COMPANY LAW

ASSIGNMENT

IS INDIA READY FOR ITS OWN CRYPTOCURRENCY?

(Assignment towards partial fulfilment of the assessment in the subject of Company Law)

Submitted to: Prepared by:

Ms. Varendyam Tiwari Roll No.: 1496

Associate Professor Anirudh Sood

Faculty of Law B.B.A., LL.B. UG Sem V

NATIONAL LAW UNIVERSITY, JODHPUR

SUMMER SESSION (JULY 2019 – NOVEMBER 2019)

1
 TABLE OF CONTENTS

TABLE OF CONTENTS................................................................................................................2

ABSTRACT..................................................................................................................................4

INTRODUCTION..........................................................................................................................5

IS INDIA READY FOR ITS OWN CRYPTOCURRENCY?...............................................................6

I. THE FUNDAMENTAL CONCEPT OF A CURRENCY.........................................................6

A. LEGALITY OF ANY CURRENCY.....................................................................................6

B. COMMODITY-BACKED CURRENCY AND FIAT CURRENCY.............................................7

II. HISTORY OF REGULATION OF CRYPTOCURRENCY IN INDIA...................................8

III. THE DIFFERENCES BETWEEN CBDCS AND OTHER CRYPTOCURRENCIES...............9

ANALYSIS.................................................................................................................................11

I. SMART CONTRACTS.....................................................................................................11

A. SMART CONTRACTS: ALTERING 3 STAGES OF ANY CONTRACT...................................12

II. IS IT A SECURITY? IS IT A GOOD? NO, IT IS A …...................................................14

A. SECURITY................................................................................................................14

B. GOOD.....................................................................................................................15

RECOMMENDATIONS AND SUGGESTIONS...............................................................................16

I. REGULATION NOW, IMPLEMENTATION LATER..........................................................16

II. HAVE A NEGOTIATION AT THE GLOBAL LEVEL....................................................16

III. START-UP PROMOTION............................................................................................18

IV. CURB MONEY-LAUNDERING....................................................................................19

2
 V. COSMOPOLITAN REGIME FOR CYBER-SECURITY AND FUNDRAISING..................19

CONCLUSION............................................................................................................................21

BIBLIOGRAPHY AND LITERATURE REVIEW..........................................................................22

3
 IS INDIA READY FOR ITS OWN CRYPTOCURRENCY?

ABSTRACT

The paper analyses the economic-legal aspects of crpyotcurrencies and the possible launch

of India’s cryptocurrency, the D-INR. The paper, however, operates on the assumption that

the Modi-led government is most likely going to ban other cryptocurrencies under the

Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019. There are

fundamental economic concepts which are at play that deal with the currencies operating in

any economy. After India’s passive observer status to global cryptocurrencies and

appointment of a number of committees to deliberate on the fate of these currencies, there

are finally rumblings about taking some concrete steps to come up with regulations on

cryptocurrency. There is most likely going to be a ban of such currencies. Legal issues from

different spheres like prevention of money laundering, securities law, taxation, contract law,

international investment law, etc come into play. The same have been discussed in the

analysis. India has remained for a long time now and there is an urgent demand for some

law on the subject matter because cryptocurrencies are definitely the future of currencies.

4
 INTRODUCTION

Recently, via the Banning of Cryptocurrency and Regulation of Official Digital Currency

Bill, 2019 there has been a proposal of banning cryptocurrencies in India. Nasscom (National

Association of Software and Services Companies) has opposed the same stating it to not be a

solution to the problems India thinks it is facing.1

In July, an inter-ministerial committee had suggested banning private cryptocurrencies such

as Bitcoin and criminalising any activities related to such currencies and introduction of an

official digital currency with the status of a legal tender and appropriately regulated by the

Reserve Bank of India. The committee also proposed a draft Bill, the Banning of

Cryptocurrency and Regulation of Official Digital Currency Bill, 2019 (“Draft Bill”

hereinafter), which was placed in public domain.

India has adopted a similar approach to China. In the Draft Bill, it has been proposed that a

penalty of Rs.25 cr. and imprisonment of 10 years shall be accorded to any person who is

found even in possession of a cryptocurrency like Bitcoin.

The stance that China has taken is based on the reasoning that if a digital currency in the

country is pegged against the USD, there would a conflict between sovereign currencies and

USD-backed currencies. China’s monetary policy will be impacted by the USD a lot. If so, it

would bring a series of economic, financial and even international political consequences.

