RBI announced that regulated entities already providing services to any individual or business dealing in digital currencies have been given three months to exit the relationship.
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Topic: At last RBI ban on Crypto (Read 584 times)
If this does happen, the exchanges can consider it to be a small victory. By the time the courts give their final verdict, the world would have moved on. But I am not convinced that interim relief is that common.
The world moving on from Bitcoin? Not going to happen.
An interim relief is not a victory at all, it is just an 'interim relief'. The deal with any economical movement in a country involves the legislation first and then a governing body is formed and then the action is taken. But here the thing is reversed in case of Bitcoin, we were always standing on pillars of sand with no legality defining our existence within the country. To terraform those pillars or sands into the shoulders of atlas we'll need to form a political body that can 'lobby' for us. Buy the gov. like multinational corps bought this BJP gov & put it to power.
Such a ban - if you can call it that, was necessary, we will now get our act together and take the right steps that we should have taken way back in 2011.
Things move at a snail's pace in India. If it takes 2 decades to announce a decision on bank accounts for exchanges, it is pretty much useless.
Interim relief is a small victory precisely because of the time it takes courts to adjudicate on issues. Exchanges can operate as usual, until the final verdict is delivered. In an ideal world, there would be legislation on the basis of which bitcoin companies would operate. Indian institutions are far from ideal.
If this does happen, the exchanges can consider it to be a small victory. By the time the courts give their final verdict, the world would have moved on. But I am not convinced that interim relief is that common.
The world moving on from Bitcoin? Not going to happen.
An interim relief is not a victory at all, it is just an 'interim relief'. The deal with any economical movement in a country involves the legislation first and then a governing body is formed and then the action is taken. But here the thing is reversed in case of Bitcoin, we were always standing on pillars of sand with no legality defining our existence within the country. To terraform those pillars or sands into the shoulders of atlas we'll need to form a political body that can 'lobby' for us. Buy the gov. like multinational corps bought this BJP gov & put it to power.
Such a ban - if you can call it that, was necessary, we will now get our act together and take the right steps that we should have taken way back in 2011.
As far as stay order is concerned, petitions have already been filed and you can expect an interim stay order would be affected on the first day of the hearing or at least within the first month of the hearing start date. As far as I know that is the common procedure in such instances, look at the Aadhaar case for instance.
If this does happen, the exchanges can consider it to be a small victory. By the time the courts give their final verdict, the world would have moved on. But I am not convinced that interim relief is that common.
Rbi ban is on hodl as of now High court of delhi sent notices to rbi and finance ministry regarding Crypto trading
The Court has sent notices, but has not issued a stay order. There is a big difference between the two. If the courts do not give any interim relief, but continue hearing the case, the exchanges might as well forget about reopening.
Crypto from day one has been poised as a disruptor and for the first time in India at least, it is acting like it. They have finally stopped looking the other way and turn their heads towards crypto, but they fail to realize that they are almost a decade too late to make any real effect. If anything this will (and has) only cut back their revenue from taxes.
As far as stay order is concerned, petitions have already been filed and you can expect an interim stay order would be affected on the first day of the hearing or at least within the first month of the hearing start date. As far as I know that is the common procedure in such instances, look at the Aadhaar case for instance.
Please sign this petition:
https://www.change.org/p/rbi-make-india-at-the-forefront-of-blockchain-applications-revolution
https://www.change.org/p/rbi-make-india-at-the-forefront-of-blockchain-applications-revolution
Didn't notice this before. But signed. Also glad to see you still around and kickin'.
Rbi ban is on hodl as of now High court of delhi sent notices to rbi and finance ministry regarding Crypto trading
The Court has sent notices, but has not issued a stay order. There is a big difference between the two. If the courts do not give any interim relief, but continue hearing the case, the exchanges might as well forget about reopening.
Rbi ban is on hodl as of now High court of delhi sent notices to rbi and finance ministry regarding Crypto trading
This is the quintessential example of spreading fud from an individual who is mentally dud.
Banning exchanges does not equate to banning cryptos. There is NO way to ban cryptos.
In India we have banned books, movies and dresses just because they offend our retarded mentality. Its nothing new and such things cannot stop the widespread adoption of cryptos in India.
If anything, even people who didn't know what it was, would now come to know about it.
On the hindsight, if I were to write a parodical sketch about the issue, I'd interpret what they're saying as;
"Crypto bad, you get rich, we get no tax, so we no allow you crypto. But we make our pavitra crypto, buy our crypto, you stay poor, pay us tax, we get rich"
Banning exchanges does not equate to banning cryptos. There is NO way to ban cryptos.
In India we have banned books, movies and dresses just because they offend our retarded mentality. Its nothing new and such things cannot stop the widespread adoption of cryptos in India.
If anything, even people who didn't know what it was, would now come to know about it.
