Supreme court of India refuse to grant temporary stay against crypto ban

[virendarnagpal]

An appeal against Reserve Bank of India's orders banning crypto use was filed by Internet and Mobile Association of India in Supreme Court of India.  But today the court refuses to grant temporary stay against the banning orders.  Several crypto exchanges are also said to be the members of above mentioned association.  The reactions from crpto exchanges indicates that they have already found some alternate ways to deal with crypto in India.

https://coingape.com/indian-supreme-courts-refusal-to-lift-rbi-ban/?utm_source=notification&utm_medium=push-notification

What shall be the consequences if the crypto use is not legalized in India.  Whether the loser will be Indian economy or the users only?

[chetanvineeta]

I think it is a big blow for crypto in India.

[iconternal]

It should be that way, we should all develop crypto in a day-to-heart life and it can be done anywhere in the future.

[cryptohunter]

sad but makes little difference really to crypto right now

any savvy indians (probably the only ones with anything to invest) will find a way to do what they want regardless

[Whibu]

I do not think crypto should be forbidden, and I am very happy that if crypto to be developed becomes more useful and useful for human life in the future.

[Snaic]

I understand that the Supreme Court of India has not yet made a final decision on the suit, if the hearing is postponed on July 20, as indicated in the article referred to. And if the claim is rejected, this is not a ban on crypto currency. Just banks of India will not conduct operations with crypto-currencies. However, let's see what happens next.

[AnonBitCoiner]

An appeal against Reserve Bank of India's orders banning crypto use was filed by Internet and Mobile Association of India in Supreme Court of India.  But today the court refuses to grant temporary stay against the banning orders.  Several crypto exchanges are also said to be the members of above mentioned association.  The reactions from crpto exchanges indicates that they have already found some alternate ways to deal with crypto in India.

https://coingape.com/indian-supreme-courts-refusal-to-lift-rbi-ban/?utm_source=notification&utm_medium=push-notification

What shall be the consequences if the crypto use is not legalized in India.  Whether the loser will be Indian economy or the users only?

With the current situation,we can't come into conclusion bitcoin is legal or illegal in India.If the bitcoin is announced as illegal in India .The Indian traders should not get panic,they can use bitcoin as an asset.The value of bitcoin which they had, will remains the same.

[virendarnagpal]

I understand that the Supreme Court of India has not yet made a final decision on the suit, if the hearing is postponed on July 20, as indicated in the article referred to. And if the claim is rejected, this is not a ban on crypto currency. Just banks of India will not conduct operations with crypto-currencies. However, let's see what happens next.

Yes you are right.  Final decision is still awaited.  It was a decision against the appeal granting temporary stay against the Reserve Bank of India.  Though the current government of India is very much in favor of digital isation of transactions.   May be the government takes some decision in favor of crypto.  And if the court or the Government takes decision favouring crypto it will be a very big boom to bitcoin because India a the fastest growing economy presently and having very much potentials.

[Ayiranorea]

India being one among the growing market for Cryptocurrency facing such a big challenge from the government is a big news for the entire cryptocurrency users around the globe. As an user mentioned the high aspirant Indian saavy will continue to use regardless the limitations through different other ways. So, this won't make big impact upon the growth.

[pooya87]

this is why the localbitcoins trading volume for India has increased about 40% in the past 2 weeks. i think Indians have already proven that they are not going to give up bitcoin that easily. last year we have had similar news coming for some restrictions and stuff like that and they still continued buying bitcoin with high volumes and even higher prices than the rest of the market.

[umar22pk]

It’s a bad news discouraging bitcoin users around the globe especially in India, because India have major role in bitcoin growing community. There is alternative ways to deal in bitcoin but it encourages community if government have soft corner for crypto market.

[crzy]

India being one among the growing market for Cryptocurrency facing such a big challenge from the government is a big news for the entire cryptocurrency users around the globe. As an user mentioned the high aspirant Indian saavy will continue to use regardless the limitations through different other ways. So, this won't make big impact upon the growth.

India is one of a great place for cryptocurrency and for sure investors/users from India will fight for their rights to use cryptocurrency. Though cryptocurrency is not officially banned, they will still experience the pressure from their government, well in the right time they can really use crypto freely. This may not make big impact in the market, but we should still hope for the positive news about this.

[Dmitry.Vastov]

An appeal against Reserve Bank of India's orders banning crypto use was filed by Internet and Mobile Association of India in Supreme Court of India.  But today the court refuses to grant temporary stay against the banning orders.  Several crypto exchanges are also said to be the members of above mentioned association.  The reactions from crpto exchanges indicates that they have already found some alternate ways to deal with crypto in India.

https://coingape.com/indian-supreme-courts-refusal-to-lift-rbi-ban/?utm_source=notification&utm_medium=push-notification

What shall be the consequences if the crypto use is not legalized in India.  Whether the loser will be Indian economy or the users only?

Supreme Court of India and Reserve Bank of India, together finally ban all the crypto currencies and no transactions could take place now with any Indian exchange and this is final confirmation of notice dated 03/04/2018 in which Supreme Court of India and Reserve Bank of India 🇮🇳 clearly stated that all Indian who are investing into crypto currencies have to withdraw their all money within 3 months of time and after that they will be solely responsible for all loses.

[forumsehat]

That is a very good thing and I think it should be, and there is no need to ban the crypto problem in India, because I think crypto is very profitable.