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Author Topic: [2018-07-25] India’s Supreme Court Postpones Verdict on Cryptocurrency Ban Again  (Read 187 times)
bbc.reporter
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July 25, 2018, 01:48:04 AM
 #1

India or any other country might not have the correct laws in their present system to regulate the cryptospace. If they wanted to make it regulable, then they might have to change their constitution. Remember that bitcoin is not a currency at its core, but a software message passing system. If the supreme court of India makes a bad precedent, then that might affect how they regulate other software message passing systems like Whatsapp hehehe.



Solving the uncertainty surrounding India’s cryptocurrency situation has been challenging. The domestic Supreme Court aims to hold a final hearing regarding the RBI’s ban on crypto. While enforced by the Supreme Court at first, the situation can still change. For cryptocurrency companies and enthusiasts, the final hearing will not happen until mid-September.

This is another setback for the cryptocurrency industry in the country. The final verdict was to be rendered on July 20th. However, the Supreme Court decided to push back its verdict by another seven weeks. Why that decision was made remains unclear to all participants. Deciding the fate of Bitcoin and altcoins is a very big decision. Weighing the pros and cons needs to be done in a careful and unbiased manner.

Domestic cryptocurrency operators aren’t pleased with this added delay. Every day without a solution cripples the Indian crypto industry even further. Given the success these exchanges have seen over the years, the decision by the RBI makes virtually no sense. Cryptocurrency brings a lot of investment and jobs to India. As such, the ecosystem should be cherished and nurtured, rather than outlawed.


Read in full https://www.livebitcoinnews.com/indias-supreme-court-postpones-verdict-on-cryptocurrency-ban-again/

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July 25, 2018, 09:31:04 AM
 #2

Nothing all is lost even if this becomes a precedent, if the Supreme Court will rule against cryptocurrency then for some time cryptocurrency won't be moving around in India as it used to before but if their own legislative department will take action they will have a chance to come up a law which will be overruling the decision of the SC, just think of it as something illegal in the past can be legal in the future because of the laws that have been passed on legalizing such thing. I know this would be a long alternative but if RBI and their SC is really against cryptocurrencies then it is all up to the legislative department now.

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July 25, 2018, 06:21:50 PM
 #3

I think it's not so hard to predict what final verdict of the Supreme Court will be. I mean, no way they are going to enforce the stupid decision of the Reserve Bank of India. Because? Right, because "cryptocurrency brings a lot of investment and jobs to India" as the article is saying. And exactly that's why the final hearing was postponed, forces opposed to crypto are not feeling comfortable with what is going to happen and they are doing everything they can  to incline the Supreme Court to make decision in their favor. But they will fail because they belong to the past, while crypto enthusiasts belong to the future.

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July 26, 2018, 01:09:34 AM
 #4

@Betwrong, @Harlot. Before replying try to understand what I was trying to say. Bitcoin is really not a currency but software for a message passing system. How can you regulate one as a currency and Whatsapp or Discord as another? If India starts regulating bitcoin as a currency, it might set up a precedent that other message passing systems might be currencies too, which would be bad.

I reckon maybe ICOs cannot be regulated as securites also for the same reason.

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July 26, 2018, 12:02:58 PM
 #5

@Betwrong, @Harlot. Before replying try to understand what I was trying to say. Bitcoin is really not a currency but software for a message passing system. How can you regulate one as a currency and Whatsapp or Discord as another? If India starts regulating bitcoin as a currency, it might set up a precedent that other message passing systems might be currencies too, which would be bad.

I reckon maybe ICOs cannot be regulated as securites also for the same reason.

That would be ridiculous to define currency in this way .I think at this point they are in dark and they dont know to what road to take and are just watching what will other countries do regarding definitions and regulation.
But in the same time while they wait and think, capital is starting to flow away from India to more crypto friendly countries.

