Good news from India

[gabriela1999]

India: Delhi High Court Seeks Response From Central Bank On Recent Crypto Ban, Report Says

The High Court of Delhi has reportedly issued a notice to the Reserve Bank of India (RBI), the Ministry of Finance, and the Goods and Services Tax (GST) Council alleging that RBI’s decision to end dealings with crypto businesses violates the constitution, local news outlet Times of India reports today, April 22.

The High Court’s notice is reportedly in response to a claim filed by crypto company Kali Digital last week. After the RBI released a circular on April 5 stating that they would no longer provide services to a person or a business that deals in cryptocurrency, an online petition to reverse the ban was started, gaining over 43,000 signatures by press time.

Kali Digital, which runs the crypto exchange CoinRecoil, set to be launched in August 2018, filed an official claim on April 16, stating that RBI’s circular violates constitutional Articles 19 (1) (g) – allowing citizens the right to any occupation, trade, or business – and Article 14 – prohibiting  discrimination between equals. The High Court of Delhi’s notice, issued by Judges S. Ravindra Bhat and A. K. Chawla, asks for a response from the three parties involved by May 24.

Kali Digital believes that RBI’s decision will prevent CoinRecoil’s business operations in an unconstitutional manner, according to an excerpt of the claim written in local news outlet The Economic Times:

“On account of the impugned circular, the petitioner will not be able to avail banking services to operate the cryptocurrency exchange ‘CoinRecoil’. Such banking services are imperative for the business of the petitioner. Consequently, the business [...] is stillborn.”

Kali Digital included the GST Council in the claim due to what they see as a failure to "frame appropriate regulation on crypto-currencies [sic] [...] [that] increased the uncertainty over treatment of such transactions and is adversely affecting the proposed business of the petitioner,” the Times of India writes.

Tech investor and crypto enthusiast Tim Draper had also responded negatively to the RBI’s circular, saying in an interview that the Indian government’s refusal to recognize cryptocurrency as valid tender is “the stupidest thing” and that he would have told Prime Minister Narendra Modi that RBI’s crypto ban is a “huge mistake.”

source: https://cointelegraph.com/news/india-delhi-high-court-seeks-response-from-central-bank-on-recent-crypto-ban-report-says

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[First77]

Ministry of Finance has the final authority for money and financial matters. Have a look at USA China trade war where Donald Trump has put $150 billion tariffs on Chinese imports.

Looks like China is the next to ban Bitcoin

[13abyknight]

-snip-

For now, the please from Kali Digital seemed convincing enough for the Delhi high court to issue a notice to the RBI about the circular which effectively banned crypto-fiat pairs. Let us hope that the RBI will retract the circular and things get back to normal although it seems unlikely as exchange bank accounts have been frozen/terminated.
Also, there is a change.org plea which has over 45k signees that is emphasizing on the stupidity of the move and wanting the RBI to take back its circular.

[LFC_Bitcoin]

Ministry of Finance has the final authority for money and financial matters. Have a look at USA China trade war where Donald Trump has put $150 billion tariffs on Chinese imports.

Looks like China is the next to ban Bitcoin

China has banned & unbanned bitcoin about 10 times

[Dluretic]

I think the Chinese ban can be ignored.
Because most of the time China has banned it, the Chinese can still use VPN.

[carlisle1]

Ministry of Finance has the final authority for money and financial matters. Have a look at USA China trade war where Donald Trump has put $150 billion tariffs on Chinese imports.

Looks like China is the next to ban Bitcoin

China has banned & unbanned bitcoin about 10 times

Almost fall on my chair laughing 😂..maybe he dont know whats happening about china and crypto thats why he said china will ban cryptocurrency..and even finance department has power on money and financial,still court has a voice tp questioned this matters..

But about the OPs post,this is one good thing to make indians have positive views about this problem

[ratnawide]

Ministry of Finance has the final authority for money and financial matters. Have a look at USA China trade war where Donald Trump has put $150 billion tariffs on Chinese imports.

Looks like China is the next to ban Bitcoin

China has banned & unbanned bitcoin about 10 times

true, i was not surprised and not surprised to hear china country forbid bitcoin. they just want to play with bitcoin prices
it's good to hear this news from india

[k_kuchkarov]

Well, India has always differed in that it keeps pace with the technology!)
The fact that they come up with something interesting is clear to all!)
Well, the main thing is not to increase taxes too much!

