civil) No.000406/2017 in June 2017, in which Mr. Vijay Pal Dalmia, Advocate argued in person before the Hon"ble Court and underlined the threat of the virtual currencies on the developing economy like India. While disposing the said petition, the Hon'ble Court gave a specific direction to the Reserve Bank of India to examine the issue posed by the Petitioners and take a conscious decision on the same. That in terms of the Order dated 14.07.2017 of the Hon'ble Court, the Petitioners raised the present issues before Reserve Bank of India and in order to apprise the Union of India and other ministries, shared the copy of the writ petition with them. That the RBI had sent an evasive reply to Petitioners, wherein RBI shrugged aside its duty to conclusively take a stand either in favour or against the illegal Virtual Currencies like Bitcoins and the Petitioners did not receive any response from the Union of India and other ministries, which compelled the Petitioners to file the present PIL. A Virtual Currency/ Cryptocurrency like Bitcoin, is a stateless digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank like the Reserve Bank of India, without any trail or track, rendering it immune from government interference. That most of the currencies in the world including the currency of India i.e. rupee, are Fiat currencies.Fiat money is the currency that a government has declared to be legal tender, but which may not be backed by any physical commodity like Gold. That some of the laws which in view of the Petitioners are being violated because of open trading of illegal Cryptocurrencies like Bitcoins, are as under: • The Constitution of India, 1950; • Reserve Bank of India Act, 1934, • The Foreign Exchange Management Act, 1999 (FEMA); • The Reserve Bank of India Act, 1934 (RBI Act); • The Coinage Act, 1906 (Coinage Act), • The Securities Contracts (Regulation) Act, 1956 (SCRA); • The Sale of Goods Act, 1930 (Sale of Goods Act); • The Payment and Settlement Systems Act, 2007 (Payment Act). • Indian Contract Act, 1872 (Contract Act). The present petition was heard along with Writ Petition (Civil) No. 1076/2017. For any other information contact. Vijay Pal Dalmia Mobile: +91 9810081079 email: Skype: vijay.pal.dalmia Siddharth Dalmia Mobile No. +91 9971799250 Email: 2 days ago
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      ccex Master777 Mastercard Seeks Patent for Instant Blockchain Payments Processing Nikhilesh De Nov 14, 2017 at 03:00 UTC NEWS New patent filings from Mastercard show how the credit card giant is looking at blockchain as a possible means for easing payment settlement times. In a patent application released last week by the U.S. Patent and Trademark Office, the company describes a blockchain-based database capable of instantaneously processing payments, guaranteeing that merchants don't need to wait days before receiving funds for their products. Further, the filings indicate that the tech would help the firm keep an ongoing record of these transactions, verifying that a vendor was actually paid after a particular sale. The data being stored would include the transaction amount, a guarantee of payment, confirmation of the payment and account profiles for the parties involved. These account profiles will also store each users's balance information, according to the application. As the application details: “There is a need for a technical solution where a payment transaction can be guaranteed in a manner that is readily verifiable by an acquiring financial institution and/or merchant, and where the guarantee can be used in conjunction with multiple types of payment instruments as well as multiple transaction types, including e-commerce transactions.” Mastercard has repeatedly considered blockchain platforms to ease payments. Last month, the company announced it was opening up access to the blockchain tools it was developing in order to facilitate business-to-business transactions. An earlier patent application released in September likewise focused on storing payment histories using a blockchain. Disclosure: Mastercard is an investor in CoinDesk's parent company, Digital Currency Group. Mastercard image via Atstock Productions / Shutterstock The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at MasterCardIPpatent filings PREVIOUS ARTICLE bitcoin, forks Bitcoin Cash Hard Forks In Bid to Ease Mining Difficulties NEXT ARTICLE Irani Central Banker: 'Risky' Bitcoin Requires Review Ads by Revcontent Is This the Hottest ICO? Simple Token Altdrop, the Simple Way to Get Extra Tokens Simple Token This Products is the Enemy of Fat and Cellulite! -2lbs a Day! Healthline The World's Best Recipe To Lose Weight! -28Kg In 1 Month Doing Nothing! Try Now! Health RELATED STORIES Nov 1, 2017 at 17:00 | Stan Higgins Amazon Subsidiary Registers Cryptocurrency and Ethereum Domains Oct 20, 2017 at 18:01 | Nikhilesh De Mastercard Expands Access to B2B Blockchain Payment Tools Sep 22, 2017 at 13:00 | Nikhilesh De Mastercard Hints at Plans for Blockchain Settlement System Aug 17, 2017 at 18:00 | Stan Higgins Xerox Patent Applications Reveal Plan for Blockchain Records System Load Comments Bitcoin1.08%$6587.90 Ethereum1.85%$322.97 Do you think the Segwit2x hard fork agreement is good for bitcoin? Yes – I believe increasing the block size is needed after the introduction of SegWit No – I believe SegWit is sufficient for short-term scaling Undecided – I do not feel strongly or negative about the proposal Don't miss a single story Subscribe to our free newsletter and follow us Features elevator, up Dash Cryptocurrency Builds Base After Setting Record Above $500 The SAFT Is a Symptom of Regulatory Uncertainty brazil, real Brazil's Central Bank Is Ramping Up Blockchain R&D markets, price Recovery In Doubt? Bitcoin Price May Not Sustain Above $6,500 Have a breaking story? Let us know here » About Press Events Editorial policy Comments policy Terms & conditions Privacy policy Jobs Advertising Newsletter 4 days ago
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