On the hindsight, if I were to write a parodical sketch about the issue, I'd interpret what they're saying as;
"Crypto bad, you get rich, we get no tax, so we no allow you crypto. But we make our pavitra crypto, buy our crypto, you stay poor, pay us tax, we get rich"
Yes, it can happen that RBI may ban it .But still now it's business is running in India. There are many exchanges out side India, which are working in crypto.
Worst decision ever....
the stupidest decision ever taken by RBI. entrepreneurs will now move to other crypto$ countries. there was such a huge potential to attract investors and developing the economy while bitcoin and other digital currency become stable.
Yes, very true because Indian Government is on one side promoting cashless India and if on the other side they ban cryptocurrency then that would be the most foolish and double minded decision which in turn will also show how efficient the Government is.
They try to ban Decentralised cryptocoin, but government also issue income tax notice to cryptocoin holders. They want the gain share.
Now Indian government also want to create wealth by creating centralised cryptocoin.
Bloody Indian politicians (majority) secure their black money abroad, but they don't want citizens to earn from cryptocoin even if they pay their taxes.
We have to fight for our rights.
Now Indian government also want to create wealth by creating centralised cryptocoin.
Bloody Indian politicians (majority) secure their black money abroad, but they don't want citizens to earn from cryptocoin even if they pay their taxes.
We have to fight for our rights.
Govt is motivated and fuelled by fear and a desire to control its citizens. Innovation will always be stifled in these conditions.
Please sign this petition:
https://www.change.org/p/rbi-make-india-at-the-forefront-of-blockchain-applications-revolution
https://www.change.org/p/rbi-make-india-at-the-forefront-of-blockchain-applications-revolution
I have done. All other do this.
Please sign this petition:
https://www.change.org/p/rbi-make-india-at-the-forefront-of-blockchain-applications-revolution
https://www.change.org/p/rbi-make-india-at-the-forefront-of-blockchain-applications-revolution
dont be worry guys, we are bitcoiners, we will find a solution for that soon, for now crypto-crypto is solution for exchange,
there is 1 solution for transferring fiat in the corner, we just need to find and use it
but according to rumors, rbi is preparing market to sell his own crypto currency and if that happens, we will find that coder solution too
there is 1 solution for transferring fiat in the corner, we just need to find and use it
but according to rumors, rbi is preparing market to sell his own crypto currency and if that happens, we will find that coder solution too
the stupidest decision ever taken by RBI. entrepreneurs will now move to other crypto$ countries. there was such a huge potential to attract investors and developing the economy while bitcoin and other digital currency become stable.
Huh ?? I dont know what you are trying to say.
This thread is about something else . Why don't you start another thread titled "How I lost trust in Indian banking System"
This thread is about RBI ban on banks supporting crypto currency services.
but now most of traders and shop owners mostly dealing with cash .. other wise the charge 2% extra if you pay via debit card .. people loosed trust on current banking system and policies..
This thread is about something else . Why don't you start another thread titled "How I lost trust in Indian banking System"
This thread is about RBI ban on banks supporting crypto currency services.
Not true .
After the demonetization , there was a new inflow of Rs 15.28 lakh crore into the banking system.
That's another reason why the interest rates have remained unchanged this time around.
Banks have not become poorer . All the peoples money have been collected to infuse funds into the banking system via demonetization.
Only major problem is that the NPAs keep growing nevertheless. !!
After the demonetization , there was a new inflow of Rs 15.28 lakh crore into the banking system.
That's another reason why the interest rates have remained unchanged this time around.
Banks have not become poorer . All the peoples money have been collected to infuse funds into the banking system via demonetization.
Only major problem is that the NPAs keep growing nevertheless. !!
Govt just want peoples money to come in bank because banks become very poor in last 2 years .. go fund them with your taxes /cess / bitcoins 
but now most of traders and shop owners mostly dealing with cash .. other wise the charge 2% extra if you pay via debit card .. people loosed trust on current banking system and policies..
Not true .
After the demonetization , there was a new inflow of Rs 15.28 lakh crore into the banking system.
That's another reason why the interest rates have remained unchanged this time around.
Banks have not become poorer . All the peoples money have been collected to infuse funds into the banking system via demonetization.
Only major problem is that the NPAs keep growing nevertheless. !!
After the demonetization , there was a new inflow of Rs 15.28 lakh crore into the banking system.
That's another reason why the interest rates have remained unchanged this time around.
Banks have not become poorer . All the peoples money have been collected to infuse funds into the banking system via demonetization.
Only major problem is that the NPAs keep growing nevertheless. !!
Govt just want peoples money to come in bank because banks become very poor in last 2 years .. go fund them with your taxes /cess / bitcoins
but now most of traders and shop owners mostly dealing with cash .. other wise the charge 2% extra if you pay via debit card .. people loosed trust on current banking system and policies..
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