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".  

Very true Erikaui. Sadly this really seems to be the case with the present Govt. They have played the populist politics very well to gain an unprecedented presence in both houses. Yet, it is getting more and more evident that they just don't have the expertise when it comes to policy making or implementation.

Also, I think the delay in SC is also attributable to the other massive hearing going on right now on the Ayodhya matter.

The postponement of the date could be because of holidays.

What's exciting is this : "..many countries were cautioning on rushing into this; - Sitharaman

Despite the negative pressure from the govt. they haven't outrightly said its something that is entirely a bad thing or banned for non-commercial use. They revolve around the word caution. Sooner or later they would have to realize that their caution to the public of the virtual money being used for terrorism or to invade consumer privacy is pure bullshit that the average person can see right through. It is then when they will have to shift their narrative.  

I believe we will never get a proper resolution in regard to the crypto hearing since it will always keep going on and on while other countries accept crypto and reap its benefits.
Only then will the Indian government realise the benefits of legalizing crypto and may be then accept crypto as it is.
Anyway, I have been kept on telling this, it won't matter if the India government doesn't favor the crypto case because there will still be ways to use crypto.
It's just that we will face little difficulties but it won't make us stop using crypto completely.

actually that's what I am thinking rt now .. but if they ban crypto then it will huge loss for India and their people.. and govt action will increase the black market for buy n sell of crypto .. in the end, govt will lose tax and other charges.. and they will kill the thousands of crypto users income source.

I believe they've just done what they wanted, stopped the banking services by not allowing them to serve exchanges and other people who are anyhow related to crypto dealings but everyone's got their way, thanks to the somewhat untraceable nature of BTC and if you do it right with the use of both VPN and a different address usage every single time you conduct a transaction, I think nobody will be able to trace your back till you leave any fingerprints (evidence) behind. Honestly, like most crypto enthusiastic people, I also don't want the decision to take place as this will be where the Central authorities will jive in, taking control of almost everything from the roots.


Please respect by keeping the first letter of Guru Nanak Devji in capital. However, FTFY.

I guess that draft bill will be debated in winter session, this can overrule the court decision so this case may never get it's hearing.

Indian laws made of politicians influence and loopholes but not for the betterment of country.

actually on 12 November we have guru nanak ji birth anniversary and thts why off day on 12 nov... and on 19 nov not sure if court will hear the case or not,  you know the indian law system .. everything and nothing is possible there

almost a year now. or more ?

Regardless, am not sure i would want the decision to happen anyway because it does look like going to the wrong direction.

maybe it's good that we keep getting, tareekh pe tareekh

So it again got postponed. Why they aren't willing to even hear the case? I'm not being negative now and am absolutely clueless whether they want to ban it or not. Sad thing is that our Government has strong views when it comes to politics and nothing else and due to this so many exchanges went bankrupt inspite of following all legal norms.

little correction in court date: Next date is 19th November 2019. Initially the date of next hearing was fixed and verbally communicated by the Judge as 12th November. But since 12th Nov. is a holiday as per Supreme Court calendar, so the next date has been extended to 19th Nov .... taeekh Pe tareekh as expected:

I strictly believe that the Gov is still not in favor of BTC at least and they want their national digital currency set up. I don't know why they want to come up with the same when we already have PayTM, though it doesn't have blockchain involved but all the remaining features are the same - everything straight from your bank account to the other party's account where we all get our finances tracked by the Gov and Higher authorities as well as Tax Authorities and we may be traced through as well as reached too because we give our number as well as many of us follow the KYC procedures as it is now mandatory. I think there should be a one on one debate between the community and some Gov officials in the court itself and the hearing should go on till a decision is taken because no matter whatever the outcome is, people will continue to use BTC and this might also increase some "in the dark" trades. It's like if we get something positive on our side, this will at least let those businesses (exchanges) get the pleasure to begin serving their customers with those trades which were stopped due to RBI's involvement here.

^ Yeah the adjournment of the crypto case has become a common thing  :[ But I don't think that the Govt will impose outright ban on Crypto. I believe that they'll most probably comply with the guidelines set by the Financial Action Task Force(FATF) of the G20 nations. Further I'm sure that FATF will have a positive stance towards Crypto, considering that Japan is Crypto friendly.

Indian law system sucks very badly.. one thing is coming very frequently from there and its taeekh Pe tareekh   the court could not hear the case and adjourned the hearing to 12 november 2019.may be govt is trying to push back so they can get some time for bringup the ban bill   .. I am 99% sure we will get crypto ban because banning is easy .you dont require to have teach knowledge for banning something, only 1% chance for regulations.

Users or even people who understand cryptos in India is a very minuscule percentage. These things are far from Government's mind to take care of. I think Supreme Court on this matter will only take a stand which aligns with Government's policies and directions. In this respect, I think India would go along with what is being done internationally like the committee formed during last G20 submit.

I have my fair share of experience in civil court proceedings as well I didn't mean that it's listed as 1st in the monthly causelist. Instead, it will be listed on top of the board which means that it will be one of the first cases to be heard on a said day ie. it will be the 1st item in the daily causelist. But yeah if the Judge doesn't feel to hear the case he may postpone it. But normally if it was ordered to be listed on top of the board, the Judge is more willing to hear the case rather than adjourning it to another date.
You can check this - https://sci.gov.in/supremecourt/2018/19230/19230_2018_5_20_17303_Order_01-Oct-2019.pdf

Edit: Just checked the daily causelist - Its listed as Item No.2 in Court No.5

Speaking from experience. Getting on the monthly causelist does not mean it'll def. be heard. It could be pushed down again. Seeing how little hype there is during these dates, I think it might not get covered either. Let's see what happens on Tuesday.

Out here in Calcutta, this date comes under the annual vacation dates. Not sure whats the case there...

