Good News: Notice from Delhi HC to RBI for Blanket Ban

Crypto_Sassy

member

Activity: 169

Merit: 18

Quote from: botany on May 08, 2018, 04:03:26 PM

Quote from: Crypto_Sassy on May 08, 2018, 02:31:45 AM

let see , but new like Coinsecure will not help the case in positive way.
If Major publishing house also against bitcoin it require good defense. Judges are also human being there judgement can be affected by article like this.

This article is more than 6 months old. An article which says why you shouldn't invest in Bitcoin is different from one which argues that it should be illegal. In any case, I think the judges will rely on expert opinions and not be swayed by media articles.

ET is clearly telling its user base to stay away and I do not think they got any change of stance in these 6 months.
I am just wondering, what will be the defense opening statement for bitcoin?

If they say "Bitcoin is currency" than I guess case will be shutdown on very first day as there cannot be any other currency in India other than INR.
Bitcoin is not a commodity.
If you say Bitcoin is a security then which corporation will be backing its value?

With all this negativity it require a good attorney to defend who can alter the conventional way of thinking.

Quote from: Clement Kaliyar on May 08, 2018, 04:50:29 PM

Quote from: Crypto_Sassy on May 08, 2018, 02:31:45 AM

let see , but new like Coinsecure will not help the case in positive way.
If Major publishing house also against bitcoin it require good defense. Judges are also human being there judgement can be affected by article like this.

I do not think that the coinsecure hack will be a hurdle, there must be a precedent that the exchanges will be responsible for their inability to safely store the coins, the amount of money an exchange earns is huge and they must be responsible for the coins deposited in it and a regulation should patch these things, i hope we will have a reasonable decision in the end .

I think government and RBI take serious notes for common people losing money like this ,even whole banking framework looks a big failure than coinsecure in case of PNB+Neerav Modi.

superstarbtc

jr. member

Activity: 378

Merit: 3

hopefully, courts involve in cryptocurrency with bank withdrawal resume life before with the court stay order we may continue as usual business

Clement Kaliyar

hero member

Activity: 1302

Merit: 532

Quote from: Crypto_Sassy on May 08, 2018, 02:31:45 AM

let see , but new like Coinsecure will not help the case in positive way.
If Major publishing house also against bitcoin it require good defense. Judges are also human being there judgement can be affected by article like this.

I do not think that the coinsecure hack will be a hurdle, there must be a precedent that the exchanges will be responsible for their inability to safely store the coins, the amount of money an exchange earns is huge and they must be responsible for the coins deposited in it and a regulation should patch these things, i hope we will have a reasonable decision in the end .

botany

legendary

Activity: 1582

Merit: 1064

Quote from: Crypto_Sassy on May 08, 2018, 02:31:45 AM

let see , but new like Coinsecure will not help the case in positive way.

If Major publishing house also against bitcoin it require good defense. Judges are also human being there judgement can be affected by article like this.

https://economictimes.indiatimes.com/wealth/invest/7-reasons-why-you-should-not-invest-in-bitcoins-cryptocurrencies/articleshow/60891341.cms

This article is more than 6 months old. An article which says why you shouldn't invest in Bitcoin is different from one which argues that it should be illegal. In any case, I think the judges will rely on expert opinions and not be swayed by media articles.

Crypto_Sassy

member

Activity: 169

Merit: 18

let see , but new like Coinsecure will not help the case in positive way.

If Major publishing house also against bitcoin it require good defense. Judges are also human being there judgement can be affected by article like this.

https://economictimes.indiatimes.com/wealth/invest/7-reasons-why-you-should-not-invest-in-bitcoins-cryptocurrencies/articleshow/60891341.cms

botany

legendary

Activity: 1582

Merit: 1064

Quote from: Guvn0r on May 05, 2018, 11:09:55 AM

Flintstone Technology files petition at Delhi HC against Reserve Bank of India order

New Delhi, May 5 (IBNS): Flinstone Technologies Pvt. Ltd., which is conducting its business under the trade name of Money Trade Coin (MTC) has filed a petition at the Delhi High Court on Friday, demanding a stay on the Reserve Bank of India circular, which ring fences all entities regulated by it, including banks from conducting business with individual as well as business entities dealing in virtual currencies, an official release stated.

Link

They seem to have filed a separate suit. This is in the Delhi High Court as well. Couldn't they just implead themselves into the suit filed by Kali technologies? Or the High Court should just club these petitions together.

Guvn0r

sr. member

Activity: 647

Merit: 274

Flintstone Technology files petition at Delhi HC against Reserve Bank of India order

New Delhi, May 5 (IBNS): Flinstone Technologies Pvt. Ltd., which is conducting its business under the trade name of Money Trade Coin (MTC) has filed a petition at the Delhi High Court on Friday, demanding a stay on the Reserve Bank of India circular, which ring fences all entities regulated by it, including banks from conducting business with individual as well as business entities dealing in virtual currencies, an official release stated.

Link

via Imgflip Meme Generator

amishmanish

legendary

Activity: 1904

Merit: 1159

Quote from: legendster on April 24, 2018, 03:23:42 PM

Quote from: botany on April 24, 2018, 03:00:34 PM

The judiciary is still relatively clean...

