Cryptocurrency Virtually Outlawed in India as Supreme Court Backs Ban

bizarro

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Quote from: SK funky on July 06, 2018, 03:17:12 AM

India is going a step further than most countries in cracking down on peer-to-peer money
In the legal challenge before the Supreme Court, the RBI said Bitcoins cannot be treated as currency under India's existing law that mandates coins to be made of metal or exist in physical form and stamped by the government. The court directed RBI to consider representations by cryptocurrency platform providers Cheesy

It is very interesting, that India was so seriously against cryptocurrency, and all the suddenly they have decided to cancel that opposition against Bitcoin and othe cryptos. I agree that it is awesome, but anyway it is quite wierd.

decidedung

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Until those morons take a stand and make up their minds about cryptography. The Supreme Court of India has acted in accordance with the law, in its national law, to determine whether the Reserve Bank of India has exceeded its powers. Hearings are scheduled at the end of July.

jack8989

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StartFi

Quote from: BitRentXx on July 11, 2018, 05:02:21 AM

I think this is not an official ban from the government but only hate action from banks against bitcoin, although one day the Indian government will ban the use and ownership of bitcoin. People can still use their bitcoin in cyberspace without having to use intermediaries from third parties like banks and exchangers.

There are a lot of countries after they accept Bitcoin and their economy has grown a lot more than before. But I still can not understand why India is annoyed with Bitcoin. They do not know that Bitcoin can help them a lot. I am very sad to see India objection Bitcoin

BitRentXx

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I think this is not an official ban from the government but only hate action from banks against bitcoin, although one day the Indian government will ban the use and ownership of bitcoin. People can still use their bitcoin in cyberspace without having to use intermediaries from third parties like banks and exchangers.

ClarenceDo

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The RBI has proposed to ban the bitcoin in India but the court has halted on their proposition as there are huge crypto investors as well as bitcoin investors in the India. I think that bitcoin will not be banned in India as there are many investors of this bitcoin and banning of bitcoin can lead the economy to danger.

TonyCallahan

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I dont know why India is so strict about bitcoin. Now a days bitcoin has improved a lot and many coutries has accepted it without any doubt. As a modern country I dont know why they are reacting to crypto like this.

BitcoinHodler

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HODLing is an art, not just a word...

Quote from: angelfaria on July 08, 2018, 01:30:38 AM

Given the number of huge investors in India when it comes to the crypto currency market. The people and their ability to invest has what made this decision to come into place by the Indian government. Now, we need to wait and see what the Indian government's final verdict will be.

i doubt that there are that many "huge" investors in India, if any at all. there are a lot of small investors though. the population of India is huge and a great deal of them are investors but they are not rich people so they are small ones.

and based on decisions their government has been making for the past couple of years this has nothing to do with the size of investment but with the fact that they don't want to let their people stop relying on the banks by using decentralized bitcoin.

popelene1

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India is in big mess, supreme is the highest court house which can give order, i just hope they all re think about this thing because it can affect Crypto community at large because they also have many percentage of cryptocurrency Holder..

TonyCallahan

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In India crypto is ban. Not only India there are some countries are also banned this currency. But its true day by day people are more connecting with this market because they earn lots of profit from this market. That’s why i think all countries are accept this market.

angelfaria

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Given the number of huge investors in India when it comes to the crypto currency market. The people and their ability to invest has what made this decision to come into place by the Indian government. Now, we need to wait and see what the Indian government's final verdict will be.

Tankdestroyer

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Quote from: pawel7777 on July 07, 2018, 06:05:11 PM

This is not a ban on cryptocurrency, just a restriction on banking services available to crypto-related businesses.

It just shows how banks(some of them) fear that bitcoin will take away a lot of profit from them. I do hope they will follow Switzerland's move to take advantage of crypto(by liberalizing cryptocurrency banking access of crypto-related business) instead of trying to ban it.

Quote from: stompix on July 06, 2018, 03:24:21 PM

Unfortunately, people are concentrating their effort on fighting the RBI decision, with really no chance of success rather than putting pressure on the parliament in creating a legal environment for cryptocurrencies.

The parliament will create a legal environment for cryptocurrencies if they really want to, whether they like it or not(and vice-versa). Thus, I see no reason for them to pressure the parliament about it.

pawel7777

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This is not a ban on cryptocurrency, just a restriction on banking services available to crypto-related businesses. It's not like Bitcoin is illegal in India.
Some Indian exchanges are already trying to bypass the ruling by offering P2P trading solutions + there's still Indian LocalBitcoins available.

