Topic: Can cryptocurrency survive RBI's ban? (Read 286 times)

ek tir se tin shikar/tin fayde :-

• Made the merchant's black money owners more rich(many set up their dhandha and scams- we all know)
• Destroyed and devasted money of other political parties (who kept their black money/funds for their next campaign)
• And finally became sadhu/saint in the eyes of common people.

there are always pro and cons of everything and there is line we know "Everything is relative",that goes true here.

Now this tareek pe tareek and all bogus things, doing nothing simply another disaster happening :

• Brain drain many developers IT experts and companies had already moved their business base in other crypto friendly country
• Making people more prone to cyber attacks/hacking by not giving them financial freedom,small time part time traders like me have been adversely affected

Nothing is gonna happen and things will more worsen and more and more corruption and terror funding will happen unless such things are regulated.
But how can they regulate LOL...because they already had stored or the process is going on for safe-keeping their election funds.
So unless their motive gets succeeded no decision will be made.
ONLY Tareek pe tareekh.

It's hopeless to wait any further..

The way they adjourn the Cryptocurrency Case everytime, i have lost the hope now..

Day 3 is also over.. (11th, 12th and 18th September 2018)
Today again nothing happened other than their usual drama.. Zero Result..

Let's see if anything happens on 25th September 2018, else we can predict the rest.. 

Banks are directed by the government and they have to function accordingly. SO if government is not interested in crypto currency considering it as a threat then RBI would be directed accordingly and their statement would be accordingly. But we would require government to rethink on it.

Half ban i must say ..but with no rights to transact as RBI pressing laws with financial institutions, it's almost a ban.

Found one post regarding the RBI and crypto

https://qz.com/india/1374298/rbi-fears-its-bitcoin-and-cryptocurrency-crackdown-may-backfire/

Already RBI has formed its own crypto research unit,so I guess it had already started framing/revising regulations and hope the news will be good.
Because simply banning will increase money laundering.One more news link I had shard about feasibility:

https://economictimes.indiatimes.com/news/economy/policy/rbi-panel-to-study-feasibility-of-digital-currency/articleshow/65601646.cms

Blockchain / P2P this is something which people can't ignore neither they can stop,it can only be regulated.

There are rumours circulating about India gonna treat Cryptos as commodity and already started Framing regulations.

RBI ban has been challenged in supreme court and there may be chance of hearing dated 11 September. That may be crucial for all. As blockchain technology is already welcomed by INDIA now what will happen with regulations, will future decide.

Kali Digital, which runs the crypto exchange - CoinRecoil, set to be launched in August 2018, filed an official claim on April 16, expressing that RBI's circular violates the Articles 19 (1) (g) of the Indian Constitution – allowing citizens the right to any occupation, trade, or business – and Article 14 – prohibiting  discrimination between equals. The High Court of Delhi's notice, issued by Judges S. Ravindra Bhat and A. K. Chawla seeks a response from the three parties involved, by May 24.
 
Kali Digital understands that RBI's decision will prevent CoinRecoil's business activities in an unlawful way, as indicated by a passage of the case written in nearby news outlet The Economic Times:
 
“On account of the impugned circular, the petitioner will not be able to avail banking services to operate the cryptocurrency exchange ‘CoinRecoil’. Such banking services are imperative for the business of the petitioner. Consequently, the business [...] is stillborn.”

Kali Digital incorporated the GST Council in the claim because of what they see as an inability to "outline fitting regulation on crypto-currency standards [sic] [...] [that] expanded the vulnerability over the treatment of such transactions and is adversely influencing the proposed business of the petitioner," the Times of India composes.
 
Tech investor and crypto enthusiast Tim Draper too had reacted contrarily to the RBI's circular, saying in an interview that the Indian government’s refusal to recognize cryptocurrency as valid tender is “the stupidest thing” and that he would have told Prime Minister Narendra Modi that RBI’s crypto ban is a “huge mistake.”

Delhi high court seeks a response from RBI regarding Cryptocurrency Ban
SC Refuses To Grant Temporary Relief on RBI's Cryptocurrency Ban

They have been granted the time as the final hearing is scheduled for September 11.

Hope soon RBI Gonna lift this ban

Mr.Shekar005.......The fact that RBI has banned BTC IS A RUMOUR.......I have been informed by a senior Government that RBI has NOT BANNED BTC.....Could u please give a link to the RBI ban Notification...

If government takes the decision then nothing much can be done as they will have their facts and figures to place the ban and will say the same thing in the court and then court in considerations if it can cause a threat to the economy or nation it will dismiss the plea and will rule in favor of government.

Bitcoin is not owned by India. Nobody in the world can ban Bitcoin because in order to do that, they will have to shut down the internet. For ever.
However, Indian government can block Cash to Bitcoin conversion and vice versa by shutting down Cryptocurrency exchanges
Simple Solution for Savvy Traders & Investors - LOCALBITCOIN

Localbitcoin is the world's biggest over the counter or peer to peer Bitcoin trading website. In short there is no Exchange software but they will connect you with people buying or selling Bitcoin to you - Anywhere in the world.

Before the RBI ban, several months back, the MODI Govt
appointed a committee to regulate BTC. If this committee
had done its homework in a proper way, the RBI would not have
banned. This committee seems to be ignorant of BLOCKCHAIN
 TECHNOLOGY. This committee has not informed the POSITIVE
Side of Blockchain Technology like reduction in operational costs, better efficiency in the fields of Manufacturing, Industrial Production
etc.. Only some negative aspects of BTC were projected
 by the committee resulting in Ban. Withdrawal of Ban is Possible if the
POSITIVE BENEFITS of BTC are projected to the Modi Government.

 

Yes, I am 101% sure that it will survive. We will do crypto-to-crypto trading. Some exchanges implementing the process where buyer and seller directly contact to each other and send the money directly to bank account with out involvement of exchange account. We can also find some trust-able friend in other counties where crypto is not ban, using them  we can purcahse using fiat.

Other possible way is local bitcoins where they can meet directly like Olx.

RBI has taken majors to curb crypto in Indian Market. But still, traders feel cryptocurrency is going to survive RBI's ban.

What's your thought in it?

Read why traders feel at: https://economictimes.indiatimes.com/markets/stocks/news/why-traders-feel-cryptocurrency-is-going-to-survive-rbis-ban/articleshow/64026629.cms