Good news for bitcoin from India, should other countries also follow the suit?

[lordquanta]

In 2018, banking regulatory body in India issued a circular to the Indian banking and financial institutes to ban any trading in cryptocurrencies. The India's crypto-association moved to the court against this decision. As the case reached to the apex court of India, the verdict was eagerly awaited by both parties. Today the apex court has overturned the circular which banned crypto-trading. It stated that the decision from banking regulators was unconstitutional. This news will have a much needed positive effect to the Indian crypto-market. Respected companies which were active in trading are slowly resuming their services.

I personally think this should be considered as a ground-breaking decision which not only decriminalized crypto-trading but also gave much needed legal status to the crypto-currencies in India.
Do you think other countries should have similar approach to the crypto?


Reference: https://timesofindia.indiatimes.com/business/india-business/supreme-court-allows-cryptocurrency-trading-cancels-rbis-2018-circular/articleshow/74470172.cms

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[Febo]

Good news for bitcoin from India, should other countries also follow the suit?

There is no government that like Bitcoin. In countries where they will prohibit the use of Bitcoin, the case will go to the court. There will be no exceptions. Some governments are smart enough to see they cant prohibit it. Case will be on court for years, depending how fast court works in different countries. Rulings will be mostly the same. There will be almost none courts that will agree with governments. Difference is what will governments do then. Some autocratic governments will ignore court rulings. I have in mind here China, India, Russia, Turkey. Other governments will simply have to implement Bitcoin in their proposed laws. The same will be with  nontraceable ledger cryptocurrencies, that so many are afraid their governments will ban them. It will take some time in some parts of world, but eventually all will be free to use.

[Hydrogen]

If governments of the world, are ever to dig themselves out from under the massive budget deficits they've created. They will need to utilize every option at their disposal. This includes legalizing and supporting crypto currencies which create jobs, generate tax revenue and give consumers greater options in terms of safe havens available to protect savings and wealth from fiat hyperinflation.

Legalizing and supporting crypto indicates governments and regulators are serious about ending deficits and protecting citizens from fiscal mismanagement. Lagging banking industries also may need the high potential growth of the crypto sector for their own survival. With corona virus and economic slowdown being major global concerns.

[palle11]

I think reading your statement, the Indian case is simple. If the apex court in there ruling used the word unconventional that means it was in the constitution thereto, to trade in crypto and maybe the banking system or regulation in itself made a ban on it which the highest judicial organ has clarified.
Thus, if cryptocurrency isn't ban in a particular country, they will of course be free to also trade, hodl or transact in cryptocurrency.

[fiulpro]

They should follow suit : Yes
Would they do that : No
Well more or so people actually stood up for their community in India and the good thing is the government supported it and allowed them to present a case and even after that they won the case .
This is how a government should be , straight simple for the people by the people but unfortunately not all countries are alike and the people are hiding Monarchy behind democracy.

[avikz]

They should follow suit : Yes
Would they do that : No
Well more or so people actually stood up for their community in India and the good thing is the government supported it and allowed them to present a case and even after that they won the case .
This is how a government should be , straight simple for the people by the people but unfortunately not all countries are alike and the people are hiding Monarchy behind democracy.

Did government support us - No!

They indeed appointed a committee who suggested punitive actions including 7 years of prison term for holding cryptocurrency in India. It's the court who passed the judgement in our favor. I am sure, the government will strike back again on us with some other regulations. India is currently being ruled by a  religious party who are least bothered about progressing ahead!

[fortunecrypto]

In 2018, banking regulatory body in India issued a circular to the Indian banking and financial institutes to ban any trading in cryptocurrencies. The India's crypto-association moved to the court against this decision. As the case reached to the apex court of India, the verdict was eagerly awaited by both parties. Today the apex court has overturned the circular which banned crypto-trading. It stated that the decision from banking regulators was unconstitutional. This news will have a much needed positive effect to the Indian crypto-market. Respected companies which were active in trading are slowly resuming their services.

I personally think this should be considered as a ground-breaking decision which not only decriminalized crypto-trading but also gave much needed legal status to the crypto-currencies in India.
Do you think other countries should have similar approach to the crypto?


Reference: https://timesofindia.indiatimes.com/business/india-business/supreme-court-allows-cryptocurrency-trading-cancels-rbis-2018-circular/articleshow/74470172.cms

This could happen in a democratic country because they have a supreme court to rely on every decision that governs the country, this is a good lead and every country that has a hard restrictions on Cryptocurrency holders, to take up their cause to their supreme court, you never know the supreme will rule in their favor.

[AniviaBtc]

They should follow suit : Yes
Would they do that : No
Well more or so people actually stood up for their community in India and the good thing is the government supported it and allowed them to present a case and even after that they won the case .
This is how a government should be , straight simple for the people by the people but unfortunately not all countries are alike and the people are hiding Monarchy behind democracy.