1
Prasad Banerjee, Banning cryptocurrency in India not a solution: Nasscom, LIVEMINT (Jul. 30, 2019),
https://www.livemint.com/news/india/banning-cryptocurrency-in-india-not-a-solution-nasscom-
1564476081539.html.

5
 IS INDIA READY FOR ITS OWN CRYPTOCURRENCY?

I. THE FUNDAMENTAL CONCEPT OF A CURRENCY.

A. Legality of any currency.

As per §22 of the RBI Act2, the RBI is the sole authority which can issue bank notes or

distribute currency. Only the currency issued by the RBI shall be deemed to be considered to

be legal tender.3

a. Volatility:

The price is determined via the market forces of demand and supply. As a result of the

same, the issuer might not be in a position to honour his pledge the next day which is

a fundamental flaw in crytocurrencies like Bitcoin.

From an all-time high in 2017 of $20,000, the value of a Bitcoin fell to almost $5,000

in late 2018.4 Further, the fluctuations in the currencies make them a poor unit of

account and store of value.5

b. Unregulated:

The government of a country can’t regulate their supply, their use. As a result, the

nations have pushed for a central repository of data. As the cryptocurrencies govern a

substantial amount of transactions and the number and value of these transactions is

only going to increase, the countries would want to have control over its supply.

This leads to a loss in revenue for the coffers of the State via losses in taxation. It also

leads to money laundering and related offences which is a huge problem in India.

2
§22 of the Reserve Bank of India Act, 1934.
3
§26 of the Reserve Bank of India Act, 1934.
4
Ryan Browne, Cryptocurrencies have shed almost $700 billion since January Peak, CNBC, (Nov. 23, 2018),
https://www.cnbc.com/2018/11/23/cryptocurrencies-have-shed-almost-700-billion-since-january-peak.html.
5
N. GREGORY MANKIW, MACROECONOMICS 80 (7th ed. 2010).

6
A stablecoin is a non-volatile cryptocurrency. Stablecoins function in a manner which

minimizes volatility due to being backed by an underlying asset. This asset can be anything:

commodities, currencies of countries, etc.

The cryptocurriencies which are regulated by the central banks are called Central Bank

Digital Currencies (CBDCs). In the Indian scenario, the Digital Rupee (D-INR) will be

pegged to the underlying asset of the Rupee (INR).

B. Commodity-backed currency and Fiat Currency

a. Commodity backed currency

The first and the most common understanding of any currency is the one backed by gold

reserves, i.e. the value of the currency is backed by an underlying commodity like Gold.

This was the case with India which kept part of its currency pegged against Gold in 1991

whereby it had to surrender its gold reserves to the World Bank and adopt the LPG policies to

save itself from a financial crisis.

b. Fiat currency

The governments can’t back each and every unit of currency issued via a physical asset. As a

result, they peg part of their currency’s value via bullion (like gold) and the rest is determined

via demand and supply in the market.

Most modern currencies like the US Dollar and the Euro are fiat currencies. The fiat currency

gives a central bank control over how much currency is printed.

Now, one of the major drawbacks of any cryptocurrency like Ether or Bitcoin was the

instability that came with it. Its value is determined by the market forces yet again but in this

case, there is no authority to back it, unlike the governments of countries.

7
II. HISTORY OF REGULATION OF CRYPTOCURRENCY IN INDIA

The RBI had cautioned users about the use of cryptocurrencies like Bitcoin way back in

December 2013.6

Mr. Arun Jaitley, in 2017 had informed Parliament that there had been a “notable growth” in

the bitcoin market in India over the past few years then. In a written reply to the Lok Sabha

he wrote that the currencies had a presence in the country.7

As a result of Mr. Jaitley’s proposal and the pressure from the domestic and international

players, the Inter-Disciplinary Committee on Crypto-currency didn’t have any representation

from the industry of cryptocurrencies itself.8

After RBI Notification in 2018 which cited a number of legal provisions, there was a closure

of a number of cryptocurrencies operating in India, Zebpay among one of them.9

The Dinesh Sharma Committee recommended a complete ban although the report was not

published.10 Another 10-member committee headed by Subhash Garg has been formed but