Clean? Dude a judge was murdered and the senior most judge in SC was BRIBED into setting up the bench in a way that the convict - The BJP Main guy can roam free.
How is that a power tussle? Did you even read into the whole matter?

If you still don't get it, let me retry : The senior most judge in SC, the man who signifies the justice system in a free and democratic country is corrupt (and biased towards BJP)

Man! It breaks my heart to accept this but yes, you are right. BJP has been co-opting almost every institution of repute by putting their own cronies in positions of authority. Granted that Congress did this in their time too but at least they had an inclusive vision to feed the public. This ensured that the general atmosphere in the country wasn't so vitriolic.

The Judge Loya case you refer will be a shameful blot forever on us. The way they paraded that poor, scared son of a bitch in front of media to provide a clean chit to "Big Uncle" was unbelievable. In any other place, this would have created a furore of cross questioning on witness manipulation. Instead, the news quietly died down. It is pretty clear that BJP is ruling with a heavy hand on media and all kinds of freedom. All in the name of patriotism. For a young man unemployed/ underemployed for years, nothing gets the blood boiling more than a few cheap calls to "akhandta, asmita, sanskriti" and all that. Harping onto these makes the youth feel empowered and willing to act, like they really mean something in this whole circle jerk of politicians and businesses working to keep them in the cycle of subservience.

Blackshadow007

sr. member

Activity: 787

Merit: 276

Currency Xchanger™

Well at least one thing good that matter at last went to court and PETI Accepted which means peace of mind for next 10 to 15 years [ Pathetic slow judicial system ] , so whatever outcome comes will not be soon at least not next 5 years . So enjoy till then lol .

botany

legendary

Activity: 1582

Merit: 1064

Quote from: allahabadi on May 03, 2018, 03:41:07 PM

Has someone been following this case?

Any updates regarding the hearing or the next dates for it?

Things don't move quickly in our country. The next hearing is on 24th May. Expect things to proceed at a snail's pace.
You can find details on the Delhi High Court's website.

allahabadi

full member

Activity: 952

Merit: 166

Has someone been following this case?

Any updates regarding the hearing or the next dates for it?

botany

legendary

Activity: 1582

Merit: 1064

Quote from: Clement Kaliyar on April 24, 2018, 06:06:14 PM

Quote from: botany on April 24, 2018, 03:00:34 PM

The judiciary is still relatively clean, especially at the top level.

The entire system is corrupted, i can link to many cases where they were caught and you never know how many are there which have not come up to light.

There definitely are cases of corruption. But if I had to pick somebody who is least likely to be corruptible, I would pick the judiciary any day over the executive, legislators or bureaucrats. If we dwell too much on the integrity of the judiciary, this will become a politics and society topic, rather than a Bitcoin one.

I still think that the judiciary will not give a verdict favourable to crypto exchanges. That is more to do with the esteem that the judiciary and most people hold the RBI in, rather than the judiciary being corruptible.

allahabadi

full member

Activity: 952

Merit: 166

Quote from: deepakg2m on April 25, 2018, 01:41:48 AM

Quote from: amishmanish on April 22, 2018, 11:42:35 AM

Quote from: botany on April 22, 2018, 09:53:26 AM

Acceptance of the PIL is just the first step. The court has just accepted the petition, but it has not provided interim relief. It would be premature to read too much into this.

Correct. No celebrations yet but if the matter goes to court and there is a hearing, the govt. will have to clear its stand regarding taxation. RBI as an autonomous body will have to provide better data based judgement than giving out blanket judgments like "Cryptocurrecies raise concerns of consumer protection, market integrity and money laundering, among others".

With the example of other countries willing to accept and consider some form of regulations, the govt. cannot simply choose to ignore and ban. The lobbying is on. Lets see where it takes us.

Exactly , RBI has to represent its thoughts and decisions with proper factual data so as the court should approve it. Moreover, it is the matter related to the whole country so they had to be very accurate in their decision .

I have a premonition about the outcome.
The thing is that there is no expert in this field in the govt sextor, also they'll try to pander to the Banks and Economic Institutions that feel threatened by cryptos.

The govt has a very myopic view on these things, unless the sector attracts politicians. I have little hopes.

deepakg2m

copper member

Activity: 490

Merit: 2

Quote from: amishmanish on April 22, 2018, 11:42:35 AM

Quote from: botany on April 22, 2018, 09:53:26 AM

Acceptance of the PIL is just the first step. The court has just accepted the petition, but it has not provided interim relief. It would be premature to read too much into this.

Correct. No celebrations yet but if the matter goes to court and there is a hearing, the govt. will have to clear its stand regarding taxation. RBI as an autonomous body will have to provide better data based judgement than giving out blanket judgments like "Cryptocurrecies raise concerns of consumer protection, market integrity and money laundering, among others".

With the example of other countries willing to accept and consider some form of regulations, the govt. cannot simply choose to ignore and ban. The lobbying is on. Lets see where it takes us.