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July 26, 2018, 03:57:16 PM
 #6

@Betwrong, @Harlot. Before replying try to understand what I was trying to say. Bitcoin is really not a currency but software for a message passing system. How can you regulate one as a currency and Whatsapp or Discord as another? If India starts regulating bitcoin as a currency, it might set up a precedent that other message passing systems might be currencies too, which would be bad.

I reckon maybe ICOs cannot be regulated as securites also for the same reason.

I think when replying to a topic in the Press section we actually have two options: 1. discussing the opinion of the poster; 2. discussing the article itself. No offence, mate, but we just have chosen the latter. Smiley

Regarding your view of Bitcoin as a software for a message passing system I can only say that IMO the Supreme Court of India will be reviewing entirely another facet of this complex mechanism called Bitcoin. And since I think that the Supreme Court's decision will be made mostly in favor of BTC and other cryptos, there's no need to worry about them start regulating Whatsapp or Discord. ... Well they can start regulating anything they want, but we are talking about banning here, right? Which in a country like India will never happen neither to Bitcoin nor to Whatsapp or Discord.

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July 27, 2018, 01:40:35 AM
 #7

@Betwrong, @Harlot. Before replying try to understand what I was trying to say. Bitcoin is really not a currency but software for a message passing system. How can you regulate one as a currency and Whatsapp or Discord as another? If India starts regulating bitcoin as a currency, it might set up a precedent that other message passing systems might be currencies too, which would be bad.

I reckon maybe ICOs cannot be regulated as securites also for the same reason.

I think when replying to a topic in the Press section we actually have two options: 1. discussing the opinion of the poster; 2. discussing the article itself. No offence, mate, but we just have chosen the latter. Smiley

Regarding your view of Bitcoin as a software for a message passing system I can only say that IMO the Supreme Court of India will be reviewing entirely another facet of this complex mechanism called Bitcoin. And since I think that the Supreme Court's decision will be made mostly in favor of BTC and other cryptos, there's no need to worry about them start regulating Whatsapp or Discord. ... Well they can start regulating anything they want, but we are talking about banning here, right? Which in a country like India will never happen neither to Bitcoin nor to Whatsapp or Discord.

I reckon you do not understand. The supreme court of India should be careful what kind of decisions it is making on bitcoin by basing them on a constitution that is not made to regulate something like bitcoin.

It would set a terrible precedent for the other message passing systems that are used in their country because bitcoin itself is but a message passing system of signed messages. I do not know India's constitution, but in America, bitcoin is also free speech that is protected by the 1st amendment.

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July 27, 2018, 02:23:07 AM
Last edit: July 29, 2018, 10:10:10 AM by Theb
 #8

I think it's not so hard to predict what final verdict of the Supreme Court will be. I mean, no way they are going to enforce the stupid decision of the Reserve Bank of India. Because? Right, because "cryptocurrency brings a lot of investment and jobs to India" as the article is saying. And exactly that's why the final hearing was postponed, forces opposed to crypto are not feeling comfortable with what is going to happen and they are doing everything they can  to incline the Supreme Court to make decision in their favor. But they will fail because they belong to the past, while crypto enthusiasts belong to the future.
Unfortunately the Supreme Court's way of thinking does not involve or even put into consideration about jobs or the livelihood it will bring in India, they will think about it in a legal point of view. But even in that way, it is always about their own personal interpretation of the law which every judge has his own unique opinion of the law (and maybe that is also why they postponed the verdict). Now if that is the reason for the delay I don't think it is 100% about not having a decision yet they might be having a hard time of agreeing into a verdict in the court, because some of them might possibly be ruling in favor for the exchanges.

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July 28, 2018, 12:00:38 AM
 #9

@Theb. Fortuntely, India's supreme court is taking its time before making their decision. I hope their supreme court's research will cause them to know that bitcoin is not regulable as a currency or as a commodity in their present constitution. It will set a bad precedent.