the verdict is yet to be out.11

6
RBI PRESS RELEASE, RBI cautions users of Virtual Currencies, (Feb 1, 2017),
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=39435.
7
KR Srivats, Panel on crypto-currency submits report to Jaitley, HINDU BUSINESS LINE (Jan 09, 2018)
https://www.thehindubusinessline.com/economy/policy/panel-on-cryptocurrency-submits-report-to-
jaitley/article9805978.ece.
8
Priyanka Rani, With no representation in committee finalising Bitcoin policy, industry players feel left out,
HINDU BUSINESS LINE (Aug 14, 2018), https://www.thehindubusinessline.com/money-and-banking/with-no-
representation-in-committee-finalising-bitcoin-policy-industry-players-feel-left-out/article24691637.ece
9
Zebpay, India's largest cryptocurrency exchange shuts down after RBI's Bitcoin ban, BUSI. TODAY (Sept. 28,
2018), https://www.businesstoday.in/current/economy-politics/zebpay-cryptocurrency-exchange-in-india-shuts-
down-bitcoin/story/283036.html.
10
Suprita Anupam, Union Budget 2019: To Ban Or Not To Ban Cryptocurrency, That’s The Question!,
NISHITHDESAI ASSOCIATES (Jun 17, 2019)
http://www.nishithdesai.com/fileadmin/user_upload/pdfs/NDA%20In%20The
%20Media/Quotes/190626_Q_Union_Budget_2019_To_Ban_Or_Not_To_Ban_Cryptocurrency.pdf.
11
Id.

8
III. The differences between CBDCs and other cryptocurrencies

a. Mintettes instead of Miners

The proposed system wouldn’t be working on the back of miners. The role of miners in the

standard cryptocurrency model is to validate the transactions of all users and to generate the

currency/ mine it. The system of a CDRC shall operate via mintettes who shall be appointed

by and accountable to the RBI.

The incentives for the miners would no longer be mining coins and instead would be a salary

which would be paid by the government or a commission-based model is being suggested by

the author since the private companies would have a better knowledge base and a PPP would

be effective in dealing with an advance attack if one happens, in the future.

The data which is being supplied can be codified by the companies and then supplied to the

central bank which has the requisite key to unlock it and read it.

b. A centralized system

The data that shall be collected by the mintettes shall be transferred to the central repository

of data, i.e. the central bank of India, the RBI.

9
This shall bring in transparency and even the Right to Information Act, 2005 can come into

play. Since the ledger is a distributed one and the users have access to the ledger, the

transactions would be visible, bringing out transparency in the transactions taking place.

All the data shall be stored in a central repository which would be the Central Bank, the RBI.

c. Consensus-based system

Consensus-based mechanisms are one of the major advantages of the CDRC-based systems.

They provide for a consensus between the different mintettes and the central institution of the

RBI which agree on two things:

1) There is no double spending.

2) There is to be sealing of the transactions into the ledger.

Since the mintettes are reliable and accountable for their activities being appointed by the

central authority only, they can be relied on for verifiable information and safe data storage.

10
 ANALYSIS

I. SMART CONTRACTS

The relevance of smart contracts is: They are contracts which are required for entering into

transactions related to the cryptocurrencies. The money is transferred to an escrow and when

the task is completed by any individual, the money is then paid to them. Thus, there is an

auto-enforcing mechanism in these contracts.

A contract is defined under §2(h) of the Indian Contract Act, 187212: It is an agreement

enforceable by law. The main role that a judiciary plays in the realm of contract law is the

enforcement and remedy provision for contract.

Nick Szabo, the person who conceived the idea of smart contracts drew a parallel between

vending machines and the blockchain contracts- both of which enforce contracts on their

own.13

There has always been a push towards an objective theory of contracts. The same has been

proposed as a rule against the admissibility of parole evidence in common law countries. 14

The smart contracts are a step further in that. There needs to an absolute literal interpretation

and in other words, the death of equitable reliefs.

12
§2(h) of the Contract Act, 1872 (India).
13
NICK SZABO, THE IDEA OF SMART CONTRACTS, 1997.
14
Investors Compensation Scheme Ltd v. West Bromwich Building Society, [1998] 1 WLR 896.

11
A. Smart Contracts: Altering 3 stages of any contract

a. Formation of a contract:

The abovementioned vending machine can be a narcotics vending machine. Thus, there needs

be legality in the consideration of the contract. §23 of the Indian Contract Act, 1872 15 clearly

provides for the same.