The case was listed down the order on 25th Sep and 1st Oct causelist, so the case was not heard. Now the case is listed for hearing on 15th Oct on top of the board ie. Its 1st on the causelist. So the case will definitely be heard on 15th October.

Does anyone know what happened to the 25th September date? (or the 1st October date) .. Was any progress made or was it postponed? (again)

Considering the arguments, the petitioners have made a good case. Yet, the court has now taken the stand that they must "respond". The exchanges have not yet gotten any such response since Justice Nariman directed RBI to do so. (Or maybe privately they have).

The next hearing will only make sense once RBI has responded to the suggestions provided by the exchanges. A lot also depends on the way things are seen in media and how much traction they gain. Do retweet the posts by Nischal Shetty, WazirX founder at his twitter handle @NischalShetty

I wouldn't say that the current Supreme Court case against the RBI ban is being prolonged for a long time. Yes there have been cases which were dragged for a long time without judgement unnecessarily and leaving the criminals off the hook. But in this case, I haven't seen any such anomalies. No unnecessary adjournments were given, and the judges are hearing out both parties without a predetermined mind set. From the current situation, I would say that the judgement would most probably be favouring crypto.



Just because some major companies are launching their own cryptocurrencies, I don't think India will start their own cryptocurrency atleast not until some developed countries launch their own cryptocurrency.

That is what expected from a country like India where criminal cases are stretched so long that the victim gives up being tired and losing all his money in the case for the prolonged period of time.

Though RBI have a chance that the Supreme court will favour the RBI ban on cryptocurrencies, you never know what might happen and the unexpected might become the reality. Now that bigger companies like Facebook and Telegram are into cryptocurrencies I think that the chances of India regulating cryptocurrencies and bringing their own coin is damn very high.

Now the matter is to be listed before the Court on 1st October 2019 its not a Confirmed date ,even if court judgment comes in favor of crypto then that bill will put down the court judgment,so i am not feeling positive about court..Crypto regulation can create tons of direct jobs and billions in revenue but govt doors are closed.parachute and mind works only when its open and currently our govt and rbi on other side with closed door so nothing will happen and soon or later crypto will be ban in india.



bill - https://pib.gov.in/PressReleasePage.aspx?PRID=1579759#.XTWnYn2ooAE
https://www.scribd.com/document/417445633/Alleged-Draft-of-Banning-of-Crypto-Currency-Regulation-of-Official-Digital-Currency-Bill-2019-India

Current case is against RBI's banking ban, while bill will be debated and passed through Parliament.

Please correct if wrong, I don't understand these things much.

If this is right then what is the point of arguing this case?

I don't think the bill will be passed of supreme court favours the crypto currencies.

If RBI loses this case, the chances of this bill being passed is very less. It is only a matter of concern incase this case against RBI is lost. I don't think a case that has been dragged for a year would even get any result this year. So may be next year then.

Even if current case gives positive result, we have another big hurdle. That crypto ban draft bill will be presented in Parliament. If it passes it will be a complete ban.

Please update on this thread about the discussion too if possible.

I am not available o twitter to get update this.

This is to inform you all that yesterday the case was not heard by the judiciary bench due to other high priority matter. It is likely to be heard today.

Make sure you follow crypto Kanoon twitter handle to get minute update on the hearing.

Things are going to get interested because RBI has replied to the petition of Indian crypto exchanges which will be read in front of court today.

If everything goes well, the hearing is likely to be completed today!

This matter was discussed in the court as well. If you have seen the arguments, there were a mention about how Japan and other developed countries have regulated bitcoin and cryptocurrecnies by implementing KYC and AML law in it. However, every country has different socio-economic scenario and their needs are different. If bitcoin is regulated then it is definitely a great news because we need fresh stimulus to the economy that is slowing down continuously! Adopting cryptos into the mainstream economy will bring more opportunities and create jobs for the tech-savy youths. I hope the government understands the positive impact first before passing out any further arbitrary decisions like RBI. 

To the government the committee suggested to bring official crypt for India not something like bitcoin or other decentralized crypto.

I think they will change their stance towards crypto, now that libra (fb) and ton (telegram) are introduced and many other popular institutions are following thru also. For sure, they have big number of FB and telegram users from their country. And if they see that big companies are supporting crypto where most of their constituents are already part of, I believe they will loosen up a bit and will put regulations instead of totally banning the usage of it.

Anyway crypto currency will be going to regulate in India very soon because of already top list country are regulated the crypto like Japan and more, and coming days some big companies like Facebook and telegram launching their own crypto coin, so I hope that Indian government and RBI will getting the crypto regulations in India very soon.

I wish that Supreme court will lead the case in the favour of crypto currencies.

But I feel that RBI will argue that allowance of crypto currencies will increase that crime related transactions with very ease.

As we all know that Crypto Vs RBI hearing is ongoing in Supreme court. After a long time the case taken up by the Supreme Court and hearing is going on actively.

Crypto Kanoon is providing updates on every hearing directly from the courtroom when the arguments are happening. So far we have had 4 hearings after the case came back from coffin and we have detailed documentation of hearing available for us to read.

Current status: Supreme Court has ordered RBI to reply to IAMAI/Association of exchanges to their request of re-considering the banking ban. Last hearing happened on 28 August, 2019.

A consolidated list of all arguments are available in CoinDCX website as they were sponsoring the entire team of Crypto Kanoon to provide the updates to the mass. See the link below,

https://blog.coindcx.com/crypto-vs-rbi/

If you have time, I would request you all to go through the arguments starting from 8th August 2019 as many great points were discussed during the arguments. Post reading that, let us know what do you think about the outcome of the case? Do you think the case is going to be favorable for cryptos in India and pave way to new opportunities or will India continue to keep their orthodox stance against cryptos?