U-turn on bitcoin? Government panel may allow cryptos with riders.

[son.aux]

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.


Read more at:
//economictimes.indiatimes.com/articleshow/64569000.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

[avikz]

Even though I strongly want it to happen in India but I must mention that the news is unverified. The source of this news is not known. It all started with a tweet of cryptokanoon where they have also mentioned about the unverified nature of the news.

I am personally following the court case very closely. The last update was that the court had denied interim injunction on the RBI ban. Not much positive development after that.

However, if Indian government allows the crypto adopters and businesses to continue their trade with mutually favorable riders/regulations, that would certainly bring a cheer to the market and also create an win win situation for the consumers an well as to the government.

[Kingofbitcoin12345]

I have many Indian friends that I need to ask regarding this new pronouncement and if this is all verified and true then that’s good.. In this country,, its people are one of the most active crypto users in the world because of they’re curiosity and being resourceful oriented.. Those banks are totally shit about bitcoin and to even have the chance looking at their face while reading this would be epic..

I’m totally draining on every moves our central banks is doing and to hurt them again and again is my medication..

[coin_1122]

I have many Indian friends that I need to ask regarding this new pronouncement and if this is all verified and true then that’s good.. In this country,, its people are one of the most active crypto users in the world because of they’re curiosity and being resourceful oriented.. Those banks are totally shit about bitcoin and to even have the chance looking at their face while reading this would be epic..

I’m totally draining on every moves our central banks is doing and to hurt them again and again is my medication..

I don't see this is an official news from the Indian Government because in the previous news RBI should give clarity by July hearing. There are many of my friends from India are facing problems with the Bitcoin because without knowing further information how can they simply ban the bank's purchase.

[marielbeckham]

Yes, without any doubt, this is a good news for everybody here.

[gantez]

I also can not find a source to the news so I could update myself too. At the maintime, I take it to be a case still pending in court and that hopefully, its outcome will bring cheers to crypto investors.

[son.aux]

Well, this news was posted by ET NOW on their official page.

Read more at:
//economictimes.indiatimes.com/articleshow/64569000.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

[audaciousbeing]

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.


Read more at:
//economictimes.indiatimes.com/articleshow/64569000.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

The judicial pronouncements have been opening up another area of discourse that is making the regulatory bodies having some form of rethink in their decisions because they don't want to be seen as having a contrast position from the nation's judicial position. Eventually, the resting matter would be to come up with regulatory framework was outright banning would negate the founding principle of most countries that "Freedom" entrenched in its constitution.

[jseverson]

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.

That's great and all, but I don't think it's very relevant to the current situation with respect to the current central bank circular. The bottom line is that it's not banned, the banking sector just rejects it. I don't think the panel allowing its use will make their central bank rethink their position, though I'd love to be wrong.

I'm very interested in what will come out of the hearing though. I hope we get a favorable result.