Indian regulators have procrastination? The cryptocurrency ban has not lifted

[GXCDani]

In recent times, blockchain supporters in India have held a series of rally, and the fourth event held in Bangalore on March 30 was the largest one, which had a major public impact because many developers were involved – They are the key to the development of the Indian blockchain.

Earlier this month, thousands of cryptocurrency and blockchain enthusiasts and stakeholders took to the streets at a rally in Delhi, Mumbai and Hyderabad.

The Reserve Bank of India (RBI) last year ordered financial institutions to stop processing cryptocurrency business, and the ban will take effect on July 5. Since then, the government and the Supreme Court of India have been arguing over whether the ban is appropriate. They plan to hold hearings, but the key decisions are delayed.

At the request of the government lawyer, the Supreme Court of India postponed the hearing last Friday. The court was scheduled to hear about the country’s cryptocurrency regulation last week before proceeding with the central bank’s bank ban. However, this matter has now been postponed.

But the Indian people did not choose to wait silently.

[hugeblack]

India has once again returned to the crypto-ban drama. Last year was full of events about the ban or not, but it seems that the first and last word of the government.

I think it is more political than regulations, where governments want to impose more restrictions by identifying users and forcing them to pay taxes, so it will be stalled until the superpowers determine their approval "procrastination" and reduce the possibility of buying bitcoin anonymously.

Do not worry about that news, JUST HODLing.

[coin-investor]

In recent times, blockchain supporters in India have held a series of rally, and the fourth event held in Bangalore on March 30 was the largest one, which had a major public impact because many developers were involved – They are the key to the development of the Indian blockchain.

Earlier this month, thousands of cryptocurrency and blockchain enthusiasts and stakeholders took to the streets at a rally in Delhi, Mumbai and Hyderabad.

The Reserve Bank of India (RBI) last year ordered financial institutions to stop processing cryptocurrency business, and the ban will take effect on July 5. Since then, the government and the Supreme Court of India have been arguing over whether the ban is appropriate. They plan to hold hearings, but the key decisions are delayed.

At the request of the government lawyer, the Supreme Court of India postponed the hearing last Friday. The court was scheduled to hear about the country’s cryptocurrency regulation last week before proceeding with the central bank’s bank ban. However, this matter has now been postponed.

But the Indian people did not choose to wait silently.

I don't know if they are on a wait and see attitude about the market status, the government of India can ban cryptocurrency of course, but they are still thinking that they will have a lagged in technology if they ban it totally, they will find themselves the only country which does not yet adopt blockchain.

[timerland]

The Reserve Bank of India (RBI) last year ordered financial institutions to stop processing cryptocurrency business, and the ban will take effect on July 5. Since then, the government and the Supreme Court of India have been arguing over whether the ban is appropriate. They plan to hold hearings, but the key decisions are delayed.

At the request of the government lawyer, the Supreme Court of India postponed the hearing last Friday. The court was scheduled to hear about the country’s cryptocurrency regulation last week before proceeding with the central bank’s bank ban. However, this matter has now been postponed.

From what I've heard, this has been the already nth time that a decision on actual regulation of bitcoin has been postponed or delayed, ever since the RBI issued the restrictions which essentially made it completely unfeasible for crypto business to exist.

It could be a deliberate thing as much as we could tell - to give off the facade that they're thinking about regulation, when in fact the agenda was always to ban, and the current RBI restrictions are sufficiently strict that as time goes on more and more businesses will leave by themselves.

To be honest, I don't understand the logic of not trying to actively regulate a market that has shown itself to hold a lot of potential in terms of the Fintech industry in particular, but rather pushing out all trading activities from a country altogether, essentially eliminating India's influence in crypto/blockchain markets in the future as well.

[Harlot]

And just when you though them having a crypto committee would shed some light on their situation. Well to tell you the truth as long as that committee is lead or somehow supervised by the Reserve Bank of India (RBI) seeing their cryptocurrency ban lifted is entirely possible because they themselves are the ones who have banned it in the first place. If they want something clean then they must create a independent committee which is not influenced by either the RBI or their supreme court as we all know the previous decisions they have done.

[avikz]

In recent times, blockchain supporters in India have held a series of rally, and the fourth event held in Bangalore on March 30 was the largest one, which had a major public impact because many developers were involved – They are the key to the development of the Indian blockchain.

Earlier this month, thousands of cryptocurrency and blockchain enthusiasts and stakeholders took to the streets at a rally in Delhi, Mumbai and Hyderabad.

