Topic: There is no complete ban on VCs - RBI said in Supreme Court (Read 269 times)

I wonder if they'll try and pass a law and come after P2P traders next.

I saw another thread about a user getting a warning from his bank

Yet another adjournment?

Employed in govt/non-government sector people always have tendencies to evade tax and thats the truth.More or less 50% genuinely pay their taxes.
For example in most of the private sectors they maintain 3 types of records-First one (originally what the pay to their employee),Second One(just for the sake of records),Third one(Records to be shown during audit and Income tax raid/policy).

So you see there had and always be loopholes and way out and money laundering will happen.
Now-a-days we see advertisement like PAYTM karo-
RBI only fears that soon the slogan may change to bitcoin karo and people will stop using banking services.

Example of their work -- banks and rbi

Aam logon(mango people) ki maro aur udhaari o Vijay Mallya/Nirav modi ko).

They fear giving financial freedom to people that is one of the main cause.

If I'm not wrong only employed people are paying taxes honestly in India and the rest of the businesses knows the loopholes in the system so they play with it to escape from taxes. So if only taxes are concerned then they may need to ban many businesses but RBI thinks that cryptos are something like pyramid schemes and people can lose money so they put restrictions as of now but in future, they may change mind but not sure.

Since RBI ban, many people now take an illegal way to trade cryptos. This way many people may get scammed so they need to regulate this market soon.

Good to know and thank you for sharing information.
Until and unless the government frame some fixed rules or regulations its really a pathetic situation for miners as well as traders.
Delaying for months is simply worsening the situation and moreover we saw many exchanges already moved their base to a different country and more are doing so.Moreover more and more scams will operate because still many people are unaware of this technology and there always will be tax evaders LOL.
Whatever may be the outcome people ho had been in crypto market will be there and there are many ways to keep continuing.
The only problem is that it may sometimes minimize profits.
Good luck and happy trading all.

RBI filed Counter Affidavit in Supreme Court and stated many interesting points:

- There is no complete ban on VCs.
- RBI not against Blockchain.
- RBI has done its homework before issuing circular.

Source: https://twitter.com/cryptokanoon/status/1041381750079979521

Legal explanation in Hindi: https://www.youtube.com/watch?v=78sZwZdxBzs

  it seems your question is the answer too. But still hope for the best

Will the decision be 9/11 for the Indian Cryptocurrency Towers?

Present government though is very much in favour of digital currency.  Cashless trading is being encouraged.  But when it comes to the usage of crypto currency; the Reserve Bank of India bans its trading via using the Banks in India.

IMO that the government is fearful of money laundering; or misuse of this currency for terror attacks.  India is already worst sufferer of religious fundamentalists terrorists. 

So in view of the above I think that the Governments just wants to regulate it's transactions because they have not banned it till date.   The decision will definitely be in favour of crypto usage but may be under certain regulations.   

One is bitcoin and another is blockchain. They are not the same.

what you think ??  will we get the positive news on September 11 

With the impending banking ban by the Reserve Bank of India, cryptocurrency exchanges in the country are scrambling to find banking alternatives. Two Indian exchanges have announced that they are launching P2P crypto trading services which will allow traders to buy and sell crypto legally even after the central bank’s ban.

ragiantex.COM P2P Service

ragiantex.com

With the banking ban by the central bank set to take effect on July 5, Indian crypto exchange ragiant.com has been working on a solution for users to buy and sell crypto without needing a banking service.

The exchange announced last week that it is launching a P2P crypto transfer service which it claims to be “the most legal way to buy/sell cryptos in India after the RBI ban”.

The buyer and seller can deal with each other directly while RAGIANT acts as an escrow account for holding the cryptos during the transaction so that neither party cheats the other.

RAGIANT releases the crypto to the buyer upon receiving a confirmation from the seller, he noted. “We verify the KYC details of every user before allowing them to trade on RAGIANT, and keep a record of each and every transaction that occurs on our exchange.”

Launched in March, RAGIANT currently supports the BTC trading pair

With over 100,000 users currently, he added that his exchange is the “fastest to list those many coins in India in such a short span of time.”

Planning for RBI’s Ban

The P2P trading service will launch once the RBI ban takes effect, Shetty explained. According to the central bank’s circular, the ban prohibiting banks from servicing crypto businesses will commence on July 5.

People have been worried about how they would convert their fiat (INR) to crypto and vice versa. As soon as we announced P2P there was a big sigh of relief as users in India realized there are alternatives to the ban.

Five known petitions have been filed with the courts against the RBI ban. The supreme court will hear all cases on July 20, except for one petition which was filed by the Internet & Mobile Association of India (IAMAI). This petition will be heard later. “After considering the urgency, the supreme court decided to hear this one out on 3rd which is before the RBI deadline,”  ragiantex is a member of this association as are some other major crypto exchanges such as www.bittsbase.com  and Zebpay also starting p2p services in India

YOU CAN BUY AND SELL BTC AFTER RBI BAN ON EXCHANGES THROUGH BITTSBASE.COM WHICH IS ESCROW SYSTEM  the most legal way to buy/sellcryptos in India after the RBI ban peer-to-peer model to facilitate virtual currency trade without using normal banking channels

I don't understand why nations reject bitcoins when it should be embraced as the perfect financial instrument to democratize any economy, which is what I think India needs. Bitcoins is really huge, rejecting it means missing out on something big and accepting it means taking in something really big. So, let the Indian authorities act wisely.

tarikh pe tarikh. nothing is planned in rbi. first they will impose blind ban then research on  it.

one side india is banning btc and rbi already imposed a ban and matter is in court. on the other hand there is a conference in Hyderabad with niti ayog and govt. whats going on. 

Things looking not good for Crypto in India,Rbi dont want to regulate bitcoin they just want blanket ban,this move will have negative impact on indian bitcoin community,they need to wait 2 months again to know the fate of bitcoin in india.

why supreme court did that? I was waiting for the exchanges to be opened again.

The petitions in the Supreme Court seeking regulation of Bitcoin and other cryptocurrency in India have been listed for final disposal on September 11.

The Bench of Chief Justice Dipak Misra and Justices AM Khanwilkar and DY Chandrachud acceded to the request made by the petitioners and the Reserve Bank of India (RBI) that the matter requires to be heard without delay.

Details: https://barandbench.com/cryptocurrency-matter-serious-could-encourage-illegal-transactions-rbi-tells-supreme-court/

September 16, 2018 Update: RBI has filed a Counter Affidavit in Supreme Court and said - There is no complete ban on VCs.

Legal explanation in Hindi: https://www.youtube.com/watch?v=78sZwZdxBzs