Did government support us - No!

They indeed appointed a committee who suggested punitive actions including 7 years of prison term for holding cryptocurrency in India. It's the court who passed the judgement in our favor. I am sure, the government will strike back again on us with some other regulations. India is currently being ruled by a  religious party who are least bothered about progressing ahead!

I hope that most of the countries in the world that still don't see bitcoin as a potential digital currency, becomes next to India. In India, rules and regulations should be implemented because bitcoin really involves money, and when money talks, many people becomes abusive and hard to manipulate. They are lucky because the government already accepted it as a currency for how many years. We need to give credits to those people who see bitcoin as a future currency that will really help develop the economy of a country. The only thing is that they need to work the bitcoin with the art of manipulation for a progressive and succeeding effect in the people and economy. Overall, this will help us for another mass adoption and I think it is a good thing for us who uses cryptocurrency.

[Kemarit]

I personally think this should be considered as a ground-breaking decision which not only decriminalized crypto-trading but also gave much needed legal status to the crypto-currencies in India.
Do you think other countries should have similar approach to the crypto?

Of course, this is a ground breaking decision coming from the Supreme Court of India, and should consider a big victory for crypto enthusiast around the world.

But as far as other countries? We can't say for certain, maybe this can set a precedence for others to bring the case to their highest court, but I'm not expecting that nations, specially those who have a hard-line stance to simply make a U-turn just because India had a landmark decision, case to case basis.

[bitgolden]

This is very good, imagine how many people from then till now would have been afraid of owning, not to talk of trading Bitcoin because they were afraid of what actions would be taking against them if they should be caught with any cryptocurrency. I even heard that there was rules set then that anyone that’s caught with cryptocurrency will be sentenced to ten years in prison or so.

So, a lot of would have stayed completely clear from cryptocurrency due to such strict rules. But, now that the court has declared it legal, all those people that lost interest would start going back into it and that will as well have positive impact in the cryptocurrency market in India.

[onrise]

This is just amazing news and knowing that many people wanted to explore the new possibilities and this just esnsures that their future hold many things now . Their would be soon many exchanges would be in place and people will also have another option to invest and trade in crypto along with the traditional stock market and investing in gold .

[dothebeats]

At one point in time, they would have to, in order to create a new avenue in which tax can be collected and jobs to be created. The cryptocurrency industry is ever-growing at a steady rate albeit the lack of actual acceptance from the masses. Most ventures are prepping up for the possible scenario of widespread acceptance, and should that evwr happen, they will be in the front lines and would reap most of the benefits, including those countries whom have accepted cryptocurrencies before amy other countries did.

With the way things are going, I'll expect more countries to open their doors to cryptocurrencies while some stay as reluctant as they were and push for their own digital cash fo peruse within their country.

[camito]

In 2018, banking regulatory body in India issued a circular to the Indian banking and financial institutes to ban any trading in cryptocurrencies. The India's crypto-association moved to the court against this decision. As the case reached to the apex court of India, the verdict was eagerly awaited by both parties. Today the apex court has overturned the circular which banned crypto-trading. It stated that the decision from banking regulators was unconstitutional. This news will have a much needed positive effect to the Indian crypto-market. Respected companies which were active in trading are slowly resuming their services.

I personally think this should be considered as a ground-breaking decision which not only decriminalized crypto-trading but also gave much needed legal status to the crypto-currencies in India.
Do you think other countries should have similar approach to the crypto?


Reference: https://timesofindia.indiatimes.com/business/india-business/supreme-court-allows-cryptocurrency-trading-cancels-rbis-2018-circular/articleshow/74470172.cms

Definitely. Crypto as much as the standard currency used by each countries, can compete and can really boost one's economy and trade, as well as job opportunities for people and investors. The challenge that was battled by Bitcoin in India is a legit proof and best example how it can be one of the currency that can be used by a country, only that it follows certain guidelines and standard that is far from fiat. Since fiat is regulated by the government, I think the problem will undergo in the court, and that much study must be made. We are aware that each country has their own currency and things, why they happen, always has reasons. Let's just hope that the countries find the realization that Cryptocurrency is a great player and follow India's initiative as well.

[Finestream]

India would be a better country then for crypto businesses, I believe that decision by the government is right, it will benefit the economy of India and hopefully other countries who are still banning bitcoin will follow and get the inspiration by India on how they handle crypto.

I am not really following about the "suit" you've mentioned, but good to know that there are people who are fight for crypto legality in a certain country.

[tvplus006]

I read that in India, the Supreme court allowed the use of cryptocurrency. I have never seen such a thing before that the ban on using cryptocurrency in the country was challenged in court. I think this decision is important not only for India, but also for the whole world.

