Topic: Good news from India - page 3. (Read 507 times)

You don't need to be a scientist to smell that China will obviously ban bitcoin. That's why Bitmain has already made its plan to move its mining hardware somewhere else.


This might be a win for CoinRecoil but its going to be a long and arduous battle in my opinion. Its good though to hear that someone challenged this circular but I wouldn't be surprised if India will put a tighter regulations on cryptocurrency. Again, Kali Digital have invested tons of money having their own crypto exchanges that's why they are putting a fight, but they should at least a plan B of sort, if they lose this battle then they should moved to Malta as well, just like Bitmain and OKex did.

I am really hoping that the court in India will be ruling in favor of the petitioner. Beyond this case, it can never be denied that in India there is now a critical number of people who are already into cryptocurrency and they all want their voice and choice to be hard loud and clear. Whatever the decision of the court, we are being assured here that this is only the start for the cryptocurrency movement in India and being a good democratic country its leaders and movers should be listening to the realities in the marketplace and not just be concentrating on one-sided information they got elsewhere. Cryptocurrency is a new industry and certainly it can be abused and used for any illegal dealings but this can also be true with any other industries that is why a good regulatory framework established for this purpose can be the best course of action.

This is just good ways of manipulation for huge whales of the cryptomarket. They use such news to pump and dump coins.
China baned ICOs, not cryptocurrencies in total.

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!

true, i was not surprised and not surprised to hear china country forbid bitcoin. they just want to play with bitcoin prices
it's good to hear this news from india

Almost fall on my chair laughing 😂..maybe he dont know whats happening about china and crypto thats why he said china will ban cryptocurrency..and even finance department has power on money and financial,still court has a voice tp questioned this matters..

But about the OPs post,this is one good thing to make indians have positive views about this problem

I think the Chinese ban can be ignored.
Because most of the time China has banned it, the Chinese can still use VPN.

China has banned & unbanned bitcoin about 10 times

For now, the please from Kali Digital seemed convincing enough for the Delhi high court to issue a notice to the RBI about the circular which effectively banned crypto-fiat pairs. Let us hope that the RBI will retract the circular and things get back to normal although it seems unlikely as exchange bank accounts have been frozen/terminated.
Also, there is a change.org plea which has over 45k signees that is emphasizing on the stupidity of the move and wanting the RBI to take back its circular.

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

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