The same is easy to provide for in theory. However, the regulatory problems are manifold. If

these contracts are allowed, then the state’s policing powers would be curtailed. There can be

a contract for narcotics as stated earlier. However, as has been argued by a number of authors

and rightly so, there is no role that cryptocurrencies play in the same. Similar contracts can

even be entered into in the real world. They are just considered to be void which just impacts

their enforcement.

b. Performance and modification

The common law doctrine of substantial performance allows for a contract to be valid and

enforceable even if the terms of a contract have not been verbatim complied with.

Modification of a contract has two aspects: impossibility and impracticability are two excuses

even under the Indian Law for frustration of a contract.

Under §56 of the Contract Act 16, the grounds for frustration have been laid down which have

further been clarified in case-laws17:

1) Impossibility of performance.

2) Change of circumstances making it impractical to perform contract

3) Loss of object.

15
§23 of the Contract Act, 1872 (India).
16
§56 of the Contract Act, 1872 (India).
17
Satyabrata Ghose v. Mugneeram Bangurn & Co., AIR 1954 SC 44.

12
The same 3 can’t be provided for in a strict enforceability regime of smart contracts. It is a

huge problem. Moreover, modification is also a big problem for smart contracts due to the

avalanche effect in coding.

In cryptography, the avalanche effect is the desirable property of cryptographic algorithms,

typically block ciphers and cryptographic hash functions. Here, even if there is a slight

change in the input (plaintext), the output emitted changes significantly (in the ciphertext).

c. Enforcement, Breach and Remedies

One of the major roles of the courts of law is in the enforcement of a contract if one of the

parties refuses to do so. It also deals with awarding damages, specific performance, etc.

Basically, the drafting of contracts would be transformed from the written paper based

contracts to code-based contracts. There has been a recommendation for the introduction of

torts of negligent coding for improper legal coding.18

The enforcement and the involvement of the courts can be equated to the provision of starter

interrupters, i.e. in case of contracts of vehicle renting, the vehicle can be remotely disabled

18
Max Raskin, The Law And Legality Of Smart Contracts, 1 GEO. L. TECH. REV. 305, 328 (2017).

13
 by the person who has rented it out19 provided a fair warning has been provided for the safety

of the parties.

Then, in case of D-INR based contracts, the courts can compulsorily make the code as such to

provide for such a provision in the code which allows the courts to make the contract null and

void at any time of its performance.

Then the contract can result in a civil remedy of damages and if there is a criminal activity

going on like the narcotics being traded, the persons involved can be arrested via

identification.

II. IS IT A SECURITY? IS IT A GOOD? NO, IT IS A ….

A. Security

Securities Contract Regulation Act (SCRA) provides for an inclusive definition of security

which includes shares, stocks, bonds, derivatives, etc.20 However, a crptocurrency for the

present purposes can’t be considered to be a “security” within such a definition due to the

lack of an underlying security.

The US has been one of the first countries to consider cryptocurrencies as “securities” under

the Howey Test21. The four pronged test which needs to be satisfied is as follows:

1. Investment of money

2. Common Enterprise

3. Reasonable Expectation of Profit

4. Profit derived from efforts of others.

19
Kwesi D. Atta-Krah, Preventing A Boom from Turning Bust: Regulators Should Turn Their Attention to
Starter Interrupt Devices Before the Subprime Auto Lending Bubble Bursts, 101 IOWA L. REV. 1187, 1191
(2016).
20
§2(h) of the Securities Contract Regulation Act, 1956 (India).
21
SEC v. W. J. Howey Co., 328 U.S. 293.

14
The author recommends for the definition of a ‘security’ to be broadened for including the

cryptocurrency tokens within their realm.

B. Good

It has been suggested by some authors that a cryptocurrency is a ‘good’ within the definition

of a ‘good’ under Sale of Goods Act, 193022. The definition which was recommended for

software for bringing it under the meaning of ‘goods’ was that it can be any article of value

which is sold in various forms.

Thus, as per that definition, it can clearly be seen that any cryptocurrency is also a piece of

code which has value certainly as it is pegged against actual currencies. Also, there are

various forms which cryptocurrencies which fulfils the essentials of the definition of a ‘good’

under the Act.

With other countries determining the nature of the currencies, there is still high uncertainty

within the Indian legal sphere. There is still speculation about the nature of the currencies.

The jury, being still out there, people are judging and giving their own expert opinions as to

whether the cryptocurrencies are something to be recognized legally and if yes, how.

