[2018-07-25] India’s Supreme Court Postpones Verdict on Cryptocurrency Ban Again

[Emily_Davis]

Not again. The judiciary in India still intends to shy away from this case. It is quite easy to predict what the outcome might be. The ban most likely will not hold water. The huge population in India will certainly be a great hit for the cryptocurrency market. Cryptocurrency too will be a big plus for the Indian economy, I believe. The Supreme court had better weigh the situation properly and take a proper stand. It is indeed a matter of grave importance.

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[Thekool1s]

It makes them look weak and hypocritical, and that weakens their perceived authority.

I don't think so, as subcontinent is prone to dirty politics these 180 degrees turns hardly make a dent. Also, The majority of These countries have lower Education standard, They see roads and parks as development and the work of their politicians, they hardly care about what government policies are.

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

Lmao xDD, I don't know how pied piper will adjust to that. Imagine Season 6 being directed by an Indian. I can't even imagine the dramatic effects the season will have... xD

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.

I kinda disagree, most of the politicians are businessmen, they can easily get away by setting up Offshore companies. They don't need the banks as much I reckon. But I do agree with the threat bitcoin posses to the banking system.

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.

Isn't this what every government wants?

[bbc.reporter]

@Thekool1s. Agreed. There are some money laundering schemes that use offshore shell companies, but there are high ranking bank executives that provide money laundering as a service for criminals. Search for HSBC money laundering in Google and look at how corrupted they are.

Also, what the government wants is to control its constituents, not to give them freedom. Bitcoin gives freedom, and the government does not like that.

[Carlton Banks]

There are some money laundering schemes that use offshore shell companies, but there are high ranking bank executives that provide money laundering as a service for criminals. Search for HSBC money laundering in Google and look at how corrupted they are.

Also, what the government wants is to control its constituents, not to give them freedom. Bitcoin gives freedom, and the government does not like that.

But remember that both points you make here are related to each other: governments and their politicians are used to the off-shore money system when they want to do some kind of scandalous dealings, but that puts them in the pockets of the bankers who arrange it for them. Bitcoin doesn't have that middleman problem in the same way, once you have some BTC, politicians can use techniques to do their questionable deals in far more privacy than they can with bankers intermediating. And then they owe the bankers nothing.

That's the beauty of peer-to-peer tech, everyone has genuine equal opportunity. Self interest can drive anyone towards cryptocurrency, as everyone has some reason to want it, even if the reasons aren't the same for everyone.

[bob_rushford]

Government should accelerate the process else India would become prone to money laundering and stuff.

[audaciousbeing]

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.

You angle of knowledge is really commendable and its something that I have also try to struggle with on what could possibly be the outcome and if I could remember, I came to a conclusion that the odds are against crypto by all means and if there is going to be any win at all, its going to be at the mercy of government regulatory agency while the other party is sure to go with a win no matter the outcome. Lets leave conjectures about maybe the system is corrupt and this might dip into government purse or things like that after all, we have seen judges decide against government that appoint them.

The real question, is who are those that would decide the case? For anyone to be nominated as a Supreme court judge than surely that person does not belong to the generation of computers. Basically, the decision would be based on the arguments of the representatives of both sides that then aligns with what the judges have come to know and have done all their lives. With this, we all know what the likely outcome would be. Its best everyone just go about our normal business whatever happens we take it from there.

[timerland]

I really doubt that the supreme court would be able to take a completely unbiased stance at this matter. Or, they may just keep delaying the verdict infinitely, which essentially means that nobody can buy/sell BTC in the meantime.

Of course I'd like to see this ban being uplifted but at the moment, there are two main possibilities. One is that the ban will continue and be justified by the supreme court. The other is that some sort of VAT tax will be instated upon bitcoin transactions.

I honestly don't see any logic behind banning bitcoin, although India seems to push the idea that bitcoin is used for illegal stuff. To me, that's complete BS. Illegal activities are not a result of bitcoin, at all.