Topic: Good news from India (Read 507 times)
CNBC india announced that the indian government committee has ruled in favor of regulating bitcoin and is currently establishing a task force to create various regulatory frameworks with the aim of fully legalizing bitcoin in the short-term.
Ministry of Finance has the final authority for money and financial matters. Have a look at USA China trade war where Donald Trump has put $150 billion tariffs on Chinese imports.
Looks like China is the next to ban Bitcoin
Looks like China is the next to ban Bitcoin
China banned ICO and digital cryptocurrency transactions in September 2017!
The blockchain and digital cryptographic currency are the wave of technology, and no country is willing to fall behind in such a technology race. Perhaps China is the country that reopened the ico.
But sometime ago there were bad news from India. It seems like they cant make final conclusion yet. I dont know whether the ban would affect on market. Any ideas?
India: Delhi High Court Seeks Response From Central Bank On Recent Crypto Ban, Report Says
The High Court of Delhi has reportedly issued a notice to the Reserve Bank of India (RBI), the Ministry of Finance, and the Goods and Services Tax (GST) Council alleging that RBI’s decision to end dealings with crypto businesses violates the constitution, local news outlet Times of India reports today, April 22.
The High Court’s notice is reportedly in response to a claim filed by crypto company Kali Digital last week. After the RBI released a circular on April 5 stating that they would no longer provide services to a person or a business that deals in cryptocurrency, an online petition to reverse the ban was started, gaining over 43,000 signatures by press time.
Kali Digital, which runs the crypto exchange CoinRecoil, set to be launched in August 2018, filed an official claim on April 16, stating that RBI’s circular violates constitutional Articles 19 (1) (g) – 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, asks for a response from the three parties involved by May 24.
Kali Digital believes that RBI’s decision will prevent CoinRecoil’s business operations in an unconstitutional manner, according to an excerpt of the claim written in local 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 included the GST Council in the claim due to what they see as a failure to "frame appropriate regulation on crypto-currencies [sic] [...] [that] increased the uncertainty over treatment of such transactions and is adversely affecting the proposed business of the petitioner,” the Times of India writes.
Tech investor and crypto enthusiast Tim Draper had also responded negatively 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.”
source: https://cointelegraph.com/news/india-delhi-high-court-seeks-response-from-central-bank-on-recent-crypto-ban-report-says
crypto is here to stay.. The High Court of Delhi has reportedly issued a notice to the Reserve Bank of India (RBI), the Ministry of Finance, and the Goods and Services Tax (GST) Council alleging that RBI’s decision to end dealings with crypto businesses violates the constitution, local news outlet Times of India reports today, April 22.
The High Court’s notice is reportedly in response to a claim filed by crypto company Kali Digital last week. After the RBI released a circular on April 5 stating that they would no longer provide services to a person or a business that deals in cryptocurrency, an online petition to reverse the ban was started, gaining over 43,000 signatures by press time.
Kali Digital, which runs the crypto exchange CoinRecoil, set to be launched in August 2018, filed an official claim on April 16, stating that RBI’s circular violates constitutional Articles 19 (1) (g) – 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, asks for a response from the three parties involved by May 24.
Kali Digital believes that RBI’s decision will prevent CoinRecoil’s business operations in an unconstitutional manner, according to an excerpt of the claim written in local 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 included the GST Council in the claim due to what they see as a failure to "frame appropriate regulation on crypto-currencies [sic] [...] [that] increased the uncertainty over treatment of such transactions and is adversely affecting the proposed business of the petitioner,” the Times of India writes.
Tech investor and crypto enthusiast Tim Draper had also responded negatively 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.”
source: https://cointelegraph.com/news/india-delhi-high-court-seeks-response-from-central-bank-on-recent-crypto-ban-report-says
That's a big news and such news plays some role in the forward push of the price by these time period. Because, month back the price fell steep due to the opposite news that came out of the Indian ministry. The appeal to court by the respective exchange service render seems to provide with a positive growth of cryptocurrency within the country.
This shows a direct manipulation of government towards to their citizens criticizing not to participate on crypto currency. Don't believe this kind of news immediately.
This news can enlighten a hope for better circumstance in India to accept Crypto space, but we need to monitor and update the news specially the response of RBI and other India Government agencies. If their responses are good for crypto space, ,I believe it will impact to the increasing of price of crypto currencies as a whole.
Yeah its a good news but it can take years for the courts to come up with a decision and in few years we wont even remember about this. It doesn't matters if the banks ban bitcoin or not as it can still be bought and sold for cash and theres no way the governments will be able to crack down on that.
I think Indian government at least realized bitcoin. India's Supreme Court has recently called Indian government. now Indian government considering to establish regulations on the use of Bitcoin in the country. I think that it's really a good news for bitcoin. nowadays the use of bitcoin in all over the world will increase the value of bitcoin.now India is planning steps to ensure cryptocurrencies are illegal.