22
§2(7) of the Sale of Goods Act, 1930 (India).

15
 RECOMMENDATIONS AND SUGGESTIONS

I. REGULATION NOW, IMPLEMENTATION LATER.

RBI has launched its Sandbox for FinTech innovation. 23 There is no mention of the

cryptocurrencies being used in the circular issued or the plans that are supposed to be carried

out for bettering the FinTech in India.

A lot of countries started with their own experiments and innovation sandboxes for FinTech

companies after UK decided to experiment with the same. Even in Switzerland, the ICO

market has been regulated giving FinTech licenses.

Not including the possible implementation of cryptocurrencies in this regulatory sandbox is a

huge mistake, as per the author. It won’t impact real market conditions and the simulations

can be really useful for India to not lag behind in this area.

II. HAVE A NEGOTIATION AT THE GLOBAL LEVEL.

India has been a front runner in the countries opposing changes to the e-commerce rules.

Suresh Prabhu, in the recently concluded WTO Ministerial Meeting of Developing Countries,

stated that when trade tensions show no signs of abating and protectionist tendencies are on

the rise which makes it very essential to collectively debate and discuss the way forward in a

multilateral framework.

WTO’s negotiations were stalled earlier and were revived this year in January at the Wold

Economic Forum’s meeting in the Swiss resort town of Davos. There were 47 nations along

with the EU who agreed to negotiations.24

23
Neha Alawadhi & Romita Majumdar, RBI finalises regulatory sandbox framework for innovation in fintech
firms, BUSINESS STANDARD (Aug 27, 2019), https://www.business-standard.com/article/finance/rbi-finalises-
regulatory-sandbox-framework-for-innovation-in-fintech-firms-119081400067_1.html.
24
ARETE NEWS, EU and 47 nations revive e-commerce talks, (Jan 25, 2019), https://aretenews.com/eu-and-47-
nations-revive-e-commerce-talks/

16
 It will be a loss of revenue of $500 million. South Africa is the only other nation opposing the

rules. China has agreed to negotiations provided.25 It has also stated that there needs to be

national frameworks and policies before the implementation of a multilateral framework.

Electronic Authentication and E-signatures are covered under the e-commerce policy which

has been proposed by the EU. Their legal admissibility as evidence would be central to

having a global system of exchange between the different CDRCs.

A multilateral convention recognizing e-contracts and their validity can be negotiated at the

WTO and India can express its concerns in the proposal which it doesn’t agree to. However,

completely rejecting the proposal seems to be conflicting with the goals India wants to

achieve in the long run. Moreover, the decision-making in the WTO is consensus based and

thus, India can always accept or reject any proposal by the nations.

If the nations have their own currencies pegged against their respective cryptocurrencies, the

trade process can be simplified immensely.

With the constant evolution of digital economy, the nature of regulatory challenges also

changes. The authorities are, therefore, expected to be aware of these changes and it is

expected that policy responses are prompt to ensure that the spirit behind policies is not

violated.26

III. START-UP PROMOTION.

In the Union Budget of 2019, Nirmala Sitharaman has encouraged the establishment of start-

ups in the country.27

25
Kirtika Suneja, India To Oppose Global Rules On E-Commerce At G-20 Meet, ECONOMIC TIMES (2019)
https://economictimes.indiatimes.com/news/economy/foreign-trade/india-south-africa-asks-wto-to-revisit-
moratorium-on-customs-duties-on-e-commerce-trade/articleshow/69655080.cms.
26
DEPARTMENT OF INDUSTRIAL POLICY & PROMOTION, DRAFT NATIONAL E-COMMERCE POLICY, 25.
https://dipp.gov.in/sites/default/files/DraftNational_e-commerce_Policy_23February2019.pdf.
27
Deepti Chaudhary, Budget 2019: For startups, the angel is in the details, LIVEMINT (Jul 05, 2019)
https://www.livemint.com/budget/news/budget-2019-for-startups-the-angel-is-in-the-details-
1562347965406.html.

17
 Measures like angel tax removal, e-verfication for establishing identity of the start-up owner

are going to facilitate the same. But RBI and the government’s conservative approach

towards cryptocurrencies will not help the Indian start-ups unless funding can be taken via

Initial Coin Offerings and India remains in line with the global trends.

Switzerland has been the hub of ICO-offerings. It can be one of the possible models to be

looked at. In Switzerland, the ICO market was established via the FinTech Innovation

SandBox which dealt with the ICOs.