[Yatsan]

I mean, I see no reason to prevent the growth of BTC to their countries but that's my stand as a citizen, not as a part of the governing body of our country. The government has their own stands regarding the issues and we can't exactly force it to them with a reason like, "India already allowed BTC, you guys should follow it as well" kind of thing. A stand needs to be made, like in India, arguing about the concept of crypto and BTC and its possible influences to their country. 

There could be wins and losses, and I honestly doubt the idea of accepting BTC would introduce a bandwagon effect towards the other countries, but they would at least put up their guard about the idea of accepting it. It'd be especially harder to win in countries that hold deeper levels of disagreement regarding the existence of BTC and it's value as a currency.

[imstillthebest]

I read that in India, the Supreme court allowed the use of cryptocurrency. I have never seen such a thing before that the ban on using cryptocurrency in the country was challenged in court. I think this decision is important not only for India, but also for the whole world.

yeah that looks so serious and cool at the same time  . by that , we can see how important cryptocurrency is  .

 its important because its also a money anyway . cant we see that when there are frauds cases related to money , it was also being disscused on the court by higher authorities  . so im thinking the same way was happening on crypto or in bitcoin in terms of legality  . if this was great news happening on india then other countries should followed it too  so that many people can get the benefits  .

[kaya11]

In 2018, banking regulatory body in India issued a circular to the Indian banking and financial institutes to ban any trading in cryptocurrencies. The India's crypto-association moved to the court against this decision. As the case reached to the apex court of India, the verdict was eagerly awaited by both parties. Today the apex court has overturned the circular which banned crypto-trading. It stated that the decision from banking regulators was unconstitutional. This news will have a much needed positive effect to the Indian crypto-market. Respected companies which were active in trading are slowly resuming their services.

I personally think this should be considered as a ground-breaking decision which not only decriminalized crypto-trading but also gave much needed legal status to the crypto-currencies in India.
Do you think other countries should have similar approach to the crypto?


Reference: https://timesofindia.indiatimes.com/business/india-business/supreme-court-allows-cryptocurrency-trading-cancels-rbis-2018-circular/articleshow/74470172.cms

This is on the right place at the right time I guess. It is needed at the moment, as you can see in some news and some social media sites where information is given freely, there is a problem in India right now important than trading crypto. Muslims are being punished for just being Muslims, I know this isn't new because in other parts like Burma, rohingya and in Palestine, Syria and some other countries too. If they retaliate in India and things gets messy, people will leave the country and economy will surely fall, leaving crypto being an option to save their money, add the NCOV being scattered all over the world. I am wondering if this is all plotted and some shady people are behind this.

[Ozero]

In 2018, banking regulatory body in India issued a circular to the Indian banking and financial institutes to ban any trading in cryptocurrencies. The India's crypto-association moved to the court against this decision. As the case reached to the apex court of India, the verdict was eagerly awaited by both parties. Today the apex court has overturned the circular which banned crypto-trading. It stated that the decision from banking regulators was unconstitutional. This news will have a much needed positive effect to the Indian crypto-market. Respected companies which were active in trading are slowly resuming their services.

I personally think this should be considered as a ground-breaking decision which not only decriminalized crypto-trading but also gave much needed legal status to the crypto-currencies in India.
Do you think other countries should have similar approach to the crypto?


Reference: https://timesofindia.indiatimes.com/business/india-business/supreme-court-allows-cryptocurrency-trading-cancels-rbis-2018-circular/articleshow/74470172.cms

The Reserve Bank of India did not prohibit the cryptocurrency circulation in the country. This was a recommendation to financial institutions not to service any activity in the cryptocurrency. However, there was no direct prohibition of cryptocurrency. Now that this restriction has been lifted, India is among the states where there is no regulation of cryptocurrency and where it is still not legalized. A special government commission recommended that the cryptocurrency circulation in the country be completely prohibited and that a ten-year prison term be imposed on those who use it. Other states have nothing to learn in India and follow its example.

[tvplus006]

I read that in India, the Supreme court allowed the use of cryptocurrency. I have never seen such a thing before that the ban on using cryptocurrency in the country was challenged in court. I think this decision is important not only for India, but also for the whole world.

yeah that looks so serious and cool at the same time  . by that , we can see how important cryptocurrency is  .

 its important because its also a money anyway . cant we see that when there are frauds cases related to money , it was also being disscused on the court by higher authorities  . so im thinking the same way was happening on crypto or in bitcoin in terms of legality  . if this was great news happening on india then other countries should followed it too  so that many people can get the benefits  .

This was an example of how cryptocurrency exchanges defended the interests of the crypto community for the right of circulation of cryptocurrency in India. The exchanges were the initiators of the lawsuit , which overturned the decree of the Central Bank of India banning the provision of services to crypto companies.