[2018-05-07] India: Delhi Court Will Hear 2 Challenges to Crypto Ban Next Month

[Terraformer]

Flintstone Technologies has joined Kali Digital in challenging the central bank of India (RBI) in court over crypto trading restrictions it imposed in April.

‘ARBITRARY, UNFAIR, AND UNCONSTITUTIONAL’

The Reserve Bank of India (RBI), which gained notoriety after banning banks from servicing crypto-related businesses April 6th, now faces a summons to explain the validity of its actions on May 24th.

According to local news media outlet ANI, Flintstone CEO Amit Lakhanpal will seek to demonstrate that the move was “arbitrary, unfair, and unconstitutional” at the hearing.

Prosecutors will, at the same time, hear from Kali Digital, which announced its intention to bring the matter to court two weeks previously.

At the time, the legal firm representing the plaintiff suggested the RBI had acted without “logic.”

“The circular appears to be arbitrary and unconstitutional since it does not give strong facts as to why RBI is against the business of cryptocurrencies,” Quartz quoted a partner as saying. The partner added:

Logical and well-thought argument backed by solid facts are the primary requirements under the constitution to put a stop to any business in India.

Continue reading >> http://bitcoinist.com/india-delhi-court-will-hear-2-challenges-crypto-ban-next-month/

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[veleten]

challenging the central bank over its decision,pretty much useless
but the move could be the first step on a way to reverting the ruling
India was supposed to be one of the countries that legalised bitcoin,not banned it and it did nothing but bad things to the countrie's economy in the long run
they would have to lift the ban sooner or later and losing time as well as the image of a cryptofriendly country is nothing too positive

[aso118]

challenging the central bank over its decision,pretty much useless
but the move could be the first step on a way to reverting the ruling
India was supposed to be one of the countries that legalised bitcoin,not banned it and it did nothing but bad things to the countrie's economy in the long run
they would have to lift the ban sooner or later and losing time as well as the image of a cryptofriendly country is nothing too positive

The decision to challenge the Central Bank's decision might very well turn out to be useless, but these companies have no choice. Only the courts can offer them relief. Otherwise they have to shut down their companies and move on.
India was not expected to be a Bitcoin-friendly nation, but this is outright hostile.

[Slow death]

this is a problem that began months ago:

DEC 30, 2017

India’s Ministry of Finance Compares Bitcoin and Cryptocurrencies to ‘Ponzi Schemes’

“There is a real and heightened risk of investment bubble of the type seen in Ponzi schemes which can result in sudden and prolonged crash exposing investors, especially retail consumers losing their hard-earned money. Consumers need to be alert and extremely cautious as to avoid getting trapped in such Ponzi schemes.”

JAN 01, 2018

India Falsely Condemns Bitcoin as Ponzi Scheme, Flawed Logic

then we have:

JAN 21, 2018

Indian Banks Suspending Bitcoin Exchange Accounts

FEB 15, 2018

Citibank India Bans Both Credit And Debit Cards For Crypto Purchases, Cites ‘Risks’

MAR 12, 2018

Former Indian Gov’t Official Shaktikanta Das: Crypto “Should Not Be Allowed At All”

I doubt anything will change.

[DeadCoin]

challenging the central bank over its decision,pretty much useless
but the move could be the first step on a way to reverting the ruling
India was supposed to be one of the countries that legalised bitcoin,not banned it and it did nothing but bad things to the countrie's economy in the long run
they would have to lift the ban sooner or later and losing time as well as the image of a cryptofriendly country is nothing too positive

The decision to challenge the Central Bank's decision might very well turn out to be useless, but these companies have no choice. Only the courts can offer them relief. Otherwise they have to shut down their companies and move on.
India was not expected to be a Bitcoin-friendly nation, but this is outright hostile.

There would be a time India turning out to be Bitcoin-friendly nation, who know if its already? We just can not judge by few authorities immature decision on forbidding exchanges from trading crypto currencies. Number of investors from India has increased a lot and this will contribute a lot to this crypto society.

[thefaucetrunner]

I hope it goes well, but it doesn't sound much like it will. There is a lot of potential for cryptocurrency in India.

[Coin-1]

‘ARBITRARY, UNFAIR, AND UNCONSTITUTIONAL’

The Reserve Bank of India (RBI), which gained notoriety after banning banks from servicing crypto-related businesses April 6th, now faces a summons to explain the validity of its actions on May 24th.

Obviously, this is a negative news for the entire crypto exchange market. India is a big country, and the government still kept a mostly neuter position relative to the crypto currencies. And now they want to ban the crypto next month. I hope that the Reserve Bank of India will change or at least soften its opinion during the current month.

[btcdevil]

challenging the central bank over its decision,pretty much useless
but the move could be the first step on a way to reverting the ruling
India was supposed to be one of the countries that legalised bitcoin,not banned it and it did nothing but bad things to the countrie's economy in the long run
they would have to lift the ban sooner or later and losing time as well as the image of a cryptofriendly country is nothing too positive

The decision to challenge the Central Bank's decision might very well turn out to be useless, but these companies have no choice. Only the courts can offer them relief. Otherwise they have to shut down their companies and move on.
India was not expected to be a Bitcoin-friendly nation, but this is outright hostile.

How can you tell that the decision will turn useless, until you have the full rights you can win. India is a democracy country and all citizens have rights to do any business until it is not associated with illegal activities. If they think that Bitcoin and cryptocurrency is a illegal business then even gold, dollars and other fiat currency are also associated in illegal activities so they should also be banned. They should have regulated and formed a law , that should have been good like what other country are doing.

Hope that the result of this lawsuit comes positive for indian bitcoin users.