What is practically happening is: The whitepapers of various start-ups are puclished online,

inviting funds. The people end up paying money to the account details mentioned. However,

nothing tangible is then done in the idea proposed in the whitepaper and the people having

collected money evade liability by completely withdrawing their digital identity.

Even if the government decides to launch its cryptocurrency right now, the main problem

which has been stated on part of the government is the lack of proper identification of the

users which use the currencies.

A simple suggestion could be the linking of AADHAR with the e-wallet for D-INR, which

would result in having better control and regulation over the crptocurrency market.

IV. CURB MONEY-LAUNDERING

A money-laundering offence is a predicate offence: It needs to have a primary offence like

corruption for there to be an offence of money-laundering.

A takes a bribe of Rs.1 cr. He converts it into Bitcoins and then purchases a land via

the same. The offence of money-laundering is committed when the A purchases the

land.

18
 Now, A can take these Bitcoins and then store them in a hardware wallet which can

be transacted for a foreign currency like the US Dollar. This leads to Foreign

Exchange Management Act issues as well.

The government, thus, has a huge problem of handling foreign exchange.

The government has to curb the money-laundering via taxation- Since the currencies can be

classified as Goods, the GST Taxes can be levied on the cryptocurrencies. There is an illegal

market which exists on the Dark-Net where trades happen via Bitcoins and other

cryptocurrencies. Since that can’t be dealt with easily, taxation, in the author’s

recommendation is a better alternative to a ban.

V. COSMOPOLITAN REGIME FOR CYBER-SECURITY AND FUNDRAISING.

§1(2) of the Information Technology Act, 200028 (IT Act, hereinafter) gives the courts the

jurisdiction to try any individual committing any crime on any computer or computer

network in India even if he is resident outside India. Though jurisdiction is granted by the IT

Act, usually the restriction is reached at the national borders.29

As a result of that, there is a huge problem of solving these cross-border crimes. With there

being ICOs issues all across the globe, India definitely needs to push for a cosmopolitan

regime for having enforcement of the criminal laws and penalties that have been proposed by

the government.

28
§1(2) of the Information Technology Act, 2000 (India).
29
David Goldstone & Betty-Ellen Shave, International Dimensions of Crimes in Cyberspace, 22(5) FORD. INT’L
LJ, 1925, 1930 (1998).

19
 CONCLUSION

Whatever be the result of these negotiations, there needs to be an immediate result. The

Indian market is certainly poorly positioned for the launch of a crptocurrency like the Digital

Rupee.

With the Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019

most likely to be passed, the future of Indian cryptocurrencies seems certain, though not

positive.

Thus, in between the ban and launch of a D-INR, the author’s conclusion seems to be simple:

The government should focus on improving digital penetration in India. After that, the

government should then focus on a step-by-step process for introducing D-INR in India.

For a further discussion on the CBDCs can be analysed from an international investment law.

The way the currencies would be transacted can be via signing of BITs (Bilateral Investment

Treaties) or via a Multilateral Framework.

Meanwhile, the existing mechanism in India is not proper for the implementation of a digital

cryptocurrency. There is a lack of digital infrastructure, presence of cyber-attacks and

hackings, etc.

There are other legal issues which are also involved which are beyond the scope of the

present paper.

20
 BIBLIOGRAPHY AND LITERATURE REVIEW

Cases

Investors Compensation Scheme Ltd v. West Bromwich Building Society, [1998] 1 WLR

896.........................................................................................................................................ix

Satyabrata Ghose v. Mugneeram Bangurn & Co., AIR 1954 SC 44.........................................x

SEC v. W. J. Howey Co., 328 U.S. 293...................................................................................xii

Statutes

§1(2) of the Information Technology Act, 2000 (India)........................................................xvii

§2(7) of the Sale of Goods Act, 1930 (India).........................................................................xiii

§2(h) of the Contract Act, 1872 (India)....................................................................................ix

§22 of the Reserve Bank of India Act, 1934.............................................................................iv

§23 of the Contract Act, 1872 (India)........................................................................................x

§26 of the Reserve Bank of India Act, 1934.............................................................................iv

§56 of the Contract Act, 1872 (India)........................................................................................x

