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India’s RBI Bans Trading Crypto: IAMAI Files Petition to Supreme Court

India’s RBI Bans Trading Crypto: IAMAI Files Petition to Supreme Court

On May 11, last hearing date, R.B.I has been given temporary relief by the Supreme Court of India which has now extended the hearing a weak later on proceedings against cases filed by cryptocurrency exchanges in India.

Now on 17 May 2018, IAMAI came to be standing against the ban over crypto. The IAMAI (Internet and Mobile Association of India) has moved to the Supreme Court (SC) to issue a stay on the order. A written petition is filed against the case to over the SC.

The reports from ET, state that

“The petition was filed in the apex court on Tuesday. IAMAI president Subho Ray has confirmed the filing of the petition but did not want to comment since the matter was scheduled for a hearing.”

 

A twitter handle going by the name Crypto Kanoon mentioned,

 

Also read: Indian Exchanges Response After RBI Ban On Cryptocurrency

Now the next hearing is moved to 20 July, Supreme Court hears all Crypto Petitions including those against RBI banking restriction on 11th May. RBI previously has filed its reply.”

The petition in the supreme court to regulate cryptocurrencies in India was filed by many of the crypto exchanges and by Dwaipayan Bhowmik and the respondents included Ministry of Finance, Ministry of Law and Justice, Ministry of Electronic and Information Technology, Securities and Exchange Board of India (SEBI), Reserve Bank of India (RBI), Income Tax department and Enforcement Directorate.




The first ever case filed by Bhowmik and he said: “while being a proud citizen of the country I sincerely wanted to reduce financial crimes such as money laundering, tax evasion etc”. It should be kept in mind that when he filed the petition bitcoin’s value was bit stable. But alone in December, the value shot up from Rs 7,00,000 to nearly Rs 13,00,000.”

Two other petitioners are in regard to this particular coin. One petitioner wants bitcoin to be fully legal in India on contrary the other wants bitcoin to be completely banned. Mr Bhowmik said that he doesn’t want either of the cases. Simply, he just wants it to be regulated.

Now one On July 20th, the fate of the bitcoin in India is to be decided. We all are really optimistic about the decision but we don’t know what will happen. All we have to do is to wait for the result.

Is Bitcoin Still legal in India?

Of course, it is legal for now. There is no major standing against bitcoin to ban it yet. The petitions and the court case are still up and waiting for the result, till then it’s not illegal for these activities.

Till the next hearing which is on July 6 now, we can be sure on the holding of bitcoin and other cryptos. We should wait and believe in the actions planning against it to make some better choice.

What to do if India bans bitcoin?

Just think, in the worst of your dreams but if India bans bitcoin. Yes, surely it will hurt its prices too, but there are many ways out. Some of them are –

1. We can transfer our coins to the exchanges abroad and keep our funds safe there.

2. Our local bitcoin exchanges are not domestic anymore, they all have offices abroad like zebpay, unocoin etc. So they can operate easily.

3. There are a couple of websites and store online in which you can buy items with your bitcoin, or you can simply pay your service if the opposite party agree to accept in bitcoin. You can also buy gift cards of the store with bitcoins and spend them directly. Some of these sites include nafa.in, paxful, purse.io.

Techllog View:

Blockchain technology is the future. What blockchain now is internet ten years back. No one can stop this evolution so surely India too will not ban it. If it does, there are numerous way out.
So, relax there is nothing to worry.

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