[2018-07-25] India’s Supreme Court Postpones Verdict on Cryptocurrency Ban Again - page 2.

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Quote from: Betwrong on July 26, 2018, 10:57:16 AM

Quote from: bbc.reporter on July 25, 2018, 08:09:34 PM

@Betwrong, @Harlot. Before replying try to understand what I was trying to say. Bitcoin is really not a currency but software for a message passing system. How can you regulate one as a currency and Whatsapp or Discord as another? If India starts regulating bitcoin as a currency, it might set up a precedent that other message passing systems might be currencies too, which would be bad.

I reckon maybe ICOs cannot be regulated as securites also for the same reason.

I think when replying to a topic in the Press section we actually have two options: 1. discussing the opinion of the poster; 2. discussing the article itself. No offence, mate, but we just have chosen the latter.

Regarding your view of Bitcoin as a software for a message passing system I can only say that IMO the Supreme Court of India will be reviewing entirely another facet of this complex mechanism called Bitcoin. And since I think that the Supreme Court's decision will be made mostly in favor of BTC and other cryptos, there's no need to worry about them start regulating Whatsapp or Discord. ... Well they can start regulating anything they want, but we are talking about banning here, right? Which in a country like India will never happen neither to Bitcoin nor to Whatsapp or Discord.

I reckon you do not understand. The supreme court of India should be careful what kind of decisions it is making on bitcoin by basing them on a constitution that is not made to regulate something like bitcoin.

It would set a terrible precedent for the other message passing systems that are used in their country because bitcoin itself is but a message passing system of signed messages. I do not know India's constitution, but in America, bitcoin is also free speech that is protected by the 1st amendment.

Betwrong

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Quote from: bbc.reporter on July 25, 2018, 08:09:34 PM

@Betwrong, @Harlot. Before replying try to understand what I was trying to say. Bitcoin is really not a currency but software for a message passing system. How can you regulate one as a currency and Whatsapp or Discord as another? If India starts regulating bitcoin as a currency, it might set up a precedent that other message passing systems might be currencies too, which would be bad.

I reckon maybe ICOs cannot be regulated as securites also for the same reason.

I think when replying to a topic in the Press section we actually have two options: 1. discussing the opinion of the poster; 2. discussing the article itself. No offence, mate, but we just have chosen the latter.

Regarding your view of Bitcoin as a software for a message passing system I can only say that IMO the Supreme Court of India will be reviewing entirely another facet of this complex mechanism called Bitcoin. And since I think that the Supreme Court's decision will be made mostly in favor of BTC and other cryptos, there's no need to worry about them start regulating Whatsapp or Discord. ... Well they can start regulating anything they want, but we are talking about banning here, right? Which in a country like India will never happen neither to Bitcoin nor to Whatsapp or Discord.

hotforblockchain

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Quote from: bbc.reporter on July 25, 2018, 08:09:34 PM

@Betwrong, @Harlot. Before replying try to understand what I was trying to say. Bitcoin is really not a currency but software for a message passing system. How can you regulate one as a currency and Whatsapp or Discord as another? If India starts regulating bitcoin as a currency, it might set up a precedent that other message passing systems might be currencies too, which would be bad.

I reckon maybe ICOs cannot be regulated as securites also for the same reason.

That would be ridiculous to define currency in this way .I think at this point they are in dark and they dont know to what road to take and are just watching what will other countries do regarding definitions and regulation.
But in the same time while they wait and think, capital is starting to flow away from India to more crypto friendly countries.

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@Betwrong, @Harlot. Before replying try to understand what I was trying to say. Bitcoin is really not a currency but software for a message passing system. How can you regulate one as a currency and Whatsapp or Discord as another? If India starts regulating bitcoin as a currency, it might set up a precedent that other message passing systems might be currencies too, which would be bad.

I reckon maybe ICOs cannot be regulated as securites also for the same reason.

Betwrong

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I stand with Ukraine.

I think it's not so hard to predict what final verdict of the Supreme Court will be. I mean, no way they are going to enforce the stupid decision of the Reserve Bank of India. Because? Right, because "cryptocurrency brings a lot of investment and jobs to India" as the article is saying. And exactly that's why the final hearing was postponed, forces opposed to crypto are not feeling comfortable with what is going to happen and they are doing everything they can to incline the Supreme Court to make decision in their favor. But they will fail because they belong to the past, while crypto enthusiasts belong to the future.

Harlot

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Nothing all is lost even if this becomes a precedent, if the Supreme Court will rule against cryptocurrency then for some time cryptocurrency won't be moving around in India as it used to before but if their own legislative department will take action they will have a chance to come up a law which will be overruling the decision of the SC, just think of it as something illegal in the past can be legal in the future because of the laws that have been passed on legalizing such thing. I know this would be a long alternative but if RBI and their SC is really against cryptocurrencies then it is all up to the legislative department now.

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India or any other country might not have the correct laws in their present system to regulate the cryptospace. If they wanted to make it regulable, then they might have to change their constitution. Remember that bitcoin is not a currency at its core, but a software message passing system. If the supreme court of India makes a bad precedent, then that might affect how they regulate other software message passing systems like Whatsapp hehehe.

Solving the uncertainty surrounding India’s cryptocurrency situation has been challenging. The domestic Supreme Court aims to hold a final hearing regarding the RBI’s ban on crypto. While enforced by the Supreme Court at first, the situation can still change. For cryptocurrency companies and enthusiasts, the final hearing will not happen until mid-September.

This is another setback for the cryptocurrency industry in the country. The final verdict was to be rendered on July 20th. However, the Supreme Court decided to push back its verdict by another seven weeks. Why that decision was made remains unclear to all participants. Deciding the fate of Bitcoin and altcoins is a very big decision. Weighing the pros and cons needs to be done in a careful and unbiased manner.

Domestic cryptocurrency operators aren’t pleased with this added delay. Every day without a solution cripples the Indian crypto industry even further. Given the success these exchanges have seen over the years, the decision by the RBI makes virtually no sense. Cryptocurrency brings a lot of investment and jobs to India. As such, the ecosystem should be cherished and nurtured, rather than outlawed.

Read in full https://www.livebitcoinnews.com/indias-supreme-court-postpones-verdict-on-cryptocurrency-ban-again/

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