Bitcoin Forum

On July 20, the Indian crypto community had its eyes on the supreme court as the much-awaited judgment on the petition against the RBI (central bank) ban to provide INR and banking support cryptocurrency businesses, was to be pronounced. But Since SEBI and few others have not filed their response the date for the hearing and argument has differed to September 11, 2018.


https://coingape.com/indian-supreme-court-pushes-rbi-crypto-ban-petition-september-11/

The effort of the Bitcoin trading floor in India to regulate the market has prompted the Indian government to reconsider its currency and India has not banned bitcoin or electronic money.

Yes, now everyone is waiting for the judgement day. However, I believe that the Supreme Court will take a decision in the favour of the crypto community because it is something that might affect the economy and empower parallel economy if banned so the best solution is to allow cryptocurrencies and charge tax as per the existing rules instead of forcing users to trade in cash.

I think the court of India will not ban this coin because many of the people invested money in BTC based on this people will suffer if they ban so their court will take proper step for btc because they care about their citizen.

By september 11 whole crypto market might get out of this bear market and bitcoin might be surging over $15k atleast by that time. They are extending this panic period so that noob indian new crypto-investors can sell their bitcoins at cheap price to some of the Indian big bank's personal or government officers. They all know there will be regulation on cryptocurrencies rather than a complete trade ban in future but public don't know anything about this. Huge profit for government officers and big banks..Well played.. ;)

Crypto ban in India will do no good for the Indian Govt as well as Crypto enthusiast in India. To both get benefited, Indian Government must allow Crypto Currencies like China, Korea and other many countries have done but to enforce some regulations over Crypto trade what will make feel the Govt. safe. Then all of the people as well as Bank and Govt. will be benefited by the actions.

The community that truly loves Bitcoin is not a negative thing because it is their right to continue to dedicate a desire for a more advanced Indian future by adopting cryptocurrency as a force for the future, following the steps of a country that has long adopted Bitcoin, court decisions about clarity about crypto, I hope it will be very positive to make Bitcoin pump bigger than India.

yeah, the funny thing is this news is only affecting the newbies who don't know what to do with their money and are insisting on throwing it away. otherwise if you check the Indian markets you can see everyone has been buying bitcoin off the market. for example the Localbitcoins volume has been growing ever since this drama began over there...

Keeping an eye to the issue and the judgement of the supreme court just mean that the people of India are really very supportive to crypto currency. And I know crypto currency will win.

Every person who is attached with crypto waiting for this judgment what kind of decision supreme court give, before date was 20 July but now next hearing will be held on 11 September but i think RBI is planing to regulate cryptocurrency and in judgment 99% chances is RBI will loose their case and crypto lover will be win.

who exactly is "us"?
are you from India? and are you running a bitcoin exchange? because that is the only case where you would be caring so much about this news otherwise regular users who are already familiar and interested in bitcoin don't need this news to buy it.

We all are looking for this day. I think the court will take judgment in a favor of cryptocurrency. Because of some reasons the economy also effect by it, if it banned the economy will suffer.

I think that bitcoin will not be banned in India as there are huge numbers of investors of bitcoin in India. Moreover government is also planning to impose tax on the earnings from crypto currency in India. So I think that judgment will be in favor of bitcoin.

As far as I know they will be cancelling and reverting there decision about cryptocurrencies ban in the country, so hopefully we will see as India will become a crypto supporter.

But isn't it the Indian Supreme Court has postponed it and moved the decision on Sept 11?


https://www.coindesk.com/indias-supreme-court-pushes-crypto-banking-ban-hearing-to-september/

So it is still in effect. However, as much as I want to think that the Supreme Court will reverse its ban? I don't think that they will make that sudden U-turn. They have already uphold RBI's decision earlier. But I would be really surprised it they will suddenly junked their earlier decision and override it.

but it is or at least was on the verge of banning crypto. it was really against it and he government wanted full control and wasnt going to have it.

Right now in Indian crypto currency is banned but now they wants to judgment the market. If they satisfy then they will change their decision and accept this digital crypto market.

Indian government really needs to reconsider their decisions on the crypto currencies. It is very foolish to dismiss the market just like this because it is a decentralized market. they need to see that other countries are actively taking part in this and is bringing welfare to their economies.

India is now currently one of the strongest nation with large population and immense advancement, according to reports, it is highly likely that the supreme court will go in favor of cryptos. A developed country like them won't like to miss out a piece of this cake.

Crypto will be more advanced if the country India supports Cryptocurrency and legalize in their country, because so far some countries still do not support Bitcoin as a tool of transactions and I am sure that's what makes the market price is difficult to rise.

Users from India could have found a different way to make use of bitcoin, else now the market might have experienced a huge dumping. India has grown as a big market and now the circulation hasn't got affected even after bitcoin ban proposal and the reconsideration from the Supreme Court. So, from my view it is clear that unlike the regulatory compliance the growth of cryptocurrency will continue in India.

they are  currently working on regulating cryptocurrencies.
it is not exactly a U turn because the government never banned bitcoin or cryptocurrencies in first place to want to change that, it was just their Reserve Bank that blocked exchange accounts. and also it won't be total freedom, it will be a regulated cryptocurrency market in India.

