In a rather pleasant outcome today Supreme Court's vacation bench has admitted IAMAI's (Internet & Mobile Association Of India) petition against RBI. IAMAI had filed a report on 22nd of May citing urgency due to the 5th July deadline from RBI on banking services to cryptocurrency exchanges.
However, Crypto group CryptoKanoon is hopeful about the timing of this situation and on a personal note I hope the apex court does justice to all the investors from India by ordering a stay on RBI's circular and thereby preventing a unilateral ban on banking services.
This is good news considering earlier reports suggested that Supreme Court had refused IAMAI's petition citing several instances of similar petition already pending in court.
Supreme court otherwise has clubbed all pending cases against the central bank for its 6th April circular banning banking services to cryptocurrency exchanges in the country and set the date of 20th July.
But this is an issue because on the 5th of July banks will be forced to suspend accounts of crypto-exchanges in India or get penalised by RBI.
Zebpay's notification yesterday triggered a panic sell in India with BTC trading nearly 15% lower than it's global prices.
Stay tuned for more updates as the situation unfolds.
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
- Let's Watch This Fun Video From International Steem Meetup #1—Malaysia
- Why You Should Vote For @firepower As Witness—Witness Campaign Post From India!
- Steem.Chat Contest #31
This seems like a step in the right direction but I am still a bit cautious. Indian government has been disappointingly callous towards the people of cryptosphere.
I think people trading cryptocurrencies in the subcontinent should focus on the p2p format of DEX platforms. What I am hoping from this is mess is that people in India will rise above this hindrance without the help of government.
Once the the government sees that people have moved past its tired little game and now doing their own thing then they the politicians will start sweating.
Ray of hope! ****Fingers Crossed****
That’s very good news.
Hope dies last after all as it seems.
If this goes through, it may end up affect crypto prices positively as well.
Good to hear bro. 👍
Yes it's hope. And hope it become good News by July 3
Let's cross our fingers @firepower we indian must fight for our right to be on blockchain which is real future to many problems.
Jai ho!!!
May be
And thanks also!!@firepower