Rules

DEPARTMENT OF INDUSTRIAL POLICY & PROMOTION, DRAFT NATIONAL E-COMMERCE

POLICY, 25. https://dipp.gov.in/sites/default/files/DraftNational_e-

commerce_Policy_23February2019.pdf..............................................................................xv

RBI PRESS RELEASE, RBI cautions users of Virtual Currencies, (Feb 1, 2017),

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=39435.........................vi

Books

§2(h) of the Securities Contract Regulation Act, 1956 (India)................................................xii

21
N. GREGORY MANKIW, MACROECONOMICS 80 (7th ed. 2010)................................................iv

NICK SZABO, THE IDEA OF SMART CONTRACTS, 1997.............................................................ix

Articles

ARETE NEWS, EU and 47 nations revive e-commerce talks, (Jan 25, 2019),

https://aretenews.com/eu-and-47-nations-revive-e-commerce-talks/..................................xv

Deepti Chaudhary, Budget 2019: For startups, the angel is in the details, LIVEMINT (Jul 05,

2019) https://www.livemint.com/budget/news/budget-2019-for-startups-the-angel-is-in-

the-details-1562347965406.html........................................................................................xvi

Kirtika Suneja, India To Oppose Global Rules On E-Commerce At G-20 Meet, ECONOMIC

TIMES (2019) https://economictimes.indiatimes.com/news/economy/foreign-trade/india-

south-africa-asks-wto-to-revisit-moratorium-on-customs-duties-on-e-commerce-

trade/articleshow/69655080.cms..........................................................................................xv

KR Srivats, Panel on crypto-currency submits report to Jaitley, HINDU BUSINESS LINE (Jan

09, 2018) https://www.thehindubusinessline.com/economy/policy/panel-on-

cryptocurrency-submits-report-to-jaitley/article9805978.ece...............................................vi

Neha Alawadhi & Romita Majumdar, RBI finalises regulatory sandbox framework for

innovation in fintech firms, BUSINESS STANDARD (Aug 27, 2019), https://www.business-

standard.com/article/finance/rbi-finalises-regulatory-sandbox-framework-for-innovation-

in-fintech-firms-119081400067_1.html..............................................................................xiv

Prasad Banerjee, Banning cryptocurrency in India not a solution: Nasscom, LIVEMINT (Jul.

30, 2019), https://www.livemint.com/news/india/banning-cryptocurrency-in-india-not-a-

solution-nasscom-1564476081539.html...............................................................................iii

Priyanka Rani, With no representation in committee finalising Bitcoin policy, industry

players feel left out, HINDU BUSINESS LINE (Aug 14, 2018),

22
 https://www.thehindubusinessline.com/money-and-banking/with-no-representation-in-

committee-finalising-bitcoin-policy-industry-players-feel-left-out/article24691637.ece....vi

Ryan Browne, Cryptocurrencies have shed almost $700 billion since January Peak, CNBC,

(Nov. 23, 2018), https://www.cnbc.com/2018/11/23/cryptocurrencies-have-shed-almost-

700-billion-since-january-peak.html.....................................................................................iv

Suprita Anupam, Union Budget 2019: To Ban Or Not To Ban Cryptocurrency, That’s The

Question!, NISHITHDESAI ASSOCIATES (Jun 17, 2019)

http://www.nishithdesai.com/fileadmin/user_upload/pdfs/NDA%20In%20The

%20Media/Quotes/190626_Q_Union_Budget_2019_To_Ban_Or_Not_To_Ban_Cryptocur

rency.pdf...............................................................................................................................vi

Zebpay, India's largest cryptocurrency exchange shuts down after RBI's Bitcoin ban, BUSI.

TODAY (Sept. 28, 2018), https://www.businesstoday.in/current/economy-politics/zebpay-

cryptocurrency-exchange-in-india-shuts-down-bitcoin/story/283036.html.........................vi

Journals

David Goldstone & Betty-Ellen Shave, International Dimensions of Crimes in Cyberspace,

22(5) FORD. INT’L LJ, 1925, 1930 (1998).........................................................................xvii

Kwesi D. Atta-Krah, Preventing A Boom from Turning Bust: Regulators Should Turn Their

Attention to Starter Interrupt Devices Before the Subprime Auto Lending Bubble Bursts,

101 IOWA L. REV. 1187, 1191 (2016)..................................................................................xii

Max Raskin, The Law And Legality Of Smart Contracts, 1 GEO. L. TECH. REV. 305, 328

(2017)....................................................................................................................................xi

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