Well, If we recall all the FUD's happened in last few months, then one of those FUD was crypto ban in India. Although, it was not a 'ban' on crypto rather it was a ban on all the banks for providing services to any crypto related business including Crypto exchanges. The moment this decision announced by Reserve Bank of India, the price of BTC took a huge fall in Indian crypto exchange. BTC was being sold almost 40% cheaper in India as compared to International Bitcoin price.
Immediately, some crypto related start-ups filed a complaint against RBI for this unfair crypto related ban in India during the same month. Even an online plea was signed by thousands of crypto enthusiasts to support cryptocurrency in India.
Now, the Delhi Court will have its first hearing related to cryptocurrency ban on 24th May 2018.
This hearing will cover three grounds where Crypto start-ups will seek to prove this RBI's decision.
‘ARBITRARY, UNFAIR AND UNCONSTITUTIONAL’
Kali Digital, one of the crypto start-up, will seek to demonstrate in Court that the decision by RBI is Arbitrary, Unfair and highly Unconstitutional and at the same time, it was taken without any logic.
As per this source, one of the crypto start-up's official quoted :
Logical and well-thought argument backed by solid facts are the primary requirements under the constitution to put a stop to any business in India.
Trader's Still Indecisive
Even though the crypto traders are doing trading normally as of now, without any hassle by Banks or crypto exchange as RBI had given a 3-month period to all the crypto traders to settle all the trading activities. But still, people are unclear and highly pessimistic regarding the future of crypto trading in India.
Some traders are slowly selling their crypto's while others are transferring them over to some foreign exchange.
Now, lets see what decision will come out of upcoming hearing in Delhi Court.
Thanks for reading ...!