Topic: What's you view on the court case ongoing in Supreme Court-Positive or Negative? (Read 690 times)

I was also following the court hearing for the past three days and the judges are taking on every aspect of the market and trying to understand everything and it is a positive thing and Asim Sood was able to explain that the RBI has no rights to ban this and the court too blasted the RBI to take up the responsibility and devise a regulation rather than banning it, hopefully we will have a positive hearing but i am not hundred percent convinced.

Well, here is a small update on the crypto Vs RBI case. The hearing happened on 14 Jan 2020 and the judges wanted to start the case from the beginning. Mr. Asim Sood again started from the scratch and presented the matter as favorably as possible! See the detailed update in the below links,

Twitter: https://twitter.com/cryptokanoon/status/1216949915219156992?s=19
Video: https://www.youtube.com/watch?v=ykJ2G1qAwUQ

Let's hope for the best!

I am doing P2P and i am accepting money in different accounts Axis, Kotak, BOI, Federal Bank and i never got a single notice from anyone, the reason i split in different accounts is simply because i do not want any specific transaction in a single bank at a given point and may be because of that i did not get any notification till now and even if a bank suspect crypto trading how are they going to prove that is my question because for anyone to accuse and claim something it has to stand in court and for that they need to have solid proof and not just doubts and speculation.

Hdfc, kotak, DBS sent emails to customers warning about trading VCs. Images were also shared on indiabits group.

Some also got letters suspecting their accounts were involved in trading vcs and got their account frozen.

The exchanges cannot function without having the permission to function but how can a bank freeze your account suspecting that you are trading in virtual currency, i do not see any notification that says that anyone trading in virtual currency will have their accounts frozen, i have checked all the banks terms of service and i do not see any and i have not heard about anyone complaining that their accounts got frozen because the bank suspect he is trading in virtual currency.

This is not a surprise, i do not expect a verdict through the legal system anytime soon.

Delaying the case is indeed giving us a breather, no doubt about it! But exchanges won't be able to function legally in India because the ban of RBI is still in force. So if your bank suspects that you are using cryptos and liquidating it throught the banking channel, they will be more than happy to freeze your account with all funds in it and you can't do anything to uplift the restriction legally!

However, looking at the current situation around NRC and CAA, I don't think the crypto case will be heard by the supreme court anytime soon!

Any exchange from India can' operate until the Supreme court has justice favours cryptos since RBI restricted crypto transaction so no exchange can make deposit and withdrawal all they can do is work under p2p model.

So the case is again extended, what a wonderful time to become the exchange owners in India, the smart just shut their business and relocated and the rest are fighting, there is nothing you can get if you are looking for justice as we always go for delayed justice so that everyone will be happy, the people who wanted to ban will be happy as they were able to delay them and the people looking for justice will get them at a delayed time, win win for both sides  .

There is more to this than meets the eye. It is not only understanding of how economy works but also how a macro economy works.  While crypto-investors will think from will think from their perspective only, Government tries to safeguard it's vested interest. Unless lawmakers have substantial investment in the crypto, their is a meek possibility of them viewing crypto anything but useful.

Indian gov do what Indian gov think. Why should we follow other country? Bangladesh is like a part of India only. Almost like a severed limb. Do you take orders from your severed limb? are all your questions like this? You need some fish curry to boost your brain matter.. come to bengal. We will feed you well.

update from the court and guess what..  



another date   and  The banned bill is not getting introduced in this winter session of the parliament.so relax may be we will hear something good .

Lol, we should be following the countries which are better off us and Indian government is following Bangladesh, the hell?

Bitcoin is banned in Bangladesh too since 2014.
"Anybody caught using the virtual currency in Bangladesh could be jailed under the country's strict anti-money laundering laws" but mujhe yeh nahi samajh aata localbitcoins jaise doosre P2P websites par trading kaise hi rokegi government.

Bitcoins might get banned as per Indian norms, but trading can never truly be stopped. Pseudo-Ban hi hoga. I know of 2-4 Bangladeshi traders myself, infact people are openly trading bitcoins from Bangaldesh over Paxful and LBC.