Meanwhile:

Indian Police Seek to Sell Crypto and Bypass RBI Ban
India's Ruling Party Accused of Involvement in 'Mega Bitcoin Scam'

conanrien

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Well, I think this ban is not good for the country as the country has recently embarrassed with blockchain technology. I think this ban will be back soon but it will take some time.

KingScorpio

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Quote from: SK funky on July 06, 2018, 03:17:12 AM

India is going a step further than most countries in cracking down on peer-to-peer money
In the legal challenge before the Supreme Court, the RBI said Bitcoins cannot be treated as currency under India's existing law that mandates coins to be made of metal or exist in physical form and stamped by the government. The court directed RBI to consider representations by cryptocurrency platform providers Cheesy

there is nothing to wonder about that the indian banks and money printers are the true powercenter of india and all democractic countries they hold the power not the parliaments

everybody else is their money earning cattle....

nanasei

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India shouldn't be tough on cryptocurrency since most countries in south East Asia like philiphines and Thailand are already implementing laws to make cyrpto accepted for making payments.

stompix

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Blackjack.fun

Quote from: Tylev on July 06, 2018, 01:02:46 PM

Quote from: SK funky on July 06, 2018, 03:17:12 AM

India is going a step further than most countries in cracking down on peer-to-peer money
In the legal challenge before the Supreme Court, the RBI said Bitcoins cannot be treated as currency under India's existing law that mandates coins to be made of metal or exist in physical form and stamped by the government. The court directed RBI to consider representations by cryptocurrency platform providers Cheesy

The Supreme Court of India acted in accordance with the law, he had no right to make another decision. This court pointed out that under the current legislation of India, the crypto currency can not be considered a currency. Indeed, in the legislation of this country, the currency is not recognized as a currency. These issues have no right to decide the court. The court was created in order to follow the strict implementation of laws and not have the right to change them. These issues should be resolved by the legislative body of India. Here, the court had to decide whether the Reserve Bank of India went beyond its powers, sending controversial recommendations to lower-level banks about the restriction of circulation of the crypto currency.

You went alright till this point.
The legislative body is making laws, it is the supreme court that decided if the laws have been broken and the RBI acted unlawfully. But since there is no law regarding cryptos, nobody can blame legally RBI for taking a stance against something that is not regulated by the law.

Unfortunately, people are concentrating their effort on fighting the RBI decision, with really no chance of success rather than putting pressure on the parliament in creating a legal environment for cryptocurrencies.

Tylev

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Quote from: SK funky on July 06, 2018, 03:17:12 AM

India is going a step further than most countries in cracking down on peer-to-peer money
In the legal challenge before the Supreme Court, the RBI said Bitcoins cannot be treated as currency under India's existing law that mandates coins to be made of metal or exist in physical form and stamped by the government. The court directed RBI to consider representations by cryptocurrency platform providers Cheesy

The Supreme Court of India acted in accordance with the law, he had no right to make another decision. This court pointed out that under the current legislation of India, the crypto currency can not be considered a currency. Indeed, in the legislation of this country, the currency is not recognized as a currency. These issues have no right to decide the court. The court was created in order to follow the strict implementation of laws and not have the right to change them. These issues should be resolved by the legislative body of India. Here, the court had to decide whether the Reserve Bank of India went beyond its powers, sending controversial recommendations to lower-level banks about the restriction of circulation of the crypto currency. As far as I know, no final decision has been made, the hearings are scheduled for the end of July.

Bervelukan

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That's my opinion is a very good opinion and should be in need of bitcoin currencies made of metal, and it will give you confidence.

First77

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Quote from: stompix on July 06, 2018, 11:55:50 AM

The key word is "virtually".There was nothing outlawed.The RBI can't pass laws, that is the duty of the parliament.Until those morons take a stance and make up their minds about cryptos, nothing is outlaws or banned or legal. Right now BTC is in a grey area where everybody does as it pleases.

India also said "no" to international coalition against ISIS/ISIL terrorists in 2014.

2fresh

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Wait a few weeks and we will have news that there is no ban, until we get news that it's banned again of course Grin

Topic: Cryptocurrency Virtually Outlawed in India as Supreme Court Backs Ban (Read 255 times)