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Cryptocurrency India: Bracing For The D-Day!

in india •  16 days ago

In the next 24 hours the Supreme Court of India would have ruled on the standing cases against the Reserve Bank of India's mandate to prevent legally operating cryptocurrency exchanges from having banking services.

If the apex court rules in the favour of the RBI then it might set a precedent for further sanctions against cryptocurrency related activities in India.


Source

However, there's a lot to be gained for all parties if the court rules in favour of the exchanges. It will allow all parties to open up dialogue to push a sound legislation that protects interests of all invested parties and more importantly all of us users.

September 11th 2018 will be a day that will be remembered in the history books of cryptocurrencies in India irrespective of which way the the decision swings.

However, in the meantime if you've faced any issues from your respective banks by of account termination or suspension of services you can take action against them by filing a complaint with the banking ombudsman.

Banks such as Kotak Mahindra bank is still sending out notices to its customers warning them about these consequences. Just yesterday a friend showed me a screenshot of the email received from his bank.

I've also heard of a couple of top exchanges prepping to downsize as they have been unable to adapt with the changing scenarios and things are unsure moving forward.

This isn't a good situation for startups heavily invested in this space. It has caused major issues for several excellent exchanges such as Coinome who have been unable to render services but it has also opened doors to those who have been able to capture the P2P market and use it effectively.

I'll be back with factual updates from the Supreme Court hearing taking place tomorrow. I hope we can win this battle!


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Hope for the best...At least Supreme court is the there who will definitely listen the voice of Crypto investor. Supreme court also consider the advantages of Blockchain technology to make life simple and how it can solve major drawback in current financial system.

I am very positive on this issue because i have faith in constitution of India and Indian Legislation System, If government not listen our voice, Do not worry Supreme Court is there which is not the property of government like CBI and RBI which government can use as per their requirement.

I am Keenly waiting for the judgement, Hope so Supreme Court will stop the Dictatorship of RBI and Banks over the customer money.

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as the 2nd most populated country in th world, Supreme Court decision is important to the future of the crypto. either this will boost the development to better blockchain and cryptocurrency or it draw us back few years behind to the future.

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Thank you :)

Hope for the best out comes.Good luck to all

Its already the day. Let's keep our finger crossed and hope for the best. Let's hope the verdict is in our favour. I think the Supreme Court will give a progressive Verdict rather than a taking a step back in progress

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Let's hope they do as per our expectations in this matter!

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Yes I am very positive on this . Recently our supreme court has been on some sort of role. They are passing one after another excellent decisions. Hope this is another one in line.

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I hope the government doesn't ban crypto! Can't predict this government.

Supreme court is acting Dabbang these days. Removal of SC ST act, LGBT rights, and today it will be cryptocurrencies.

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Hey buddy...whatever judgement supreme Court gives, it always have solid facts. Please before making any allegation over supreme Court , look at past historical judgements of supreme Court.
I hope for the best like you, but supreme Court is not a dictator like Indian banks for crypto trading and government for demonetization.

waiting for decision

Postponed to tomorrow...Don't know what's there.

whats the reason ban crypto?? its using blockchain technology, seem good for everyone :x