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Jiocoin: Motabhai is in the game

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dvader

dvader

TF Ace
RML Group
Verified User
Hi Guys,

Wont say anything, Ambani ji launched his coin. Let's start the party...

Anant: Dad I want bitcoin
Dad: We have bitcoin at home

I hope he doesn't start distributing JioCoins for recharges and shopping. Ya fir pehle inka coin kharido fir recharge karo.

Wishful thinking: Please tell me it's not true....

cointelegraph.com

Indian billionaire Mukesh Ambani’s Jio launches mystery JioCoin on Polygon

Indian billionaire Mukesh Ambani’s Jio launches JioCoin, a reward token on Polygon.
cointelegraph.com cointelegraph.com
 
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Motabhai is paying some long game. A word of caution to everyone. Jio is already a cautionary tale. And there is cat's in the hell chance of Crypto gaining any legal traction in India. There are only two entities in India that I have some trust in Armed Forces and RBI. I hope that stays put.
 
Exewhyzee said:
If Ambani has entered the game, the government/ RBI is more likely to make crypto legal in future.
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RBI doesn't make anything legal, it doesn't have powers to pass laws it's a regulator not a legislator. For crypto to be legal, It has to be passed in the parliament. And no parliament in any world will pass Crypto not now not ever. They can themselves one day switch to a crypto (as in implementation) digital currency but that would just be the digital form of Rupee, Dollar or Yen regulated by the central bank. Supreme court lifted the ban per current laws but it's not a legal tender.

Remember in a gold rush sell shovels. The people making money on Crypto Txn Fee and other maint charges are the real winners
 
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Pradumya said:
Tab tak toh vasuli tai Friday offer pe tax laga degi
"100₹ bacha na ab 5% TDS kaat k milega discount"


Not to offend any moderator... Sarcasm hai iske liye bhi ban mat kar dena
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@Pradumya forget 5% GST. You are too naive...

You have a DC that's a luxury item, you know middle class and poor people should not be using debit card. And on top of that you are redeeming INR100 discount, double luxury. 50% GST on debit card charges and 18% GST on the 50% GST for double luxury. Then 30% GST on INR 100 if getting discount on mobile recharge 40% if paying electricity postpaid (electricity luxury item, middle class andhere me marta h), 50% if electricity prepaid (prepaid meter malab jada luxury), 60% on piped gas (india m chulhe m bnao khana, piped gas is super luxury item).

You should clear your concepts on GST, this was not expected from you
 
dvader said:
@Pradumya forget 5% GST. You are too naive...

You have a DC that's a luxury item, you know middle class and poor people should not be using debit card. And on top of that you are redeeming INR100 discount, double luxury. 50% GST on debit card charges and 18% GST on the 50% GST for double luxury. Then 30% GST on INR 100 if getting discount on mobile recharge 40% if paying electricity postpaid (electricity luxury item, middle class andhere me marta h), 50% if electricity prepaid (prepaid meter malab jada luxury), 60% on piped gas (india m chulhe m bnao khana, piped gas is super luxury item).

You should clear your concepts on GST, this was not expected from you
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💯 agree. Pradyuman - 10000 aura
 
dvader said:
RBI doesn't make anything legal, it doesn't have powers to pass laws it's a regulator not a legislator. For crypto to be legal, It has to be passed in the parliament. And no parliament in any world will pass Crypto not now not ever.
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Don't want to start a war here. But I would like to add some clarification.

Yes crypto are legal in many countries. If you meant as legal tender then yes, It is also legal tender in El Salvador and CAR . But it is true bigger economies most likely will adopt blockchain technology but won't make crypto legal tender as it will make policing very difficult.

Technically RBI is a quasijudicial body. It can't pass law. But it can intrepret the law and set standards. So they have quite a long leeway here.
 
sidp said:
Don't want to start a war here. But I would like to add some clarification.

Yes crypto are legal in many countries. If you meant as legal tender then yes, It is also legal tender in El Salvador and CAR . But it is true bigger economies most likely will adopt blockchain technology but won't make crypto legal tender as it will make policing very difficult.

Technically RBI is a quasijudicial body. It can't pass law. But it can intrepret the law and set standards. So they have quite a long leeway here.
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No need to start a war, it's a discussion brother (I hope) You are correct in spirit. But again The legislative body makes the laws, the courts interprets them and the RBI regulates the entities formed per those laws within the purview of the same legal framework, the correct description would be Bank Police. And just like normal police, when taken to court, their lawyer has to defend RBIs action and the court will interpret the law and determine the outcome. When RBI tried to outlaw crypto, and overstepped their domain the supreme court intervened.

You are absolutely correct and like any govt entity (they come under MoF) they always have leeway but their hearts tend to be in the right place when they use that leeway.

RBI has been taken to court multiple times and successfully. Most recent being the Bombay highcourt ruling reversing the Yesbank bond writeoff after the YesBank fiasco. RBI, Yesbank and MoF were represented by none other than Mr Kapil Sibbal.

And yes I meant the major countries of the world and I meant legal tender.
 
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