Was just about to post this news. Thanks for posting it on time.

Is this the final list for 2019 or there can be any other list? Also, when is the next session after winter session? Any idea?

I guess, we will get another date on that day. Lots of important hearing are going on now. Crypto will not get that much importance.

Well then, that would be like striking a hammer on their own foot (the judicial system I'm talking about). Once migrated, it wouldn't be that easier for these businesses to come back and I believe these SC and Gov officials really need to take crypto seriously and talk about it rather than throwing it in the hands of some 5-10 or maybe 20 members' panel, I mean who the hell are these panel guys and how can they decide the destiny of both Bitcoins and millions of Indians using it? Straight ban would be shit IMHO and if it's all about democracy here, ask them to simply take out a poll and ask for votes of people and why they need/don't need BTC to be used and accepted here. Straight banhammer would be like they are the King and forcing their decision on us, why don't they think that this will only increase dark trades and they won't be able to trace them if people know more about security measures they can take to remain private?

They are already dictating what you eat and how you show respect and patriotism and the old hegemony is clearly visible in almost everything and that is happening in the bitcoin market as they could hold businesses from functioning and they do not care about the loss these companies are baring and the loss of jobs and they are not able to come up with some temporary law to protect these business shows the state of our internal affairs.

Hope you are aware of the Monetary Policy Committee and it is control by the government and now a days nothing is transparent like they used to be in the past and RBI does not take control of everything now and hence there is no conflict of interest .when the current government came into power you know how many governors were changed because they do not listen to the central government, first it was Raghuram Rajan then came Urjit Patel and now we have Shaktikant Das, any idea why this much change in a short period of time and you think that everything is normal and regarding the bitcoin ban, the RBI does not have the power to ban anything and what they control is the banking sector and not to shut down businesses.

The RBI executed the order to shut the entire crypto market and it is a liability as it caused business losses and that is not bestow upon the RBI and if the actions lead to create financial loss then the government must intervene, technically RBI did not shut down the crypto market but if that leads to destroying and causing liability then someone should be responsible to give a concrete answer for the investors as it was a dictatorship move and none of these companies function against the rule of the land and India is a democratic country.

Another temporary breather just got extended! Till the time, the case is extended, we continue to get such kind of breathing spaces! RBI is expected to act arbitrarily, as well as the religious government of India! I hope someone clubs cryptocurrency with Cow or religious sentiments somehow! Then only we can expect to have it legal here!

No one is denying that. MPC is indeed controlled and constituted by government. But you know when MPC is created? It is created when government requires expert advice on some complicated matters. Hence, what government does, it creates a committee having members from different fields like one from government itself, one from RBI, one from finance ministry, others from various other financial departments. MPC then discuss the matter in series of meetings and comes to final proposal which is then presented to government. Government then have complete autonomy to either accept the proposal or reject it.

But you know there is one difference between the decision taken by committee and decision taken by government. Committee only takes into consideration the technical purview and decision is explicitly taken on that basis. But when it comes to the decision of government, government takes into consideration social reaction, public retaliation along with technical aspects. So in short we can say, government will never hurry and implement committee's draft.


I don't want to go in details of politics within RBI or its tension with government, there is much more into case then what you and me know. However, I would like to reply to the text I bolden in the quote text above. So first thing, RBI didn't ban anything. It just issued guideline to commercial banks to not provide banking services to businesses involved into crypto business. This guideline indeed comes into the definition of 'controlling the banking sector'. Shutting down of businesses like Zebpay is just the consequences of this decision. If Zebpay wants it could have stayed and evolved itself into P2P, something like WazirX or Giottus. It made exponential profits in FY 2017-18 and could have worked in losses for a year until its P2P network starting gaining momentum. But what Zebpay did, it left India, moved to Malta and forgets Indian market completely. When Zebpay has no sentiments for Indian market and adoption of Bitcoin in India then why we are fighting for the closure of such businesses? Did you see any case filed by Zebpay against RBI decision? No, it was IAMAI which took initiative.