Good news from India

[badakjawa]

good information, I think the RBI's action to ban crypto should be responded by legal path. The enthusiastic bitcoin in India should also help the legal process, with the aim that the RBI problem can be solved well, so find a solution. comfortable in government and also comfortable in bitcoin user.

because now the majority of Indian society is already aware that crypto is a solution to improve their economy. Especially in India electricity is very cheap, so good for mining.

[Caelanpelley]

India does not prohibit bitcoin as before. India's Supreme Court has recently called on the government to respond to a proposal to establish regulations on the use of top Bitcoin in the country. This is a good news for bitcoin. The use of bitcoin in the world will increase the value of bitcoin.

[Kprawn]

There are good and bad decisions being made by the Indian government. They just finalized a change in the law to give the

Death penalty for Child Rapists.  We should not judge them for over reacting to Crypto currencies, because there are a lot

of FUD being spread in the media and a lot of consumers complained about ICO scams and Ponzi schemes. We can just hope

that a favourable environment will be created for Bitcoin to thrive in India. 

[STT]

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

No China is more important because China has an economy where business is heavily intergrated into government and does not exist properly without the control of central communist leaders.  Obviously there is a thriving private Chinese business 'underground' but its very bearish if these companies are to be seized at any point.

I would say the surprise is to the upside for China in general as they have already ruled against it quite heavily.  I thought the great Chinese firewall was more of an obstacle then that, to small consumer movement maybe not but any attempt at a bigger business is affected by Chinese policy.   Since China is such a large country with over a billion, its going to affect us all to some extent

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.”

Its a mistake but its also not something a government should be ruling upon anyway.    Do they have ruling on magic the gathering trading cards also, these are exchanged for money.   Is this also a problem that must be made illegal.
The whole thing is nonsense if considering people should be free to use their private capital as they wish in a legal peaceful way.
The historic thing to mention with India is they have often not been an especially free society, elements in the country are still in favour of communism.   I'm happy to hear if they do respect indivuals and free capital but they are not yet close to the western system so far as I know.

[Mike1992]

NEW DELHI (Reuters) - India is planning steps to ensure cryptocurrencies are illegal within its payments system, while at the same time appointing a regulator to oversee unregulated exchanges that trade in “crypto assets,” a finance ministry official said on Monday.

[Sir mikolo]

The Indian government has issued repeated warnings against digital currency investments, saying these were like “Ponzi schemes” that offer unusually high returns to early investors.
But it has not so far imposed curbs on an industry estimated to be adding 200,000 users in India every month.

[TrumpD]

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

Lol... Yup very much so. I guess no he/she knows. But on the case of China it's just a clear manipulation of the crypto space so that they can boost their local economy. Unfortunately, this affects the crypto space in a large way because other Asian countries mostly follow suit, and there is a sizeable percentage of crypto holdings in Asia - at the beginning of this year, it was between 20-30% of the total global holdings.

Per the article and news form India, I think it is a good case study for other companies in other countries who face similar situations to see if they can take on these bans via the constitution of the country. truth be told, other countries are just banning it because the major countries in the world are doing so. They have not checked first if it can benefit them, or if their existing legislation prohibits a ban.

[Al-Geron]

if I think work well, succeed, rather than listen to the bitcoin news, give good news about your success with bitcoin it can all change the view in any country, if I think work well, succeed, rather than listen to the news about bitcoin, give good news about your success with bitcoin it all can change the view in any country, very happy if india already give good response

[Crypdon]

All these big countries are banning and then unbanning bitcoin. it must be due to FOMO by governments who now realise that if they don't adopt this technology they will simply be left behind. Soon they will follow venezuela in creating their own tokens

[Jonsnowstark]

This is a good move by kali digital. In other countries where crypto was banned other exchanges just left without a fight. If only all other countries that ban crypto will realize the need to adopt the blockchain technology. China for one has been very straightforwad eith their stance against crypto. Russia on the other hand said they don't wanna be left behind so they are riding the cryptocraze.

[winterblues]

Article 19(1)(g) in The Constitution Of India 1949 (g) is a fundamental human right to practise any profession, or to carry on any occupation, trade or business - which the owners / shareholders of crypto businesses and exchanges are being denied due to the RBI’s ( India’s central bank and regulator ) order to Indian banks to close all accounts linked with any form of crypto business without any reason or fault. Now the high court has pulled in RBI for an explanation.

Have faith in Indian Judicial System. Crypto will win!

[StarLucas]

Get your 10k memes ready, guys.

[TTITA]

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!

It should be how people see something good from technology, even though we must fight for it to be legally as what Digital Times did in India court.
I take good info from this related topic https://bitcointalk.org/index.php?topic=3350109.0 about petition,
https://www.change.org/p/rbi-make-india-at-the-forefront-of-blockchain-applications-revolution  Lets support this.

[lillyann]

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

The main reason for limiting the cryptocurrency mining in China is the consumption of a huge amount of electricity when performing this type of activity. Companies that decide to remain in China under the new rules will be subject to significant restrictions, which in turn will translate into the size of their business and profits. Here is the problem.

[saadat6868]

It is so strange, I am looking forward to see, how will the world operate, when some countries will accept bitcoin and others will forbid it... In one world, how would we operate

[w5pn73]

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

We all know how "China banning bitcoin" will work itself out in the end

[Slow death]

[...]

I am not a lawyer and I do not know the constitution of India but I believe that the central bank of India has competence to ban cryptos, they may argue that cryptos are dangerous and can be used for money laundering and from what I read in January of this year the finance ministry of India has accused bitcoin of being a ponzi scheme... I do not want to be pessimistic here, but I doubt that this current situation in India could change this year, maybe next year they will change their vision in relation to bitcoin and altcoins

Get your 10k memes ready, guys.

[stompix]

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.

There might be but them failing to post the entire article of the Constitution must have some reasons

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.


And the same stands for the opposite.
There is no law that forces the banks to deal with cryptocurrencies.
Besides, you can't say that a measure taken by the central bank is unconstitutional, the high court can say that for laws,(laws can become unconstitutional, once you break a law...it's just breaking the law) and in order to oppose this the only thing that can be done is to pass a law either giving cryptos a status or preventing measures from the Central bank that can affect cryptos.
But again, this can only be enforced by the parliament.

[STT]

Central banking would be regulation upon various bank operations and also a supply of liquidity in a centralised banking system.   No big bank will ignore the guidance of something they rely on so much.  Also regulators can hand out fines upto a billion, post 2008 there is less freedom given.   In theory at least, I still think centralised systems are failure prone but thats another discussion.

Courts do have a part in making laws or interpreting precedent based on constitution or various workings.    You might think otherwise but its a very expensive argument to conduct unless you have exact knowledge, most dont.   Business often exercises an upper hand over individuals in this way but I also like that many indivuals especially in a democracy can fight back collectively, that would be aligned with the spirit crypto operates imo.

[Telogodok]

India does not prohibit bitcoin as before. India's Supreme Court has recently called on the government to respond to a proposal to establish regulations on the use of top Bitcoin in the country. This is a good news for bitcoin. The use of bitcoin in the world will increase the value of bitcoin.

I think that decision may change over time