The Supreme Court of India has once again pushed forward the date for further proceedings in the RBI vs IAMAI/Crypto Exchanges case to the 12th of November, 2019.
Bear in mind this case deals with the RBI circular dated April 6th, 2018 and the crypto ban draft bill is being dealt with as a separate matter currently and proceedings for the same is likely to resume around the end of Jan 2020.
I'm quite unsure at this point if the matter will be heard in the court at all in the days to come and it's likely to get pushed forward again.
Meanwhile, many international exchanges such as KuCoin, OKEx and Bybit are making headway into the Indian market with their telegram groups and local events.
Let's hope for a crypto positive year for India in 2020.
Stay tuned for further updates.
Apex court pushing the dates like this does not sound well, I thought, at least we will have some relief from the judiciary, as the executives are not competent to deal with this whole topic of crypt. Let's hope for the positive.
Which Exchanges we can use now ? I had a look at the WazirX but INR withdraw is disabled there.
WazirX, CoinDCX, Giottus all work fine. They have p2p system especially WazirX which works extremely well. :)
What's your gut feeling based on what you have read whether crypto gets banned or not in India?
It's quite possible as all the govt has to do is introduce the draft ban bill for a vote in the parliament which they intend on doing during the december winter session. If it gets passed it will become the law eventually and the hearing for this bit is scheduled end of Jan which in all likelyhood might get delayed.
Most (I would honestly say all) of our current law makers are mostly clueless on this space. Our FM is far from being able to do the job at hand, forget regulating cryptos.
Maybe Supreme Court will stop the ban in its tracks. But if the bill goes to parliament it might become the law which then might need to be stayed or over turned by the supreme court. Hence, it's hard to say how this will go for sure. The RBI vs IAMAI case might work in favour of cryptos in the draft ban bill case if we win this round.
The govt doesn't give a damn. The current 'regime' has rekt our economy and social fabric already! They care about introducing a digital rupee/centralised private blockchains but stiffly oppose decentralised blockchains and cryptos/tokenisation.
Currently cryptos aren't illegal as there is no regulation. So it's safe to operate in any vertical of this industry. Proposed ban opposes anything you can think of under the sun that somehow relates to this space.
However, i'm hopeful that they will see things different and choose to bring in positive regulations and perhaps by overhauling the current proposed draft ban bill as the Indian IT body has also opposed the ban officially. Only time will tell for now.
Great news for india,💯💯
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With almost all 2018 gone, hope for the best for 2020.