On July 20, the Supreme Court of India will hold a hearing regarding the state of cryptocurrencies in the country. It is a decisive date for the local crypto industry that has been significantly suppressed in the past month by the Reserve Bank of India’s (RBI) ban on all banks' dealings with crypto-related businesses.
Nevertheless, as cryptocurrencies gained even more extreme momentum in December 2017 — when Bitcoin was infamously trading for $20,000 — the government stepped in with straightforward action, as India’s Income Tax Department began its major sweep. According to Business Standard, by December 13, the watchdog had visited nine virtual currency exchanges in Bengaluru, Hyderabad, Mumbai, Delhi and Kochi on the matter of tax evasion. Further, the agency reportedly sent tax notices to as many as 400,000-500,000 investors, based on their transaction history.
July 20 is just about here for which all the crypto enthusiasts have been waiting. The question is will the Supreme Court of India rule in favor of cryptocurrency or against it.
Since the ban came into action, crypto exchanges have disabled the deposit and withdrawal of fiat. But not all the exchanges went to the same route. Exchanges like Zebpay, Coinome, and BuyUcoin have disabled both deposit and withdrawal while KoinOK, Giottus, and Unocoin are still live with both the options. Some exchanges like Coindelta and Koinex have also found an alternative by launching a P2P system.
Brother, what was the reason to ban this?
The reason is that they think that it is not transparent and it can help in terrorism.