Bitcoin Forum

The supreme court hearing on Crypto vs RBI resumed on August 21 with RBI’s counsel, Shyam Divan, reading the IMC report pointing out the disadvantages of Crypto.

During the course of arguments, the judge interrupts and asks how you are concerned with consumer protection, it is not your concern. It is Govt. concern and not yours.

Source: https://coinpedia.org/news/supreme-court-hearing-on-crypto-regulations-in-india/
            https://coinpedia.org/news/crypto-hearing-second-day/

What's your point of view on this?

But they always postpone the hearing  ;D ;D ;D ;D

Right!

It's gonna be interesting what will be the outcome, but I doubt that it will be on our favour. I mean the government of India has already shut down it doors, or shall I shall RBI. So this will be just delaying the inevitable, sad to day. And as much as all evidence pointing out that crypto will not disrupt their government or they are means to regulate it, RBI had move this decision already so this hearing is not like for formality sake.

It's best to wait until the hearing concludes and the judge makes its decision. It's already in the court's hands and we can only hope that the decision will be favorable to the crypto community.

I often read the news in India in the past, from the other side I know that the government does not accept crypto in the Indian state, in fact the majority of Indian people are poor with a mediocre income.

I'm sure cryptocurrency can boost the economy of Indian society, if Crypto is traded legally in India.

From the news above, I hope the RBI court can decide the best for the people of India, the people really need crypto to boost economic life to come.
For that with 2 weeks time, Indian society can smile with the results of the RBI decision. hopefully a positive decision.

I have skimmed the article, and I have seen the most common concerns by possibly every government out there. For example, concerned about hacking, volatility, uses in illegal activities, etc. That's the most common arguments by people everywhere. One thing stood out while I was reading it, saying that it was a Ponzi Scheme. I don't know if they know what a Ponzi Scheme is, but in general, there should be one who would get all the money, but there is none. It is exchanged as Bitcoin, so what now?

I hope the hearing would lead to the right direction where cryptocurrencies are adopted for the betterment of India.

What if the judge is Satoshi Nakamoto lol? I believe that the disadvantages he stated is not convincing enough for the judge, and the way the judge sounds, seems I can see that the fate of cryptocurrency in India has already been decided, and I am sure that here will pass a positive judgment in favor of cryptocurrency.

I really don’t see this case as anything meaningful to me, it is just a waste of time, even if the government ban cryptocurrency in India, it will still not stop people from using it, and whatever law they pass has no effect on the whole world, so what is the point when they have other important things that they need to attend to as regards their country’s development and growth which acceptance of bitcoin is even supposed to be part of it.

I am from India and I can explain what is happening here. The users are quite frustrated with the hostile stance from the government and they have approached the court. The judges on the other hand, looks very reluctant to issue any directive. They have asked the government to come up with a comprehensive policy on cryptocurrencies. The government is sleeping on it for more than a year.

My main thought on news of this sort is that it doesn't matter (meaning general news of country 'x' legal case involving crypto). I don't think it matters if any one country or even many countries decide to go full-out and ban crypto. The fact is that for many use-cases crypto is cheaper, faster and more efficient than existing solutions. It offers a commercial and strategic advantage. Whoever adopts crypto, be it government or corporation, they'll gain an advantage over their competitors. So really everyone will have to adopt it in the end or else they get left behind.

But talking about consumer protection, it is not only the government that is concerned as it relates to cryptocurrency or any other product for that matter. Anyone that will be affected directly or indirectly, should be the one concern. So there is locus standi on the matter.

Even though I am me and you are you, but we cannot afford not to care about each other especially in the relationship between producers and consumers, producers should not only think of things like "the most important thing is that I get profit and the most important thing the one who suffered losses is that it's not me "
if producers can continue to be trusted then when they have other products, they will have no trouble finding consumers, not with producers who don't think about the sustainability of their business