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July 28, 2018, 10:42:16 AM
 #10

@Betwrong, @Harlot. Before replying try to understand what I was trying to say. Bitcoin is really not a currency but software for a message passing system. How can you regulate one as a currency and Whatsapp or Discord as another? If India starts regulating bitcoin as a currency, it might set up a precedent that other message passing systems might be currencies too, which would be bad.

I reckon maybe ICOs cannot be regulated as securites also for the same reason.

I think when replying to a topic in the Press section we actually have two options: 1. discussing the opinion of the poster; 2. discussing the article itself. No offence, mate, but we just have chosen the latter. Smiley

Regarding your view of Bitcoin as a software for a message passing system I can only say that IMO the Supreme Court of India will be reviewing entirely another facet of this complex mechanism called Bitcoin. And since I think that the Supreme Court's decision will be made mostly in favor of BTC and other cryptos, there's no need to worry about them start regulating Whatsapp or Discord. ... Well they can start regulating anything they want, but we are talking about banning here, right? Which in a country like India will never happen neither to Bitcoin nor to Whatsapp or Discord.

I reckon you do not understand. The supreme court of India should be careful what kind of decisions it is making on bitcoin by basing them on a constitution that is not made to regulate something like bitcoin.

It would set a terrible precedent for the other message passing systems that are used in their country because bitcoin itself is but a message passing system of signed messages. I do not know India's constitution, but in America, bitcoin is also free speech that is protected by the 1st amendment.

I understood it the first time and that's why I said that I'm sure that the Supreme Court's decision will be made mostly in favor of BTC, because otherwise it would be anti-constitutional. Nevertheless, I think it can be regulated to some degree in the same way that while free speech is protected by the 1st amendment, terrorist propaganda, for example, is forbidden.

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July 28, 2018, 04:18:10 PM
 #11

I think it's not so hard to predict what final verdict of the Supreme Court will be. I mean, no way they are going to enforce the stupid decision of the Reserve Bank of India. Because? Right, because "cryptocurrency brings a lot of investment and jobs to India" as the article is saying. And exactly that's why the final hearing was postponed, forces opposed to crypto are not feeling comfortable with what is going to happen and they are doing everything they can  to incline the Supreme Court to make decision in their favor. But they will fail because they belong to the past, while crypto enthusiasts belong to the future.

The Supreme Court will accept the opinion of the RBI in my opinion. The RBI are, after all, the experts in finance. And they haven't banned Bitcoin, they have just asked banks (whom they regulate) to stay away from Bitcoin exchanges.
The Supreme Court will just consider this a vice and move on.


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July 29, 2018, 01:00:40 AM
 #12

@Betwrong, @Harlot. Before replying try to understand what I was trying to say. Bitcoin is really not a currency but software for a message passing system. How can you regulate one as a currency and Whatsapp or Discord as another? If India starts regulating bitcoin as a currency, it might set up a precedent that other message passing systems might be currencies too, which would be bad.

I reckon maybe ICOs cannot be regulated as securites also for the same reason.

I think when replying to a topic in the Press section we actually have two options: 1. discussing the opinion of the poster; 2. discussing the article itself. No offence, mate, but we just have chosen the latter. Smiley

Regarding your view of Bitcoin as a software for a message passing system I can only say that IMO the Supreme Court of India will be reviewing entirely another facet of this complex mechanism called Bitcoin. And since I think that the Supreme Court's decision will be made mostly in favor of BTC and other cryptos, there's no need to worry about them start regulating Whatsapp or Discord. ... Well they can start regulating anything they want, but we are talking about banning here, right? Which in a country like India will never happen neither to Bitcoin nor to Whatsapp or Discord.

I reckon you do not understand. The supreme court of India should be careful what kind of decisions it is making on bitcoin by basing them on a constitution that is not made to regulate something like bitcoin.

It would set a terrible precedent for the other message passing systems that are used in their country because bitcoin itself is but a message passing system of signed messages. I do not know India's constitution, but in America, bitcoin is also free speech that is protected by the 1st amendment.

