Indian Central Bank In Court Over Crypto Ban, Court Issues Notice

mridulsingh

newbie

Activity: 3

Merit: 0

Quote from: Divinityxd on April 23, 2018, 08:46:15 AM

At the beginning of April, India?s central bank, Reserve Bank of India directed the regulatory bodies to sever any ties with the cryptocurrency businesses. Now, a petition has been signed against the bank?s orders for crypto ban citing the move violative of the constitution while asking for appropriate crypto regulations.

You can read more here: https://coingape.com/rbi-in-court-over-crypto-ban/

As for the news itself, it should settle down just like it did last time, A better move would have been to set up laws regulating it, now people will just keep using crypto-currencies without the banks having any knowledge about the amount of funds. This is rather a self destructive step by the government.
There is news that a group of people are moving to the Supreme Court against this judgement, has there been any update? Is anyone facing any issue with withdrawals?

Dudeperfect

hero member

Activity: 1190

Merit: 534

It is true that government is willing to eliminate the usage of cryptocurrencies but they can not ban it completely. I had a discussion with the vice president of one domestic exchange and he said that exchanges are trying to figure out every possible way to find a concrete solution for it. They also have united lawyers organization to represent the side of almost every major exchange. I am very interested to keep watch on the things happening in regard in India, as a user I am not worried at all.

Virtual miner

sr. member

Activity: 728

Merit: 275

Quote from: 12tribes on April 23, 2018, 09:01:09 AM

I hope the Indian government and the entire populace are aware of the revolution the Crypto world has brought and the lives it has changed. The Court must be fair and unbiased in its ruling, ensuring that the interest and welfare of its people are centrally considered....

Crypto currency is in itself a major revolutionary movement that has changed everything. India is a developing country. The awareness regarding crypto in India is less as compare to other developed countries of the world. But this buzzing petition by the Ahmedabad-based cryptocurrency exchange CoinRecoil (Kali Digital Eco-Systems Pvt Ltd) has led to the beginning of the new storm.

So now more n more people are aware of the crypto currencies and even more about this. Now if the courts go in the favor of this company and gives a green signal, a lot of change would be observed in the country bringing in a new era with it. So let us just hope court gives a fair judgement, and the truth prevails.

12tribes

member

Activity: 378

Merit: 11

I hope the Indian government and the entire populace are aware of the revolution the Crypto world has brought and the lives it has changed. The Court must be fair and unbiased in its ruling, ensuring that the interest and welfare of its people are centrally considered....

Divinityxd

jr. member

Activity: 140

Merit: 1

At the beginning of April, India’s central bank, Reserve Bank of India directed the regulatory bodies to sever any ties with the cryptocurrency businesses. Now, a petition has been signed against the bank’s orders for crypto ban citing the move violative of the constitution while asking for appropriate crypto regulations.

You can read more here: https://coingape.com/rbi-in-court-over-crypto-ban/

Topic: Indian Central Bank In Court Over Crypto Ban, Court Issues Notice (Read 175 times)