The Supreme court of India has not approved the decision of RBI to ban cryptocur

[Perka]

The Supreme court of India issued a notice to the Reserve Bank (RBI), the Ministry of Finance and the tax administration (GST) alleging that the RBI's decision to ban cryptocurrency business violates India's Constitution.

After April 5, RBI issued a circular stating that the Bank no longer intends to provide services to individuals or businesses engaged in cryptocurrency, a petition was sent to the Supreme court against the ban, which was signed by more than 43,000 people.

Among them were the authors of the CoinRecoil project, who said that the RBI violates the Constitution of the country, the principles of which state that everyone is equal before the law, and all citizens have the right "to engage in any profession, as well as trade or business", and the decision of the regulator prevents the commercial activities of CoinRecoil, as other similar companies.

According to the partner of the law firm Khaitan and Co Rashmi Deshpande, the actions of the RBI threatened by the growing cryptocurrency sector.

"The reserve Bank of India has not yet provided appropriate regulation of cryptocurrencies, which increases uncertainty regarding the processing of transactions and adversely affects the business of cryptocurrency companies," he emphasizes.

Technical investor and crypto enthusiast Tim Draper also speaks very negatively about the RBI policy, calling its refusal to recognize the cryptocurrency as a legitimate payment method "a huge mistake".
Not feel sorry for me, merit

[BitProNews]

This is like many other countries involved in the crypto technology where rumors are made every day but there is no appropriate regulation provided yet. I would mention a lot of them. Your post is clear thought without the need of references or proof because this is the logic way to understand the situation of this newborn market in tier-world countries. Remember countries that have nothing to take part of this market but try to spread panic between users because they are themselves afraid to loose old benefits; Algeria is one of them.

[noriksiayol]

This is a form of issue that affects crypto business, although it has a good result of decision from the court but still more people doubt why rural bank of india force to ban cryptocurrency transactions. But totally government of india is something support cryptocurrency despite of RBI decide to ban cryptocurrency. And this is a big example that those banks plan to ban cryptocurrency feel discourage and widraw their complain of banning cryptocurrency.

[Aminmon]

I think that's good news.
Because they don't have any reason to ban people from trading bitcoin.

[Valermos]

This is really good news. It shows us that authoritites are not going to ban cryptocurrencies and we all have nice future.

[Perka]

This is like many other countries involved in the crypto technology where rumors are made every day but there is no appropriate regulation provided yet. I would mention a lot of them. Your post is clear thought without the need of references or proof because this is the logic way to understand the situation of this newborn market in tier-world countries. Remember countries that have nothing to take part of this market but try to spread panic between users because they are themselves afraid to loose old benefits; Algeria is one of them.

Everyone has their own truth.But I can't help but agree with your point.Thank you for your interest in writing!

[Perka]

This is really good news. It shows us that authoritites are not going to ban cryptocurrencies and we all have nice future.

That's true.I would be grateful for a +1 to my article!

[goyal.dkg]

thanks for sharing the news , but you did little mistake in your post .
it is not supreme court of india who issued notice to RBI . it is Delhi High Court , and still this notice is valid bcoz delhi high court also a powerful institution . but i dont think RBI will take U- turn . they may reply to that notice with reasons , fight is going to be longer .

[goyal.dkg]

I think that's good news.
Because they don't have any reason to ban people from trading bitcoin.

owner of kalicoin and exchange coinrecoil stated the same reason that , as per constitution of india anyone can do a legal business .
but here RBI is barring banks to open account of crypto traders .
so it is un-constitutional as per law .

on the same ground high court issued notice to RBI to reply on it .