Ministry of Finance has the final authority for money and financial matters. Have a look at USA China trade war where Donald Trump has put $150 billion tariffs on Chinese imports.
Looks like China is the next to ban Bitcoin
Looks like China is the next to ban Bitcoin
China has banned & unbanned bitcoin about 10 times
But about the OPs post,this is one good thing to make indians have positive views about this problem
It is a great news that there are efforts are being taken on the higher level to represent the side of crypto and things are not going considering the single side. Now, as an individual point of view, we must show unity and build something that would make communication easier and that will help us to reduce panic environment and most importantly the misconception among the general public. It's the time that we should come forward to explain core idea of Bitcoin and blockchain because media is extremely unreliable in this regard.
Do not think that the decision will be in favor of bitcoin. The possibility of court agreeing with the decision of the RBI is still there.
India does not prohibit bitcoin as before. India's Supreme Court has recently called on the government to respond to a proposal to establish regulations on the use of top Bitcoin in the country. This is a good news for bitcoin. The use of bitcoin in the world will increase the value of bitcoin.
I think that decision may change over time
Central banking would be regulation upon various bank operations and also a supply of liquidity in a centralised banking system. No big bank will ignore the guidance of something they rely on so much. Also regulators can hand out fines upto a billion, post 2008 there is less freedom given. In theory at least, I still think centralised systems are failure prone but thats another discussion.
Courts do have a part in making laws or interpreting precedent based on constitution or various workings. You might think otherwise but its a very expensive argument to conduct unless you have exact knowledge, most dont. Business often exercises an upper hand over individuals in this way but I also like that many indivuals especially in a democracy can fight back collectively, that would be aligned with the spirit crypto operates imo.
Courts do have a part in making laws or interpreting precedent based on constitution or various workings. You might think otherwise but its a very expensive argument to conduct unless you have exact knowledge, most dont. Business often exercises an upper hand over individuals in this way but I also like that many indivuals especially in a democracy can fight back collectively, that would be aligned with the spirit crypto operates imo.
1) In India are you free to become whatever you want and that is granted by the constitution?
How about drug smuggler, tax evasionist, organ trader?
How about drug smuggler, tax evasionist, organ trader?
I'm fairly sure there's a clause with an exception for illegal activities. Should this be the case, then their central bank's specific ban of cryptocurrency, which isn't illegal, has no legal grounds.
There might be but them failing to post the entire article of the Constitution must have some reasons
I've yet to hear that a court order can make an activity legal, if the principle of separation of powers in a democratic country really work as they supposed to, only the Parliament would be able to change it, not a court.
The thing is, it's technically not illegal. There's no law that states banks can't deal with cryptocurrencies. It's apparently just a circular from their central bank, which could be scrutinized and found unconstitutional by the courts. If nothing else, this is democracy's checks and balances system working.
And the same stands for the opposite.
There is no law that forces the banks to deal with cryptocurrencies.
Besides, you can't say that a measure taken by the central bank is unconstitutional, the high court can say that for laws,(laws can become unconstitutional, once you break a law...it's just breaking the law) and in order to oppose this the only thing that can be done is to pass a law either giving cryptos a status or preventing measures from the Central bank that can affect cryptos.
But again, this can only be enforced by the parliament.
[...]
I am not a lawyer and I do not know the constitution of India but I believe that the central bank of India has competence to ban cryptos, they may argue that cryptos are dangerous and can be used for money laundering and from what I read in January of this year the finance ministry of India has accused bitcoin of being a ponzi scheme... I do not want to be pessimistic here, but I doubt that this current situation in India could change this year, maybe next year they will change their vision in relation to bitcoin and altcoins
Get your 10k memes ready, guys.
Ministry of Finance has the final authority for money and financial matters. Have a look at USA China trade war where Donald Trump has put $150 billion tariffs on Chinese imports.
Looks like China is the next to ban Bitcoin
Looks like China is the next to ban Bitcoin
We all know how "China banning bitcoin" will work itself out in the end
It is so strange, I am looking forward to see, how will the world operate, when some countries will accept bitcoin and others will forbid it... In one world, how would we operate
Ministry of Finance has the final authority for money and financial matters. Have a look at USA China trade war where Donald Trump has put $150 billion tariffs on Chinese imports.
Looks like China is the next to ban Bitcoin
Looks like China is the next to ban Bitcoin
China has banned & unbanned bitcoin about 10 times
Well, India has always differed in that it keeps pace with the technology!)
The fact that they come up with something interesting is clear to all!)
Well, the main thing is not to increase taxes too much!
It should be how people see something good from technology, even though we must fight for it to be legally as what Digital Times did in India court. The fact that they come up with something interesting is clear to all!)
Well, the main thing is not to increase taxes too much!
I take good info from this related topic https://bitcointalksearch.org/topic/indian-crypto-currency-exchange-takes-central-bank-to-court-against-recent-ban-3350109 about petition,
https://www.change.org/p/rbi-make-india-at-the-forefront-of-blockchain-applications-revolution Lets support this.
Jump to: