Bitcoin Forum

According to this news story at INC42 website (https://inc42.com/buzz/cryptocurrency-delhi-high-court-issues-notice-to-rbi-and-others/), a PIL has been accepted by Delhi High Court.  It has issued a notice to following bodies:

1. Reserve Bank of India (RBI),
2. The Union of India through Secretary, Ministry of Finance and
3. GST Council

A hearing has been scheduled for May 24.

The main points in the petition are:

• The responsibility to recognize a trade as a service and define justified taxation falls on the GST Council. It has failed to introduced any appropriate regulations with respect to cryptocurrencies in the Goods and Services Tax law.
• RBI is dealing with cryptocurrency in an unprofessional manner. It doesn't even define ‘cryptocurrency’  properly and vaguely stated that 
  
  Quote
  “Virtual Currencies (VCs), also variously referred to as crypto currencies and crypto assets, raise concerns of consumer protection, market integrity and money laundering, among others".
  This is a arbitrary statement without any though behind it and has been rightly questioned.
• They have quoted Article 14 and Article 19(1)(g) of the Constitution of India. These imply that every person has the right to equality before law and all citizens have the right “to practise any profession, or to carry on any occupation, trade or business.” Clearly, such an arbitrary decision goes against these principles.

Now that the matter is in front of court, hopefully we'll see some rational arguments from the regulatory side rather than stupid blanket bans and demonization.
It looks like the people at Kali Digital here (https://www.coinrecoil.com/) are the ones who filed this petition. More power to them. Show them some love.

Acceptance of the PIL is just the first step. The court has just accepted the petition, but it has not provided interim relief. It would be premature to read too much into this.

Correct. No celebrations yet but if the matter goes to court and there is a hearing, the govt. will have to clear its stand regarding taxation. RBI as an autonomous body will have to provide better data based judgement than giving out blanket judgments like "Cryptocurrecies raise concerns of consumer protection, market integrity and money laundering, among others".

With the example of other countries willing to accept and consider some form of regulations, the govt. cannot simply choose to ignore and ban. The lobbying is on. Lets see where it takes us.

Call me a cynic, but I don't see that as a step forward at all.

https://timesofindia.indiatimes.com/city/kolkata/lawyer-files-pil-on-cryptocurrency/articleshow/62397340.cms

The Supreme Court had issued notice to the central government and RBI in November 2017, seeking their response on cryptocurrency regulation. Nothing has moved on that front.

The Central Government had formed a committee to study the impact of virtual currencies. We haven't anything more about that as well.

Correct. No celebrations because the matter goes to court and there is a hearing, the govt. will have to clear its stand regarding taxation.Acceptance of the PIL is just the first step. The court has just accepted the petition, it would be premature to read too much into this.

You mean to say we will get a 'just' resolution to the whole Bitcoin issue? That too from a corrupted (https://www.thehindubusinessline.com/news/supreme-court-crisis-all-not-okay-democracy-at-stake-say-four-seniormost-judges/article10028921.ece) body?

Just look at how they are handling the Aadhaar issue since 2014. Its been 4 years since the debacle started and yet they haven't reached a conclusion on whether the -clearly intrusive and privacy-busting, Aadhaar system is unconstitutional or not.

Gomment hi nahi, adaalat bhi bik gayi hai mere bhai.

The judiciary is still relatively clean, especially at the top level. There is a power tussle going on at the top level, but that shouldn't affect the larger scheme of things.
I am also  not very hopeful about a positive outcome - but that has to do with the conservative mindset of people in power and the respect that the RBI commands.

Clean? Dude a judge was murdered and the senior most judge in SC was BRIBED into setting up the bench in a way that the convict - The BJP Main guy can roam free.
How is that a power tussle? Did you even read into the whole matter?

If you still don't get it, let me retry : The senior most judge in SC, the man who signifies the justice system in a free and democratic country is corrupt (and biased towards BJP)

Lol Source or  are you also a conspiracy theorist like 9/11 didn't happen and 26/11 was RSS job?

no point accusing someone without any substantial proof and if you have proof bring to the Media and try your luck  SIR, you may become famous.

Good Luck.

I totally agree with you, at this juncture we are in an undeclared emergency; where every institution appears compromised.
Read this scathing article on the state of Indian judiciary.

https://barandbench.com/judge-loya-verdict-supreme-court/

Thanks for the shitpost but since I don't shitpost like you the sources are already linked in the previous post. If you shitpost on this thread again. I WILL TAG YOU.

And what's going on, is already common knowledge. Instead of asking to be spoonfed, do yourself a favor and do what most 21st century folk learned to do a decade ago. GOOGLE.

I hope the judicial system will come up with a fair decision and allow everyone to trade in cryptocurrencies.

The entire system is corrupted, i can link to many cases where they were caught and you never know how many are there which have not come up to light.

1.India supreme court 'in crisis' over retired judge corruption case (https://www.theguardian.com/world/2017/nov/14/india-supreme-court-in-crisis-retired-judge-corruption-case-cash-for-decisions)
2.Retired Orissa High Court judge among 5 arrested by CBI in corruption case (http://www.thehindu.com/news/national/retired-orissa-high-court-judge-among-5-arrested-in-corruption-case/article19726684.ece)
3.How a corrupt judge continued in Madras high court (https://timesofindia.indiatimes.com/india/How-a-corrupt-judge-continued-in-Madras-high-court/articleshow/38760632.cms)

I am sure they wont come to power next time if people could think rationally and cast their vote, they just like to play the age old religious polarization and ruining the country and the sad part is that the opposition is pretty weak and there is a power vacuum.

I am hearing about the 26/11 conspiracy for the first time, is this a general talk in RSS camps. :P Don't forget that there are many atrocities being done by the RSS terrorists in north India.

Exactly , RBI has to represent its thoughts and decisions with proper factual data so as the court should approve it. Moreover, it is the matter related to the whole country so they had to be very accurate in their decision .

I have a premonition about the outcome.
The thing is that there is no expert in this field in the govt sextor, also they'll try to pander to the Banks and Economic Institutions that feel threatened by cryptos.

The govt has a very myopic view on these things, unless the sector attracts politicians. I have little hopes.

There definitely are cases of corruption. But if I had to pick somebody who is least likely to be corruptible, I would pick the judiciary any day over the executive, legislators or bureaucrats. If we dwell too much on the integrity of the judiciary, this will become a politics and society topic, rather than a Bitcoin one.

I still think that the judiciary will not give a verdict favourable to crypto exchanges. That is more to do with the esteem that the judiciary and most people hold the RBI in, rather than the judiciary being corruptible.

Has someone been following this case?

Any updates regarding the hearing or the next dates for it?

Things don't move quickly in our country. The next hearing is on 24th May. Expect things to proceed at a snail's pace.
You can find details on the Delhi High Court's website.

Well at least one thing good that matter at last went to court and PETI Accepted which means peace of mind for next 10 to 15 years [ Pathetic slow judicial system ] , so whatever outcome comes will not be soon at least not next 5 years . So enjoy till then lol .

Man! It breaks my heart to accept this but yes, you are right. BJP has been co-opting almost every institution of repute by putting their own cronies in positions of authority. Granted that Congress did this in their time too but at least they had an inclusive vision to feed the public. This ensured that the general atmosphere in the country wasn't so vitriolic.

The Judge Loya case you refer will be a shameful blot forever on us. The way they paraded that poor, scared son of a bitch in front of media to provide a clean chit to "Big Uncle" was unbelievable. In any other place, this would have created a furore of cross questioning on witness manipulation. Instead, the news quietly died down. It is pretty clear that BJP is ruling with a heavy hand on media and all kinds of freedom. All in the name of patriotism. For a young man unemployed/ underemployed for years, nothing gets the blood boiling more than a few cheap calls to "akhandta, asmita, sanskriti" and all that. Harping onto these makes the youth feel empowered and willing to act, like they really mean something in this whole circle jerk of politicians and businesses working to keep them in the cycle of subservience.

Flintstone Technology files petition at Delhi HC against Reserve Bank of India order

New Delhi, May 5 (IBNS): Flinstone Technologies Pvt. Ltd., which is conducting its business under the trade name of Money Trade Coin (MTC) has filed a petition at the Delhi High Court on Friday, demanding a stay on the Reserve Bank of India circular, which ring fences all entities regulated by it, including banks from conducting business with individual as well as business entities dealing in virtual currencies, an official release stated.

Link (https://indiablooms.com/finance-details/8837/bitcoin-ban-flintstone-technology-files-petition-at-delhi-hc-against-reserve-bank-of-india-order.html)

https://i.imgflip.com/29pcsb.jpg (https://imgflip.com/i/29pcsb)
via Imgflip Meme Generator (https://imgflip.com/memegenerator)

They seem to have filed a separate suit. This is in the Delhi High Court as well. Couldn't they just implead themselves into the suit filed by Kali technologies? Or the High Court should just club these petitions together.

let see , but new like Coinsecure will not help the case in positive way.

If Major publishing house also against bitcoin it require good defense. Judges are also human being there judgement can be affected by article like this.

https://economictimes.indiatimes.com/wealth/invest/7-reasons-why-you-should-not-invest-in-bitcoins-cryptocurrencies/articleshow/60891341.cms

This article is more than 6 months old. An article which says why you shouldn't invest in Bitcoin is different from one which argues that it should be illegal. In any case, I think the judges will rely on expert opinions and not be swayed by media articles.

I do not think that the coinsecure hack will be a hurdle, there must be a precedent that the exchanges will be responsible for their inability to safely store the coins, the amount of money an exchange earns is huge and they must be responsible for the coins deposited in it and a regulation should patch these things, i hope we will have a reasonable decision in the end .

hopefully, courts involve in cryptocurrency with bank withdrawal resume life before with the court stay order we may continue as usual business

ET is clearly telling its user base to stay away and I do not think they got any change of stance in these 6 months.
I am just wondering, what will be the defense opening statement for bitcoin?

If they say "Bitcoin is currency" than I guess case will be shutdown on very first day as there cannot be any other currency in India other than INR.
Bitcoin is not a commodity.
If you say Bitcoin is a security then which corporation will be backing its value?

With all this negativity it require a good attorney to defend who can alter the conventional way of thinking.



I think government and RBI take serious notes for common people losing money like this ,even  whole banking framework  looks a big failure than coinsecure in case of PNB+Neerav Modi.