Exactly , RBI has to represent its thoughts and decisions with proper factual data so as the court should approve it. Moreover, it is the matter related to the whole country so they had to be very accurate in their decision .

Clement Kaliyar

hero member

Activity: 1302

Merit: 532

I hope the judicial system will come up with a fair decision and allow everyone to trade in cryptocurrencies.

Quote from: botany on April 24, 2018, 03:00:34 PM

The judiciary is still relatively clean, especially at the top level.

The entire system is corrupted, i can link to many cases where they were caught and you never know how many are there which have not come up to light.

1.India supreme court 'in crisis' over retired judge corruption case
2.Retired Orissa High Court judge among 5 arrested by CBI in corruption case
3.How a corrupt judge continued in Madras high court

Quote from: legendster on April 24, 2018, 03:23:42 PM

Clean? Dude a judge was murdered and the senior most judge in SC was BRIBED into setting up the bench in a way that the convict - The BJP Main guy can roam free.

I am sure they wont come to power next time if people could think rationally and cast their vote, they just like to play the age old religious polarization and ruining the country and the sad part is that the opposition is pretty weak and there is a power vacuum.

Quote from: manav24 on April 24, 2018, 03:35:35 PM

Lol Source or are you also a conspiracy theorist like 9/11 didn't happen and 26/11 was RSS job?

I am hearing about the 26/11 conspiracy for the first time, is this a general talk in RSS camps. Tongue

Don't forget that there are many atrocities being done by the RSS terrorists in north India.

legendster

hero member

Activity: 1778

Merit: 764

www.V.systems

Quote from: manav24 on April 24, 2018, 03:35:35 PM

Lol Source or are you also a conspiracy theorist like 9/11 didn't happen and 26/11 was RSS job?

no point accusing someone without any substantial proof and if you have proof bring to the Media and try your luck SIR, you may become famous.

Good Luck.

Thanks for the shitpost but since I don't shitpost like you the sources are already linked in the previous post. If you shitpost on this thread again. I WILL TAG YOU.

And what's going on, is already common knowledge. Instead of asking to be spoonfed, do yourself a favor and do what most 21st century folk learned to do a decade ago. GOOGLE.

allahabadi

full member

Activity: 952

Merit: 166

Quote from: legendster on April 24, 2018, 03:23:42 PM

Quote from: botany on April 24, 2018, 03:00:34 PM

The judiciary is still relatively clean...

Clean? Dude a judge was murdered and the senior most judge in SC was BRIBED into setting up the bench in a way that the convict - The BJP Main guy can roam free.
How is that a power tussle? Did you even read into the whole matter?

If you still don't get it, let me retry : The senior most judge in SC, the man who signifies the justice system in a free and democratic country is corrupt (and biased towards BJP)

I totally agree with you, at this juncture we are in an undeclared emergency; where every institution appears compromised.
Read this scathing article on the state of Indian judiciary.

https://barandbench.com/judge-loya-verdict-supreme-court/

manav24

member

Activity: 122

Merit: 13

Quote from: legendster on April 24, 2018, 03:23:42 PM

Quote from: botany on April 24, 2018, 03:00:34 PM

The judiciary is still relatively clean...

Clean? Dude a judge was murdered and the senior most judge in SC was BRIBED into setting up the bench in a way that the convict - The BJP Main guy can roam free.
How is that a power tussle? Did you even read into the whole matter?

If you still don't get it, let me retry : The senior most judge in SC, the man who signifies the justice system in a free and democratic country is corrupt (and biased towards BJP)

Lol Source or are you also a conspiracy theorist like 9/11 didn't happen and 26/11 was RSS job?

no point accusing someone without any substantial proof and if you have proof bring to the Media and try your luck SIR, you may become famous.

Good Luck.

legendster

hero member

Activity: 1778

Merit: 764

www.V.systems

Quote from: botany on April 24, 2018, 03:00:34 PM

The judiciary is still relatively clean...

Clean? Dude a judge was murdered and the senior most judge in SC was BRIBED into setting up the bench in a way that the convict - The BJP Main guy can roam free.
How is that a power tussle? Did you even read into the whole matter?

If you still don't get it, let me retry : The senior most judge in SC, the man who signifies the justice system in a free and democratic country is corrupt (and biased towards BJP)

botany

legendary

Activity: 1582

Merit: 1064

Quote from: legendster on April 24, 2018, 02:39:27 PM

You mean to say we will get a 'just' resolution to the whole Bitcoin issue? That too from a corrupted body?

Just look at how they are handling the Aadhaar issue since 2014. Its been 4 years since the debacle started and yet they haven't reached a conclusion on whether the -clearly intrusive and privacy-busting, Aadhaar system is unconstitutional or not.

Gomment hi nahi, adaalat bhi bik gayi hai mere bhai.

The judiciary is still relatively clean, especially at the top level. There is a power tussle going on at the top level, but that shouldn't affect the larger scheme of things.
I am also not very hopeful about a positive outcome - but that has to do with the conservative mindset of people in power and the respect that the RBI commands.

Topic: Good News: Notice from Delhi HC to RBI for Blanket Ban (Read 353 times)