The main motive of Bitcoin is to have a decentralized currency free from Government's interference, hence I believe that the only option that the government has to either force some restrictions on local exchanges or accept the Bitcoin revolution

Result will be positive for Indian crypto community,

There are certain issues if they ban crypto?

1. Dekho bhai trading to hoti hi rahegi jo marzi ho jaye, P2P exchanges to khin se bhi work kr skti hai.
2. Local bitcoin websites is one of the best alternative if they ban crypto.

Govt. ke pass koee or chara nhi hai, unko crypto ko consider krna hi pdega as an asset exchange like SEBI recognize stock market operations.

Agar govt. ko lagta hai crypto can be use of fund terrorism then We cannot deny that, Govt. must create proper norms that every exchange has to follow.

#Wewantcrypto #Blockchain

 

The problem with the court is that they do not have a precedence dealing with a case like this and the judging panel too needs to study about it as the accusation from the government is that bitcoin will disrupt the economy and it will be used to fund terrorism and a judging panel cannot take a decision like that without understanding everything, even if it is a normal clear cut case we will face many delays, now this will be a challenge for the judiciary and i am expecting another delay even after the present scheduled date in November.

What was more exciting than that was the fact that these people covered only Facebook's Libra and so, comparing that shit to BTC is purely stupid from our Gov's end. They've already taken years, and now they think they shouldn't rush in order to come up with a policy whether crypto is approved or banned in our country? Geez, they need to understand what level of business are the exchanges losing here and due to the same, they are also slipping the opportunity of getting taxes from a lot of involved entities in crypto at a huge scale. We've got a phrase I'd like share - "Apne pair pe kulhadi de maarna". That's what our Gov did by allowing RBI to take strict actions and just stop every single person they find suspicious of trading in cryptocurrencies.


Dr. APJ Abdul Kalam's Birthday which was later declared as "World Students' Day" in 2010 by the UN.


Trust me, you won't be able to see this quality fully developed in our country at least during this birth of yours.

Which holidays were on oct 15? They could have heard the case on specified the date and given a new one.

What happened was they keep delaying, which also gives more time to RBI then whatever was specified.

Our nation needs to be punctual.

Regarding, use of crypto in terrorism, it might not be a 'pure bullshit' it does get used for illegal purposes but guess what crypto's use for illegal activities is much lesser than cash.

Edit: https://bitcoinmagazine.nl/2019/07/dollar-800-bitcoin-witwassen/ (use translate in your browser).

In supreme court last case happens in August 2 of 2019 but there is again post poned to other date actually cryptocurrencies may ban or not it is not finalized actually it leads more time I think it will take time to decide. It may ban or may survive 50 and 50 chances are there let's see what happen we have to wait and see that's it no more options.

How come these shit guys who don't even have an IQ level of 0 and IQ goes under negative when they are asked to sing the National song because they don't even know it, will make policies about crypto? They know nothing about crypto, not even interested in learning more about the aspects how crypto can be useful to our country or any place where it can be used. They know nothing about blockchain, don't give shit when it comes to giving time to learn more about it. Come on, they can't learn shit about it because they're too busy with their business (politics) that they have the excuse not to take time to understand anything. The reason why they can't get these things in their brains is they're all oldies and we've got nobody like Anurag Thakur to take immediate actions after analyzing whole situation in the country about a topic we're all eager to get settled. These oldies just hear this and that about BTC from some rascals claiming that BTC is a ponzi, and voila, the next day they come up with a Bill asking the court to ban crypto completely without even taking the time to understand that it wasn't BTC's fault if somebody used it for their criminal activities or to scam someone.


Again, the delays are also due to the fact that the Supreme Judge himself may not be able to understand and is being tried to get brainwashed about the whole situation while crypto really has nothing to do with what our Gov is presenting as an argument in front of the Honorary Judge. One more cause is that our country's case decisions take years to be actually received due to the laziness and trials by advocates to take dates ahead in the name of "We need more time to gather more evidence for our case to be proven strong".