[wndrbr3d]

Ministry of Finance has the final authority for money and financial matters. Have a look at USA China trade war where Donald Trump has put $150 billion tariffs on Chinese imports.

Looks like China is the next to ban Bitcoin

China has banned & unbanned bitcoin about 10 times

This is just good ways of manipulation for huge whales of the cryptomarket. They use such news to pump and dump coins.
China baned ICOs, not cryptocurrencies in total.

[longwintershere]

India: Delhi High Court Seeks Response From Central Bank On Recent Crypto Ban, Report Says

The High Court of Delhi has reportedly issued a notice to the Reserve Bank of India (RBI), the Ministry of Finance, and the Goods and Services Tax (GST) Council alleging that RBI’s decision to end dealings with crypto businesses violates the constitution, local news outlet Times of India reports today, April 22.

The High Court’s notice is reportedly in response to a claim filed by crypto company Kali Digital last week. After the RBI released a circular on April 5 stating that they would no longer provide services to a person or a business that deals in cryptocurrency, an online petition to reverse the ban was started, gaining over 43,000 signatures by press time.

Kali Digital, which runs the crypto exchange CoinRecoil, set to be launched in August 2018, filed an official claim on April 16, stating that RBI’s circular violates constitutional Articles 19 (1) (g) – allowing citizens the right to any occupation, trade, or business – and Article 14 – prohibiting  discrimination between equals. The High Court of Delhi’s notice, issued by Judges S. Ravindra Bhat and A. K. Chawla, asks for a response from the three parties involved by May 24.

Kali Digital believes that RBI’s decision will prevent CoinRecoil’s business operations in an unconstitutional manner, according to an excerpt of the claim written in local news outlet The Economic Times:

“On account of the impugned circular, the petitioner will not be able to avail banking services to operate the cryptocurrency exchange ‘CoinRecoil’. Such banking services are imperative for the business of the petitioner. Consequently, the business [...] is stillborn.”

Kali Digital included the GST Council in the claim due to what they see as a failure to "frame appropriate regulation on crypto-currencies [sic] [...] [that] increased the uncertainty over treatment of such transactions and is adversely affecting the proposed business of the petitioner,” the Times of India writes.

Tech investor and crypto enthusiast Tim Draper had also responded negatively to the RBI’s circular, saying in an interview that the Indian government’s refusal to recognize cryptocurrency as valid tender is “the stupidest thing” and that he would have told Prime Minister Narendra Modi that RBI’s crypto ban is a “huge mistake.”

source: https://cointelegraph.com/news/india-delhi-high-court-seeks-response-from-central-bank-on-recent-crypto-ban-report-says

sooner or later, I believe they will also start regulate cryptocurrencies which will be a massive step for blockchain when the country like Inida wiht that many citizens will join the race

[CryptoBry]

I am really hoping that the court in India will be ruling in favor of the petitioner. Beyond this case, it can never be denied that in India there is now a critical number of people who are already into cryptocurrency and they all want their voice and choice to be hard loud and clear. Whatever the decision of the court, we are being assured here that this is only the start for the cryptocurrency movement in India and being a good democratic country its leaders and movers should be listening to the realities in the marketplace and not just be concentrating on one-sided information they got elsewhere. Cryptocurrency is a new industry and certainly it can be abused and used for any illegal dealings but this can also be true with any other industries that is why a good regulatory framework established for this purpose can be the best course of action.

[Jating]

Ministry of Finance has the final authority for money and financial matters. Have a look at USA China trade war where Donald Trump has put $150 billion tariffs on Chinese imports.

Looks like China is the next to ban Bitcoin

You don't need to be a scientist to smell that China will obviously ban bitcoin. That's why Bitmain has already made its plan to move its mining hardware somewhere else.

~snip~

This might be a win for CoinRecoil but its going to be a long and arduous battle in my opinion. Its good though to hear that someone challenged this circular but I wouldn't be surprised if India will put a tighter regulations on cryptocurrency. Again, Kali Digital have invested tons of money having their own crypto exchanges that's why they are putting a fight, but they should at least a plan B of sort, if they lose this battle then they should moved to Malta as well, just like Bitmain and OKex did.

