[2018-07-03] Indian Supreme Court Heard Crypto Petition but Upholds RBI Ban

[maarx]

Indian Supreme Court Heard Crypto Petition but Upholds RBI Ban – Effective in 2 Days

https://news.bitcoin.com/indian-supreme-court-crypto-petition-rbi-ban/

The Supreme Court of India heard one petition against the crypto banking ban imposed by the Reserve Bank of India (RBI) on Tuesday, July 3. This petition is by the Internet and Mobile Association of India (IAMAI) whose members include major crypto exchanges in the country such as Unocoin, Zebpay, and Wazirx.

Indian Supreme Court Heard Crypto Petition but Upholds RBI Ban - Effective in 2 DaysThe central bank issued a circular on April 6, banning all financial institutions under its control from servicing cryptocurrency companies. The ban is set to take effect on July 5. A number of industry participants have petitioned against the ban. Other than the petition by IAMAI, there are four other petitions which the Supreme Court will hear on July 20.

This was expected. Hope the hearing of 4 more petitions on 20th July turns towards exchanges. what do you think?

[1715343578]

1715343578

[Kemarit]

Hmmm. Hard to say, it they have heard and still favors the RBI ban, what difference would be the next four petition? This is critical for the Indian crypto community because it seems that the Supreme court of India will totally be with RBI here. It will totally affected Indian investors and local Indian exchanges as I have read that there are estimated around $2 billion just coming from India alone. So let's just hope for the best.

[Slow death]

This was already expected, if we look at the past declarations made by the government of India, we can see that their intention is that they do not want crypto in their country, let us look at some of these statements:

DEC 30, 2017:

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

DEC 06, 2017:

RBI Reiterates Warning Against Virtual Currencies for Third Time

NOV 07, 2017:

Reserve Bank of India Hints on Possible Ban on Cryptocurrencies