According to experts in India, they might adapt to cryptos as they dont want to lag behind in technological revolution while they are considered as one of the superpowers in the world. This will be another stepping stone for cryptocurrency.

I have been waiting for this news to come because ever since the day the judgement was initially meant to be delivered, there have been several threads on the forum on the effect of the 'ban' that has not even occurred yet the news have spread beyond normal sending some level of panic into the market and the exchange sites that have started the process of discontinuance of their service before getting the court pronouncement. What I see here is delay tactics deployed on the part of the government then spread the panic which would make their job easy by the time the pronouncement come in their favor. Like I always maintained what the side of the crypto community should have done is to have asked for interculatory injunction for all parties to maintain the status quo until the decision is made.

whether such reasons can be accepted?
did not they know from the beginning that bitcoin is a very risky investment.
i think the investors from india are experiencing kerugia, they do not fully understand about bitcoin.

I am seeing lots of big time investors and talented blockchain engineer from india so it legitimizing cryptocurrency on their country is one of the most awaited things to happen by its citizens. Indians are bringing positive impact in cryptocurrencies so I hope that this issue will be resolved soon.

This judgement that it seem like everybody is waiting for I do not see it making much difference in crypto currency business around the globe the big players are still going about this business, because this Indian judgement will not affect anything, quote me.

Although India government has banned crypto currency. but I hope it will be a day come back to reconsider by government take decision to unbanned crypto currency. because it will be helpful to  improve their economit's.

India, although it occupies a good part of the market, but is not fundamental in the impact on the bitcoin exchange rate. so do not worry

Yesterday i just read news RBI is requesting supreme court to bring regulation on bitcoin and cryptocurrency as this can impact the indian currency on global scale. RBI is playing double standard since begining if they want to bring regulation than bring it why to ban transaction between banks and crypto exchanges. Hope soon positive crypto regulation we will be able to see from the indian judiciary.

ya it is not a big matter for global market even india ban cryptocurrency. i know they have big users in crypto but it is still not a big problem maybe. i believe some of them still use it even their gov ban it

Now the next hearing is on 20th August 2018 and we may have some judgement coming soon. In the mean time, other exchanges like Unocoin also have stopped deposits and exchanges.

India is definitely trying to normalize the current situation regarding cryptos. Hopefully their supreme court will give its verdict in support of cryptos, which will ensure employment for a lot of indians, increased GDP and imposed tax on crypto transactions will bring good news for Indian government eventually.

indeed the Indian state is full of controversy about cryptocurrency.
I still remember when cryptocurrency was banned in the country.

but now the proof is that the Zebpay and WazirX Exchanges received FIAT India x Bitcoin payments again, after which they were banned. LOL

The month of September 2018 is very crucial for the crypto community. There are many official decisions to be made on this month. As you posted 11 September 2018 could be the judgment day for crypto in India including the ETF decision to be made by SEC US in month September as well.

Indian govt. showing much strict motive to crypto users recent.They banned crypto and try to regulate it more but crypto have its own way which have made by the users,investors,market condition etc.

In the end, India is expected to be as unsupportive of crypto as China, and both countries may be trying to prevent investors from losing money.

India is very good at software, we know it. but I do not know why they do not like crypto money. on the other hand, Maltese government has good strategy.

I speculate that they like crypto, but the problem is with their Central Bank. We all know that banks see's crypto as a threat so I'm not surprised at all by the moved of their Supreme court to support RBI's ban. As fas as Maltese, their government thinks otherwise, they are very friendly because they understand the potential good effects it can bring to their country as we all know that they are in the stage of development and they know that embracing crypto will be a game changer on their country.

Major economies including the U.S., Japan, France, and South Korea, Switzerland, UK, Russia etc. have started to implement more practical and efficient regulations to ensure cryptocurrency exchanges, blockchain projects, and base layers can grow without being negatively impacted by overly strict policies.
While major countries have acknowledged the potential of crypto and blockchain, the government of India has decided to leave its country behind in the blockchain race and the fourth industrial revolution, which in the long run, could be costly.

The supreme court of India had pushed the case to September 11 for the next and final hearing.

Siddharth Dalmia and Dwaipayan Bhowmick who initiated their respective court cases related to cryptocurrencies in India back in 2017. Dalmia wants to ban cryptocurrencies, while Bhowmick wants the government to make their stance clear on Cryptocurrencies.

The case got major attention when The Reserve Bank of India(RBI) intented to ban cryptocurrency.  Exchanges and individual traders from all over the country and IAMAI (Internet and Mobile Association of India )in particular filed case of justice to fight RBI’s banking ban.


Government has setup a committee headed by Department of Economic Affiar( DEA) secretary Mr. Subhash Chandra Garg to take a decision of regulation of cryptocurrency in India. It remains to see if the proposed regulations by the Garg committee are implemented before the hearing or the same gets pushed until the Supreme court verdict is out on Sep 11.

thanks for sharing useful information.

with the rumors  of India not planning to put a blanket ban on cryptos, currently doing the rounds in the market, a hope has emerged. reportedly a finance ministry panel that is studying digital currencies, might suggest  crypto to be considered and treated as commodity.  it would become easier to regulate them for authorities.