I understood it the first time and that's why I said that I'm sure that the Supreme Court's decision will be made mostly in favor of BTC, because otherwise it would be anti-constitutional. Nevertheless, I think it can be regulated to some degree in the same way that while free speech is protected by the 1st amendment, terrorist propaganda, for example, is forbidden.

Then we can agree that bitcoin is unregulable and unbannable. I reckon the best India's supreme court could do is to allow bitcoin transactions in their country but minimally regulate only the services that accept and use bitcoin.

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July 29, 2018, 02:40:41 AM
 #13

India already admitted it created many jobs so its clear to see that they are going to approve crypto. Jobs are going to be replaced by the cryptocurrency industry by majority so I guess that is the reason for the delay. They are arguing about the future that is inevatable but they also don't like.

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July 29, 2018, 10:24:58 AM
Merited by Carlton Banks (5)
 #14

Listen, guys, I have studied the subcontinent closely. The problem subcontinent suffers from is corruption. To hide their corruption Bitcoin and other cryptos are a perfect tool for them, But the main issue here is that these countries are suffering from low tax revenues which is devaluing their currencies. If they approve cryptos/Bitcoin that means the majority of IT sector will start using it for payments which in return will mean even less tax revenue for the governments, which may lead to hyperinflation and collapse of these currencies. Cryptos won't get a green light anytime soon, especially from the subcontinent that's a reality. Pakistan and Bangladesh may follow what India decides.

Do you guys really think that supreme court will approve a piece of tech which is extremely harmful to its currency? Being optimistic is a good thing but let's be real for a moment.
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July 29, 2018, 10:58:44 AM
Merited by Carlton Banks (5)
 #15

They first made an Ass of themselves by prematurely banning all Crypto currencies, then they admit that they did that and they allow it and now they postpone the court ruling on this. This is a sign of a government that has no clue what they are doing. I think people should give them some time to do their research and to finally make up their mind.

The Russian government went through the same nonsense, but they were making different rules for different divisions in their government.

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July 29, 2018, 01:10:01 PM
 #16

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The Russian government went through the same nonsense, but they were making different rules for different divisions in their government.

Agreed, But this is a country where the next "silicon valley" is being made. I don't think they are unfamiliar with the tech which they are dealing with. The issue is more than just a piece of tech. If they approve it they are technically allowing the politicians to theft easily which is a huge issue in these developing countries. IMO it's the matter of how deep the money runs. If the Indian judges are bought/sold then we can expect a approval for the cryptos else there is a slim chance of getting the green signal.
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July 29, 2018, 07:03:54 PM
Merited by Thekool1s (3)
 #17

They first made an Ass of themselves by prematurely banning all Crypto currencies, then they admit that they did that and they allow it and now they postpone the court ruling on this. This is a sign of a government that has no clue what they are doing. I think people should give them some time to do their research and to finally make up their mind.

The Russian government went through the same nonsense, but they were making different rules for different divisions in their government.

The problem subcontinent suffers from is corruption. To hide their corruption Bitcoin and other cryptos are a perfect tool for them, But the main issue here is that these countries are suffering from low tax revenues which is devaluing their currencies. If they approve cryptos/Bitcoin that means the majority of IT sector will start using it for payments which in return will mean even less tax revenue for the governments, which may lead to hyperinflation and collapse of these currencies.

These are very important reasons why government announcements about cryptocurrencies are so vague, and why any policy is very weak or non-existent.

Governments can't introduce very harsh measures only to make complete 180 degree turns in the future. It makes them look weak and hypocritical, and that weakens their perceived authority. The cryptocurrency issue makes it very difficult for policymakers, many people have been saying this for a long long time. It's a phenomenon that's impossible to prevent, and it both appeals to the corrupt self-serving nature of politicians and yet simultaneously undermines the entire model of parliamentary democracy. The writing is on the wall.

