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Author Topic: U-turn on bitcoin? Government panel may allow cryptos with riders  (Read 34 times)
nitish94
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June 13, 2018, 09:45:48 AM
 #1

Crypto-currency followers, here’s a piece of good news for you.
A panel formed by the government to look into crypto-currency does not seem to be in favour of banning it. Instead, it may suggest allowing crypto-currency with riders, ETNow reported quoting Cogencis.


On April 6, RBI through its notice titled ‘Prohibition on dealing in virtual currencies’, mandated banks, e-wallets and payment gateway providers to withdraw support for crypto-currency exchanges and other businesses dealing with virtual currencies (VCs) in India.
Banks, in turn, forced exchanges and traders to stop using their accounts for trading in VCs. This led them to approach the Supreme Court against the regulator’s move. The case is scheduled for hearing on July 20.
Lack of proper stakeholder consultation and absence of reasonable grounds to restrict any business are the primary provisions under which the RBI notice has been challenged in the SC.

Popular crypto-currency bitcoin fell to a two-month low on Tuesday, sliding in three of last four sessions on nagging regulatory and security concerns after the weekend hacking of South Korean crypto-currency exchange Coinrail.

The original virtual currency is nearing its lowest level of the year at just under $6,000 on the Bitstamp platform. It fell to a low of $6,500 and last traded 4.7 per cent lower at $6,551.48.
So far in 2018, bitcoin is down nearly 53 per cent, after soaring more than 1,300 per cent last year.
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June 13, 2018, 03:21:29 PM
 #2

Crypto-currency followers, here’s a piece of good news for you.
A panel formed by the government to look into crypto-currency does not seem to be in favour of banning it. Instead, it may suggest allowing crypto-currency with riders, ETNow reported quoting Cogencis.


On April 6, RBI through its notice titled ‘Prohibition on dealing in virtual currencies’, mandated banks, e-wallets and payment gateway providers to withdraw support for crypto-currency exchanges and other businesses dealing with virtual currencies (VCs) in India.
Banks, in turn, forced exchanges and traders to stop using their accounts for trading in VCs. This led them to approach the Supreme Court against the regulator’s move. The case is scheduled for hearing on July 20.
Lack of proper stakeholder consultation and absence of reasonable grounds to restrict any business are the primary provisions under which the RBI notice has been challenged in the SC.

Popular crypto-currency bitcoin fell to a two-month low on Tuesday, sliding in three of last four sessions on nagging regulatory and security concerns after the weekend hacking of South Korean crypto-currency exchange Coinrail.

The original virtual currency is nearing its lowest level of the year at just under $6,000 on the Bitstamp platform. It fell to a low of $6,500 and last traded 4.7 per cent lower at $6,551.48.
So far in 2018, bitcoin is down nearly 53 per cent, after soaring more than 1,300 per cent last year.

If they have taken a utrun and allow it with riders than do understand that it would be as good as a ban or it would be asking for too much thing which people may not be left interested in to provide them or pay the taxes etc. So rather than saying completely ban they created this another way to stop it.

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June 13, 2018, 09:30:00 PM
 #3

In one more thread it is given that India is going to regulate bitcoin and now this news. If they are going to regulate than it is not a bad Idea. I think now the price will increase as now retailers can start a accepting bitcoin as payment

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Clement Kaliyar
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June 13, 2018, 09:56:46 PM
 #4

If they have taken a utrun and allow it with riders than do understand that it would be as good as a ban or it would be asking for too much thing which people may not be left interested in to provide them or pay the taxes etc. So rather than saying completely ban they created this another way to stop it.
What do you even mean by allowing it with riders. My views are simple, the government does not have the ability to do anything to regulate a new market nor does they have the ability to create new jobs, so i do not expect anything positive from them, all they wanted is to twist things and talk about religion and wanted to divide people rather than doing something useful for the citizens. If they come up with regulations and a nominal tax like the rest of the developed countries then it is well and good.

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June 15, 2018, 08:50:54 AM
 #5

Firstly, This news is not announced officially. So, don't believe on it. This is just for manipulation rumors.
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June 18, 2018, 06:59:46 AM
 #6

This news is not coming from authentic source. Just media buzz. SO still nothing is clear.
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