The Reserve Bank of India (RBI) last year ordered financial institutions to stop processing cryptocurrency business, and the ban will take effect on July 5. Since then, the government and the Supreme Court of India have been arguing over whether the ban is appropriate. They plan to hold hearings, but the key decisions are delayed.

At the request of the government lawyer, the Supreme Court of India postponed the hearing last Friday. The court was scheduled to hear about the country’s cryptocurrency regulation last week before proceeding with the central bank’s bank ban. However, this matter has now been postponed.

But the Indian people did not choose to wait silently.

Regardless of the court case and RBI ban, I can confirm that crypto is not going to be legal in a complex country like India. It simply can't be, because of the political reason. The politicians of India will never allow cryptocurrencies to fall in the hands of common mass and they will use every single measure to prevent that.

The court hearings will be further delayed and postponed and no conclusions will come out at least for another 2-3 years! Mark my word!

Politicians and government will never want to give another avenue of income to the common man because money means power in India. I would conclude saying a famous quote from a movie "Hirak Rajar Deshe" here in my native language along with the translation,

era joto besi pore (more they read)
toto besi jane (more they learn)
toto kom mane (less they obey)

If you have ever worked with a beauractat run government department, my quote will make sense to you! Otherwise not!

[buwaytress]

This was over 2 weeks ago. The date was actually moved to July. And this time it might be finally it, because RBI counsel asked for "regular" day hearing, knowing that time would too short to hear such a technical case and that courts would be forced to move it (as has been all the other "miscellaneous day" hearings.

Supposedly hundreds took to the streets but I saw not a single picture on hashtag searches or Google.

@Avikz, I totally understood your point. I spent a lot of time in Pakistan and, despite the differences, they inherit the same British bureaucratic system as my own country and India, but added their own spin. So I totally get it. There's a famous story that describes how once, when people were queueing up and resulting in long lines, that a government official who opened two lines was fired. The official who hired instead extra officers to beat people to stay in queue, he was promoted. It's a short version of the story but maybe you get it;)

[sheenshane]

I don't see any point of India banning the cryptocurrency in their country. But I guess, one of the reasons why India is trying to ban the cryptocurrency is because they have noticed that there was a big amount of wealth made by their people and they are not benefitting with it and that is very hard to accept. They want to regulate the bitcoin for them to have a benefit with it. Since bitcoin is a decentralized currency, the economic growth of a country will be affected especially if a lot of people will convert their career in the said platform.

[dothebeats]

A strong lobbying group coming from the ranks of large companies and influential businessmen would certainly change the minds of the higher echelons of RBI. I think the rest of the government of India is willing to accept cryptocurrencies, just RBI not wanting to pull the trigger this time. For sure, once crypto is accepted in India, it will largely change the economic scene and could help create more jobs for the Indian people. Instead of being one of the first crypto strongholds in the world, they chose to let the opportunity pass.

[Hamphser]

I don't see any point of India banning the cryptocurrency in their country. But I guess, one of the reasons why India is trying to ban the cryptocurrency is because they have noticed that there was a big amount of wealth made by their people and they are not benefitting with it and that is very hard to accept. They want to regulate the bitcoin for them to have a benefit with it. Since bitcoin is a decentralized currency, the economic growth of a country will be affected especially if a lot of people will convert their career in the said platform.

Not at all, government might not be able to benefit when it comes to taxation matters but it would still help economic growth.Why? people will simply convert and spend back on the same place.
If citizens do have that financial capacity then why not obliged them up to pay tax on fiat matter? Its just a matter of handling imho.

[magneto]

Since then, the government and the Supreme Court of India have been arguing over whether the ban is appropriate. They plan to hold hearings, but the key decisions are delayed.

I doubt that even if there are arguments as to why bitcoin should be legalised, and in fact, regulated, the Indian government has already done too much to stop and completely their stance on crypto at this stage.

It's very likely that they will follow through with some sort of legislation banning the trading of bitcoin or businesses dealing with bitcoin formally in the near future, much more likely compared to the possibility that all of a sudden, they'll shed a positive light on bitcoin.

As others have said, the delays should be expected, since it is a part of the objectives of the government at the moment until formal laws come out. Nothing surprising here.

[olliecrypto]

It seems various countries bounce back and forth on whether they will allow crypto currency trading, mining, or even the very possession of bitcoin . I just do not seem why this changes why people let it affect them, as bitcoin and other decentralized currencies were meant to operate outside of government approval, thus the " decentralized " aspect of it.

[erikalui]

Indian Government doesn't want to regulate bitcoins and the bank ban was the starting. In the budget, people were expecting some positive news about cryptos but nothing was said and now there is some draft that proposes to impose a full ban on cryptos so may be it's the end of the road now.