[stompix]

Kali Digital, which runs the crypto exchange CoinRecoil, set to be launched in August 2018, filed an official claim on April 16, stating that RBI’s circular violates constitutional Articles 19 (1) (g) – allowing citizens the right to any occupation, trade, or business – and Article 14 – prohibiting  discrimination between equals. The High Court of Delhi’s notice, issued by Judges S. Ravindra Bhat and A. K. Chawla, asks for a response from the three parties involved by May 24.

1) In India are you free to become whatever you want and that is granted by the constitution?
How about drug smuggler, tax evasionist, organ trader?

2) It doesn't break anything in that article, there is no discrimination there, all banks are going to stop servicing all exchanges, where is the problem?

I've yet to hear that a court order can make an activity legal, if the principle of separation of powers in a democratic country really work as they supposed to, only the Parliament would be able to change it, not a court.

Well, India has always differed in that it keeps pace with the technology!)
The fact that they come up with something interesting is clear to all!)
Well, the main thing is not to increase taxes too much!

Yeah, it's different that it has it's own pace at doing so, standing still.

[Virtual miner]

It is truly a great news and moreover it is good to see that people from India had guts to go to the court in order to seek justice for what is right. And even I think they have raised a very valid point, Because whatever statement was released by RBI was not within the provisions of the Constitution. So if the justice is now demanded, it ought to be provided in the favor of the right. And if RBI fails to provide for the demanded response to the judiciary, then definitely the Ministry of Finance in India would be under a stake. Rest you k=never know what happens...because it's INDIA!

[BrewMaster]

Ministry of Finance has the final authority for money and financial matters. Have a look at USA China trade war where Donald Trump has put $150 billion tariffs on Chinese imports.

Looks like China is the next to ban Bitcoin

China has banned & unbanned bitcoin about 10 times

China never banned bitcoin! that's the interesting part
the news or maybe i should call it FUD, repeatedly said they have banned and i can date this back to 2013 even but in none of the reports they actually banned it. first one was prohibiting banks from investing in bitcoin, the rest was something in lines of exchanges should be regulated and then closed shady exchanges but never banned bitcoin!

[rodel caling]

Ministry of Finance has the final authority for money and financial matters. Have a look at USA China trade war where Donald Trump has put $150 billion tariffs on Chinese imports.

Looks like China is the next to ban Bitcoin

China has banned & unbanned bitcoin about 10 times

only one thing i can see this problem about crypto currency banning of some country because want to regulate crypto's after banning they came accepting again because government realize big profits lose from their financial stability, why i say this because my point is crypto's giving good job and good earnings to the  unemployed people working in virtual currency in the good ways specially in world of trading online exchange and mining.

[GDragon]

I think this scenario was repeating itself. Some countries encountered the same and I think it will be yhe of the cycle. I also believe that they provide an evaluation if it's good or not.

[ahmad21]

Ministry of Finance has the final authority for money and financial matters. Have a look at USA China trade war where Donald Trump has put $150 billion tariffs on Chinese imports.

Looks like China is the next to ban Bitcoin

China has banned & unbanned bitcoin about 10 times

ROFL!! The scenario in China can never become clear. I don't really understand when are they going to take a stand for a firm decision.

However let's talk about this good upcoming news from India. This is very good that a petition was filed in the High Court with the very much reasonable point. Now what I think the court would have to take a decision in favour of the aggrieved because they have got a very valid point. And if the judicial system in India is not biased like many of its governmental departments that are corrupt, I think justice will prevail and power of truth will win.

And this event is also going to create a storm of new media events as they are jot going to remain silent. This will in turn be affecting the prices in the market.

[jseverson]

1) In India are you free to become whatever you want and that is granted by the constitution?
How about drug smuggler, tax evasionist, organ trader?

I'm fairly sure there's a clause with an exception for illegal activities. Should this be the case, then their central bank's specific ban of cryptocurrency, which isn't illegal, has no legal grounds.

I've yet to hear that a court order can make an activity legal, if the principle of separation of powers in a democratic country really work as they supposed to, only the Parliament would be able to change it, not a court.

The thing is, it's technically not illegal. There's no law that states banks can't deal with cryptocurrencies. It's apparently just a circular from their central bank, which could be scrutinized and found unconstitutional by the courts. If nothing else, this is democracy's checks and balances system working.

[raidarksword]

This shows a direct manipulation of government towards to their citizens criticizing not to participate on crypto currency. They just want to monopolized everything that could possible they can make profit with. I hope they will be like asian countries like japan and singapore who puts a high hope, adapted and trusted crypto currency to be part of their economy.