Topic: Pettition in Supreme court of India against crypto ban (Read 153 times)
There was a committee of all the domestic exchanges that was representing the picture of Indian crypto industry to the government and it is shocking to see that government has instructed banks to stop providing banking services to the exchanges. However, I am optimistic that we will see a very good picture of crypto in India in the coming decade because there is huge potential hidden in the population of India. More than 65% of Indian population is below 35 age.
Good news, though the petition came a bit late I think since the crackdown on cryptocurrencies in India has been going on for a while. But other countries around the world should take this as an example, people shouldn't let the banking system dictates what they can or can not do with their money or business, especially if it's cryptocurrency related. If they're worried about money laundering and whatnot, they should intead implement strict regulations rather than a crackdown on cryptocurrencies.
Fierce battle, we can only see who will win. the Bank of India (RBI) or the Exchange (Digital Eco-Systems) ?! hopefully the winning party is the exchange of Digital assets of Crypto India Digital Eco-Systems.
bitcoin adoption is not something that government can stop at this point. it is growing fast and in a decentralized way. if they continue fighting it off then they will end up having people secretly accumulating bitcoin and that can even lead to exiting of a lot of money from their country and no country wants that. people simply will be forced to do their trades overseas and that requires them to wire money out!
One petition has been filed in Supreme court of India stating that Reserve Bank of India's orders instructing Indian Banks to ban any crypto currency transactions. Previously Banks were instructed by the Central Bank (RBI)
Reserve Bank of India previously banned crypto transactions and instructed Indian Banks not to allow purchase of crypto currency using Bank account. The decision of RBI has been challenged. A petition has been filed in Supreme Court requesting intervention and removal of ban. Let us see what happens.
https://t.co/iC03dple1F
Reserve Bank of India previously banned crypto transactions and instructed Indian Banks not to allow purchase of crypto currency using Bank account. The decision of RBI has been challenged. A petition has been filed in Supreme Court requesting intervention and removal of ban. Let us see what happens.
https://t.co/iC03dple1F
The latest petition was filed by Kali Digital Eco-Systems, An Ahmedabad firm which has planned to launch a cryptocurrency exchange in September 2018. The Kali Digital Eco-Systems has challenged the recent RBI crackdown that banned the nation's bank from dealing with exchanges or similar services due to constitutional issues.
According to Indian Constitution, Article 19(1)(G) which allows every citizen to choose any occupation, trade or Business. The court hearing on this petition is expected to arrive in July 2018.
This is the best move that an cryptocurrency exchange should do. Instead of just being silent they should fight for their right since there are no laws on India that says about cryptocurrency. Thus the decision was many loopholes to begin with. But of course even if they will fight for their right there is no certainty that they will win or lose this case. So let us just wait and see.
I support this lawsuit. If the case is successful, other countries will also change their stereotype about Crypto. Although it does allow bad sectors to trade and sell weapons, it has not been confirmed. I think the countries in the world should think positively about bitcoin so that the country becomes richer. 
This is the best move that an cryptocurrency exchange should do. Instead of just being silent they should fight for their right since there are no laws on India that says about cryptocurrency. Thus the decision was many loopholes to begin with. But of course even if they will fight for their right there is no certainty that they will win or lose this case. So let us just wait and see.
One of the largest crypto-currency exchanges in India has appealed to the country's Supreme Court with a demand to recognize as unconstitutional the circular RBI, which prohibits the circulation of crypto-assets by the decision of the central bank of India.
The country's Supreme Court demanded an explanation from the national reserve bank RBI, where it is prescribed to recognize illegal all actions with crypto-active assets. The currency exchange asks to recognize the highest court of the country as an unconstitutional ban, because it contradicts the current Indian legislation.
The country's Supreme Court demanded an explanation from the national reserve bank RBI, where it is prescribed to recognize illegal all actions with crypto-active assets. The currency exchange asks to recognize the highest court of the country as an unconstitutional ban, because it contradicts the current Indian legislation.
One petition has been filed in Supreme court of India stating that Reserve Bank of India's orders instructing Indian Banks to ban any crypto currency transactions. Previously Banks were instructed by the Central Bank (RBI)
Reserve Bank of India previously banned crypto transactions and instructed Indian Banks not to allow purchase of crypto currency using Bank account. The decision of RBI has been challenged. A petition has been filed in Supreme Court requesting intervention and removal of ban. Let us see what happens.
https://t.co/iC03dple1F
Reserve Bank of India previously banned crypto transactions and instructed Indian Banks not to allow purchase of crypto currency using Bank account. The decision of RBI has been challenged. A petition has been filed in Supreme Court requesting intervention and removal of ban. Let us see what happens.
https://t.co/iC03dple1F
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