AN ANALYTICAL STUDY OF PRESENT POSITION OF BITCOINS
DOI:
https://doi.org/10.29121/granthaalayah.v5.i1.2017.1913Keywords:
Bitcoins, Virtual Currency, CryptocurrencyAbstract [English]
Bitcoin is a virtual currency that is created from computer code. It has no central bank and is not backed by any government. But it can be exchanged for goods and services or for any other currencies. They were launched in 2009 as a bit of software written under the name Satoshi Nakamoto. The present paper analyse the Indian Tax and legal considerations regarding Bit coins. It also analyse the problems and risks related with Bitcoins.
Downloads
References
Jerry Brito, Andrea Castillo, “Bitcoin: A Primer for Policymakers” [2013], available at http://mercatus.org/sites/default/files/Brito_BitcoinPrimer.pdf
Satoshi Nakamoto, Bitcoin: “A Peer-to-Peer Electronic Cash System”, Bitcoin.org , available at: http://Bitcoin.org/Bitcoin.pdf
See http://thomsonreuters.com/business-unit/legal/digital-economy/Bitcoin-101.pdf
Satoshi Nakamoto, ‘Bitcoin: A peer to peer electronic cash system’ 2009 http://Bitcoin.org/Bitcoin.pdf
Satoshi Nakamoto, ‘Bitcoin: A peer to peer electronic cash system’ (IbIbid.) See also; Plassaras, Nicholas, Regulating Digital Currencies: Bringing
Bitcoin within the Reach of the IMF (April 7, 2013). Chicago Journal of International Law, 14 Chi J Intl L (2013). Available at SSRN: http://ssrn.com/abstract=2248419
Benjamin Wallace, The Rise and Fall of Bitcoin, Nov. 23, 2011 available at : http://www.wired.com/2011/11/mf_Bitcoin/
Satoshi Nakamoto, Bitcoin: A Peer-to-Peer Electronic Cash System, Bitcoin.org, available http://Bitcoin.org/Bitcoin.pdf.
Dean, Andrew, “Online Gambling Meets Bitcoin” available at
https://www.moneypot.com/online-gambling-meets-Bitcoin
Dr. Rhys Bollen, “The Legal Status of Online Currencies: Are Bitcoin The Future? ”Journal of Bank.& Fin. L. & Pr., 3, available at: https://papers.ssrn.
Using Virtual Currencies, available at: http://fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html.
A. Rogojanu and L. Badea, “The issue of competing currencies.Case study – Bitcoin”; Theoretical and Applied Economics Volume XXI (2014), No.
See, http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=30247
See, www.livemint.com/Money/.../Are-Bitcoin-currency-or-asset.html
See, http://www.thehindu.com/business/Economy/Bitcoin-per-se-are-not-illegal-in indianishithdesai/article5538900.ece
Section 2(h) of The Foreign Exchange Management Act, 1999
RBI Press Release, ”RBI cautions users of Virtual Currencies against Risks”, 24 December 2013.Available at: http://rbi.org.in/scripts/BS_
Obligation of banks under PMLA, 2002, RBI/2013-14/94, available at: http://www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=8179.
Nikolei M Kaplanov, ‘Nerdy money: Bitcoin, the private digital currency, and the case against its regulation’ (2012) 25 Loy. Consumer L. Rev. 111, 121.
The Economist, ‘Monetarists Anonymous; Bitcoin’ The Economist (London, Sept 29, 2012) Vol 404, Issue 8804, Pg. 80.
Crypto-Currency Legal Advocacy Group, Inc., ‘Staying Between the Lines: A Survey of U.S Income Taxation and its Ramifications on Crypto-Currencies’ Available at http://theclag.org/CM%231001Final.pdf.
Thomas S. GrothEsq, ‘Tax implications of Bitcoin (and traditional alternative currencies)’ Available at http://www.irsmedic.com/2013/04/05/can-yoube- taxed-for-spending-Bitcoin/
International Compliance Association 2013 Workshop Note on Anti Money Laundering Awareness, Pg. 38.
Downloads
Published
How to Cite
Issue
Section
License
With the licence CC-BY, authors retain the copyright, allowing anyone to download, reuse, re-print, modify, distribute, and/or copy their contribution. The work must be properly attributed to its author.
It is not necessary to ask for further permission from the author or journal board.
This journal provides immediate open access to its content on the principle that making research freely available to the public supports a greater global exchange of knowledge.
