Today, as South Korea's national assembly proposed to lift the ban on ICOs. They are officially going to allow domestic ICOs from taking place in Korea. Due to the earlier restrictions many South Korean companies have been moving to foreign markets such as Singapore, Hong Kong and Estonia.
Naver and Kakao Corp, the parent companies of popular chat apps Line and Kakaotalk, recently set up subsidiaries abroad with the possibility of launching ICOs. One of the country’s largest crypto exchanges, Bithumb, has also partnered with a Singaporean company to launch its own cryptocurrency. -Bitcoin News
So in all likelihood South Korean government might make it legal to have an ICO running out of Korea. This is great news for the market in general. South Korean startups also stand to benefit from this change in rule.
According to Business Korea:
The National Assembly has officially made a proposal to allow domestic initial coin offerings (ICOs). As the administration is sitting on its hands after imposing a total ban on ICOs in September last year, the National Assembly has come forward with an official recommendation.
Even as these developments take place in Korea, I cannot help but look at how our government in India is responding to this situation. Our Supreme Court has set the next date of hearing on the 20th of July which is about 2 weeks after RBI's banking ban goes into effect on the 5th of July.
Democracy is a strange situation where we get to elect the leaders we wish but they rarely deliver on the things we really need! It's better than a dictatorship however, where simply cannot fight back the system at all.
However, I don't blame the government entirely for these issues. In recent times there have been many scams related to bitcoin investing in India as well as cases of extortion.
But the approach to the cryptocurrency scenario by banning access to banking services to exchanges is a wrong move. In my opinion it will do more harm than good as people will stick to black money (unaccounted cash) and p2p channels to move their funds in and out of the market.
RBI's Response to Supreme Court published by Crypto Kanoon-a group of individuals fighting the RBI on this matter.
RBI has stated in its reply filed in SC that some #crypto transactions can look the same as the transfer of value through 'Payment System' (PayPal etc.).However, it's not a 'Payment System' as defined in Sec. 2(1)(i) of PSS Act as it is peer-peer and involves no service provider.
Crypto Kanoon makes a fair point in their tweet:
Legally speaking, if 'Frequent Flyer points' can be used as a medium of exchange for buying an air ticket despite lacking characteristics of money, currency or coin under law. Why not Crypto?
These are somethings for Supreme Court to consider when they consider all the factors of the case. Hopefully, the prices in the market will quickly stabilize after the ban. Trading volumes are very bad these days compared to how they were a few months ago.
I've seen 24 hour trading volumes as low as 2.5BTC on some big exchanges recently. Leave it to the government to kill innovation and stifle growth of a new sector that could potentially revive the IT sector in India.
Do you think the Supreme Court will ultimately rule in favour of cryptocurrencies? Do you think GST will be applicable?
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The fact that the hearing date is set up after the effective ban date is disheartening and doesn't look very good. But hey, hope against hope right?
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Sane countries doing sane things, unlike ours.
I am happy India did not ban on cryptocurrency only put the tax
Indian government have to understand that they can't stop black money By Banking Ban because P2P transaction will not effected by baning banking services. Government have to form some regulatory bodies to regulate cryptocurrency but baning is not a solution. It will increase black money transaction.
Hope government will change there dicision after south korea ICO ban lifting.
This is great news, south Korea is a leading force in the technology world and lifting the ban would go a long way to help the market
Let's hope the ban gets lifted. The crypto market needs to grow!
The lifting of the ban is good news to the ears. It will immensely have a positive impact on the market.
It's so disappointing to see governments ban something because they don't understand it or know how to regulate it. The same thing happened in the 1920's with prohibition and the same thing happened in the 60'-80's with cannabis. If a government is going to stop it's people from taking part in something that has no inherent evil, then they will lose the trust of their people and companies will find another place to do business. I think we will see more and more of this worldwide until everyone has started to realize the potential greatness that the blockchain offers.
I remember the whole market slide down started in Jan because of the South Korea ban FUD. Who know this good news might spell something good :-)
While the situation in India will eventually find its feet in favor of Crypto. Indian government might br slow on the uptake but they would realize that they are going to left behind if they don't get their act together. Hold on brothers, the sun is going to shine on us again:-)
I may not be very pro in blockchain but i believe future will be it. Future our money is ours and no government can limit it.
I don't think the supreme court will rule in favour of cryptocurrencies. But things are entitled to change with the progress of time. In long run, definitely the governments will understand the importance and act wisely. I don't know whether these 65+ aged people who rule our system understood the new age technology. This even reminds me of the questions asked by the elder citizens in the US senate to Mark Zuckerberg!
We are always hoping for the good day ahead " achey din aayenge"😉 no matters what we would support for crypto a tradeable currency within India.
... A lot better than a dictatorship I would say. :o(. there will always be greedy peaople, it's a continuous fight.
If crypto is the evolution we are talking about and we believe in, it is going to cover the world in the end. If it is not the one, no of the steps taken in favour of are going to make the difference.
Yes! SC will do something positive and SC can also ask to government about open view on cryptocurrency.
Hope for the best,like south Korea if our govt also do the favorable things for us it will be "acche din "for all of us .Otherways, we all know the better way for us ,hope for the best.
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The prime minister wants centralised blockchain. His speech on the benefits of blockchain was very well orated but as with most things, lacked any substance. In fact, he is of the "bitcoin bad blockchain good"camp, so all hopes of anything good coming from the indian authorities are dead for me.
Banks in india are doing blockchain based trade finance. Trai is doing something with blockchain. Its a buzzword to say we are innovating. But no one in government or bureaucracy is bothered to learn about blockchain. As if systems in india werent slow already, they want a non crypto linked, centralised slow database they call blockchain to improve things.
The lifting of the ban is good news to the ears. It will immensely have a positive impact on the market.
For avoiding black money collection The India government banned 500rupees and 1000 rupees note instantly at a night without any earlier notifications and after some days the government release new 2000rupees note.........
That's INDIA