Crypto Ban in India: Delhi High court seeks response from Central Bank
According to a report published on Times of India on April 22, The High Court of Delhi has allegedly issued a notice to the Ministry of Finance, the Reserve Bank of India (RBI), and the Goods and Services Tax (GST) Council stating that the RBI’s decision to end dealings with crypto businesses is against the constitution of India.
The RBI released a press circular on 5th of April saying that they are no longer interested to provide services to any business or people who are associated with cryptocurrency. Kali Digital, a crypto company, filled a claim against the decision of RBI’s and The High Court reportedly sent the notice in response of Kali Digital’s claim. There is also an online petition asking to reverse the ban which gained over 43000 signatures by the press time.
In the official claim, Kali Digital mentioned that the RVI’s circular violated the constitutional Articles 19 (1) (g) and Article 14. At the same time they expressed their fear that such insensitive decision by RBI would affect CoinRecoil’s business operations immensely in an unconstitutional manner.
The central bankers are too late. The political class is already invested into cryptos, so it will be very difficult now for the central banks to implement draconian bans.
If they able to ban all paper note in a single notice, why not for crypto?
Extremely unfortunate, this ban on fiat gateways. This process will be prolonged for no reason.
Here is my two cents on it
https://steemit.com/bitcoin/@karamyog/india-s-bitcoin-and-crypto-ban-my-take-on-the-road-ahead-for-india
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Almost the same in Indonesia. The central Bank has issued that Cryptocurrency is illegal. The government said that crypto are used by criminals.. what a narrow minded thinking... They couldn't see the bright side of crypto
excellent !!
Well, no wonder as cryptos undermine traditional business models of banks.
Transparency International sees it even as a chance for Transparency. (WEF - Davos)
I will report what are my takes on some side meetings of the German Chambers of Commerce on this topic mid of May.
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Regards from Berlin. @seelc
I find it stupid to ban crypto. If they think it's not good or used in something bad, then why not just regulate it? I don't get them.
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