Topic: Crypto Judgement day India (Read 789 times)
with the rumors of India not planning to put a blanket ban on cryptos, currently doing the rounds in the market, a hope has emerged. reportedly a finance ministry panel that is studying digital currencies, might suggest crypto to be considered and treated as commodity. it would become easier to regulate them for authorities.
thanks for sharing useful information.
The supreme court of India had pushed the case to September 11 for the next and final hearing.
Siddharth Dalmia and Dwaipayan Bhowmick who initiated their respective court cases related to cryptocurrencies in India back in 2017. Dalmia wants to ban cryptocurrencies, while Bhowmick wants the government to make their stance clear on Cryptocurrencies.
The case got major attention when The Reserve Bank of India(RBI) intented to ban cryptocurrency. Exchanges and individual traders from all over the country and IAMAI (Internet and Mobile Association of India )in particular filed case of justice to fight RBI’s banking ban.
Government has setup a committee headed by Department of Economic Affiar( DEA) secretary Mr. Subhash Chandra Garg to take a decision of regulation of cryptocurrency in India. It remains to see if the proposed regulations by the Garg committee are implemented before the hearing or the same gets pushed until the Supreme court verdict is out on Sep 11.
Siddharth Dalmia and Dwaipayan Bhowmick who initiated their respective court cases related to cryptocurrencies in India back in 2017. Dalmia wants to ban cryptocurrencies, while Bhowmick wants the government to make their stance clear on Cryptocurrencies.
The case got major attention when The Reserve Bank of India(RBI) intented to ban cryptocurrency. Exchanges and individual traders from all over the country and IAMAI (Internet and Mobile Association of India )in particular filed case of justice to fight RBI’s banking ban.
Government has setup a committee headed by Department of Economic Affiar( DEA) secretary Mr. Subhash Chandra Garg to take a decision of regulation of cryptocurrency in India. It remains to see if the proposed regulations by the Garg committee are implemented before the hearing or the same gets pushed until the Supreme court verdict is out on Sep 11.
Major economies including the U.S., Japan, France, and South Korea, Switzerland, UK, Russia etc. have started to implement more practical and efficient regulations to ensure cryptocurrency exchanges, blockchain projects, and base layers can grow without being negatively impacted by overly strict policies.
While major countries have acknowledged the potential of crypto and blockchain, the government of India has decided to leave its country behind in the blockchain race and the fourth industrial revolution, which in the long run, could be costly.
While major countries have acknowledged the potential of crypto and blockchain, the government of India has decided to leave its country behind in the blockchain race and the fourth industrial revolution, which in the long run, could be costly.
India is very good at software, we know it. but I do not know why they do not like crypto money. on the other hand, Maltese government has good strategy.
I speculate that they like crypto, but the problem is with their Central Bank. We all know that banks see's crypto as a threat so I'm not surprised at all by the moved of their Supreme court to support RBI's ban. As fas as Maltese, their government thinks otherwise, they are very friendly because they understand the potential good effects it can bring to their country as we all know that they are in the stage of development and they know that embracing crypto will be a game changer on their country.
India is very good at software, we know it. but I do not know why they do not like crypto money. on the other hand, Maltese government has good strategy.
In the end, India is expected to be as unsupportive of crypto as China, and both countries may be trying to prevent investors from losing money.
Indian govt. showing much strict motive to crypto users recent.They banned crypto and try to regulate it more but crypto have its own way which have made by the users,investors,market condition etc.
On July 20, the Indian crypto community had its eyes on the supreme court as the much-awaited judgment on the petition against the RBI (central bank) ban to provide INR and banking support cryptocurrency businesses, was to be pronounced. But Since SEBI and few others have not filed their response the date for the hearing and argument has differed to September 11, 2018.
https://coingape.com/indian-supreme-court-pushes-rbi-crypto-ban-petition-september-11/
https://coingape.com/indian-supreme-court-pushes-rbi-crypto-ban-petition-september-11/
The month of September 2018 is very crucial for the crypto community. There are many official decisions to be made on this month. As you posted 11 September 2018 could be the judgment day for crypto in India including the ETF decision to be made by SEC US in month September as well.
indeed the Indian state is full of controversy about cryptocurrency.
I still remember when cryptocurrency was banned in the country.
but now the proof is that the Zebpay and WazirX Exchanges received FIAT India x Bitcoin payments again, after which they were banned. LOL
I still remember when cryptocurrency was banned in the country.
but now the proof is that the Zebpay and WazirX Exchanges received FIAT India x Bitcoin payments again, after which they were banned. LOL
India is definitely trying to normalize the current situation regarding cryptos. Hopefully their supreme court will give its verdict in support of cryptos, which will ensure employment for a lot of indians, increased GDP and imposed tax on crypto transactions will bring good news for Indian government eventually.
Now the next hearing is on 20th August 2018 and we may have some judgement coming soon. In the mean time, other exchanges like Unocoin also have stopped deposits and exchanges.
India, although it occupies a good part of the market, but is not fundamental in the impact on the bitcoin exchange rate. so do not worry
ya it is not a big matter for global market even india ban cryptocurrency. i know they have big users in crypto but it is still not a big problem maybe. i believe some of them still use it even their gov ban it
Yesterday i just read news RBI is requesting supreme court to bring regulation on bitcoin and cryptocurrency as this can impact the indian currency on global scale. RBI is playing double standard since begining if they want to bring regulation than bring it why to ban transaction between banks and crypto exchanges. Hope soon positive crypto regulation we will be able to see from the indian judiciary.
India, although it occupies a good part of the market, but is not fundamental in the impact on the bitcoin exchange rate. so do not worry
Although India government has banned crypto currency. but I hope it will be a day come back to reconsider by government take decision to unbanned crypto currency. because it will be helpful to improve their economit's.
This judgement that it seem like everybody is waiting for I do not see it making much difference in crypto currency business around the globe the big players are still going about this business, because this Indian judgement will not affect anything, quote me.
I am seeing lots of big time investors and talented blockchain engineer from india so it legitimizing cryptocurrency on their country is one of the most awaited things to happen by its citizens. Indians are bringing positive impact in cryptocurrencies so I hope that this issue will be resolved soon.
I think the court of India will not ban this coin because many of the people invested money in BTC based on this people will suffer if they ban so their court will take proper step for btc because they care about their citizen.
whether such reasons can be accepted?did not they know from the beginning that bitcoin is a very risky investment.
i think the investors from india are experiencing kerugia, they do not fully understand about bitcoin.
On July 20, the Indian crypto community had its eyes on the supreme court as the much-awaited judgment on the petition against the RBI (central bank) ban to provide INR and banking support cryptocurrency businesses, was to be pronounced. But Since SEBI and few others have not filed their response the date for the hearing and argument has differed to September 11, 2018.
https://coingape.com/indian-supreme-court-pushes-rbi-crypto-ban-petition-september-11/
https://coingape.com/indian-supreme-court-pushes-rbi-crypto-ban-petition-september-11/
I have been waiting for this news to come because ever since the day the judgement was initially meant to be delivered, there have been several threads on the forum on the effect of the 'ban' that has not even occurred yet the news have spread beyond normal sending some level of panic into the market and the exchange sites that have started the process of discontinuance of their service before getting the court pronouncement. What I see here is delay tactics deployed on the part of the government then spread the panic which would make their job easy by the time the pronouncement come in their favor. Like I always maintained what the side of the crypto community should have done is to have asked for interculatory injunction for all parties to maintain the status quo until the decision is made.
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