Altcoins Talks - Cryptocurrency Forum
Further Discussions => Banks & Cryptos => Topic started by: fitload on July 20, 2018, 12:03:21 PM
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The long-awaited judgment on the petition against the Reserve Bank of India (RBI) has been pushed from July 20 to September 11, 2018, as the final date for disposal of the case.
The hearing was not only important in terms of judgment that was to be pronounced by also to gauge clarity on the government’s stance towards the crypto industry and the Reserve Bank of India’s (RBI) reservations against bitcoin and other virtual currencies.
The RBI ‘crypto ban’ came into action on July 5 where all banking and INR support for crypto-related business was removed. Most of the exchanges have shifted their trading to involve crypto-to-crypto pairs only.
All the parties, individuals, and ventures have the timeline of 4 weeks to file their reply to the petition before the final hearing.
As per internal reports, limited arguments were advanced on behalf of Internet and Mobile Association of India [IAMAI] and RBI on 20th July. Since SEBI and a few others have not filed their response to the petition seeking regulation, the Court has directed for completion of pleadings in the month of September.
Read More: https://news.bitzamp.com/rbis-crypto-ban-in-india-final-hearing-postponed-to-11th-september/ (https://news.bitzamp.com/rbis-crypto-ban-in-india-final-hearing-postponed-to-11th-september/)
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I think India contributes heavily in this digital world and it is very crucial that they don’t ban it; I believe it might not hurt Crypto industry in a MASSIVE way, but it will hurt them more as most people like to have alternative options for investment, especially something like Crypto.
I see Bitcoin as a major option for years to come. With so many reasons why one should invest in Bitcoin (https://www.asiacryptotoday.com/reasons-you-should-invest-in-bitcoin/), it just makes it an automatic choice for every sensible person, at least for me.
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I think the situation with the use of crypto currency in India should soon change for the better, as recently a special commission set up by the Government of India has come to the conclusion that the crypto currency can be used in the country as a means of payment. This dramatically changes the situation in favor of the crypto currency and can put an end to the dispute with the Reserve Bank of this country.