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July 29, 2018, 11:51:40 PM
 #18

They first made an Ass of themselves by prematurely banning all Crypto currencies, then they admit that they did that and they allow it and now they postpone the court ruling on this. This is a sign of a government that has no clue what they are doing. I think people should give them some time to do their research and to finally make up their mind.

The Russian government went through the same nonsense, but they were making different rules for different divisions in their government.

The problem subcontinent suffers from is corruption. To hide their corruption Bitcoin and other cryptos are a perfect tool for them, But the main issue here is that these countries are suffering from low tax revenues which is devaluing their currencies. If they approve cryptos/Bitcoin that means the majority of IT sector will start using it for payments which in return will mean even less tax revenue for the governments, which may lead to hyperinflation and collapse of these currencies.

These are very important reasons why government announcements about cryptocurrencies are so vague, and why any policy is very weak or non-existent.

Governments can't introduce very harsh measures only to make complete 180 degree turns in the future. It makes them look weak and hypocritical, and that weakens their perceived authority. The cryptocurrency issue makes it very difficult for policymakers, many people have been saying this for a long long time. It's a phenomenon that's impossible to prevent, and it both appeals to the corrupt self-serving nature of politicians and yet simultaneously undermines the entire model of parliamentary democracy. The writing is on the wall.

The members in the RBI bench would be another reason for this ecosystem is yet to get in. The bench is filled with minds of 1980s and the current gen-system is hard for them to understand and cherish the best out of new comes. A comity should be formed with all current techie talents and analyze the each outcomes. Making BTC as a commodity is still fine and yes the legislation can be rewritten. The legislation was written when we were even waiting for a post (physical letter / letter with envelope) to receive.



























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July 30, 2018, 12:56:56 AM
Last edit: July 30, 2018, 01:31:48 AM by bbc.reporter
 #19

Quote
The Russian government went through the same nonsense, but they were making different rules for different divisions in their government.

Agreed, But this is a country where the next "silicon valley" is being made. I don't think they are unfamiliar with the tech which they are dealing with. The issue is more than just a piece of tech. If they approve it they are technically allowing the politicians to theft easily which is a huge issue in these developing countries. IMO it's the matter of how deep the money runs. If the Indian judges are bought/sold then we can expect a approval for the cryptos else there is a slim chance of getting the green signal.

That is where Silicon Valley season 6 will be made? Oh no bollywood invasion hehehe.

But also, there are the corrupt bank executives. They do not want competition on their money laundering and tax evasion services that they provide for the politicians, the criminals and the elite. Bitcoin will break that monopoly, I reckon.

There was also someone in the forum who mentioned that the government does not want the average joe to have some money laundering abilities through bitcoin.

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July 30, 2018, 06:53:31 AM
 #20

Listen, guys, I have studied the subcontinent closely. The problem subcontinent suffers from is corruption. To hide their corruption Bitcoin and other cryptos are a perfect tool for them, But the main issue here is that these countries are suffering from low tax revenues which is devaluing their currencies. If they approve cryptos/Bitcoin that means the majority of IT sector will start using it for payments which in return will mean even less tax revenue for the governments, which may lead to hyperinflation and collapse of these currencies. Cryptos won't get a green light anytime soon, especially from the subcontinent that's a reality. Pakistan and Bangladesh may follow what India decides.

Do you guys really think that supreme court will approve a piece of tech which is extremely harmful to its currency? Being optimistic is a good thing but let's be real for a moment.

corruption is a problem that every country is suffering from,India is not much different in this regard
but banning bitcoins will simply lose control over ANY possible taxes or revenue from crypto
what I think is happening now is that they are trying to evaluate the cons and pros and I would not be so pessimistic about
cryptos getting a green light in India,CB is an institution pretty independent from the goverment(s) and there will be an interesting
conflict of interests-Central Bank is not interested in legalizing it,while the goverment should be

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