Cryptocurrency India: Uncertain Times Ahead!
Supreme Court of India has refused to admit the petition from IAMAI's (Internet & Mobile Association Of India) application requesting a stay on RBI's circular dated 6th April, 2018. It has also barred all courts in India from accepting any new petitions against RBI on this matter.
The next court hearing date has been set on the 20th of July. This is rather unfortunate but we're likely to see Supreme Court favouring the government on this matter. I have my fingers crossed. No new applications can be filed against the RBI as Supreme won't allow it given that there are many pending matters in the court already.
What if the banks go against RBI's ruling?
They can't and certainly not without facing a strict penalty. Recently, RBI imposed monetary penalty of 5 Crores ($734,500 approx) on South Indian Bank Limited for not following it's directive. While this may not be directly cryptocurrency related, it is an indication of what RBI can do legally if the banks rendering services to cryptocurrency exchanges do not stop their services by the 5th of July.
Even as BTC rallied today, prices in India are lagging behind. This has become the new normal now. With RBI's mandate going into effect from 5th of July there is a lot of selling pressure and fewer demand. This was although expected given the current situation.
There's a looming uncertainty about our favourite cryptocurrency exchanges will loose banking access. Probably around the 5th of July is the hearsay. It would've been great if some of our exchanges in India would register abroad and start p2p services. This would make it so much simpler for people to trade in and out of cryptocurrencies. But it's unlikely many will go this way.
Exchanges such as Unocoin and Zebpay are seeing the potential of growth in SE.Asian markets and have moved their HQs to Singapore. This will allow them to setup up trading in other markets outside of India. Perhaps when regulations fall in place or Supreme Court lifts banking services ban on crypto-exchanges in India we'll see many of these exchanges coming back to render services.
Ofcourse, for all we know the ruling may be favourable towards exchanges but given the huge lobby against cryptocurrencies from the government and uncertainty over the knowledge of presiding judges in Supreme Court on cryptocurrencies, decentralisation and blockchain technology, I'm not expecting a lot here!
This is what I feel about banks off late.
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In india everything is poltically motivated. India runs on shoulders of few gaints and they are driving the whole nation wherever they want......we the poor indians.
you said it man. people are here are generally at the receiving end of shitty govt policies.
Absolutely right...i pity on standard of indian govt. Bunch of hate mongers.
It makes you wonder who or what is behind all this. As a developing country, India would benefit from embracing crypto.
true that! :(
If exchanges get themselves registered in SE countries like Singapore, and use their bank services to transfer the money to our accounts, that would work. Maybe fee will be higher, but that way we still can take our money out.
OMG 😂 as I was converted all my SBD into steem power, your announcement of crypto van make me heart broken. I need a one more clarification if cryptocurrency is banned is there any way to cash out bro? 😔
I think you cant cashout in India now.. All you need to cashout your money outside India or sell them to indian whale (may be @ firepower help you out as he is powering up) and get your cash thr paytm...
If they cash out in outside India the currency in the form of $ then it is possible only transfer from paypal
You can always sell via p2p. Personally im powering up non-stop.
No issues in cashing out. P2P channels exist. Localbitcoins, instashift and others. Will post about it soon.
Oh thanks
Time to lobby for the legalization of blockchains to be included in the election manifestos of political parties 😊.
BTW, I'm glad that people ain't banned from trading their cryptos. Who needs fiat when crypto can serve your purpose. We just need to increase its acceptance by a number of businesses and that will be enough.
Our country is a great democratic country.
i'm proud to be a part of it.
I think government want better for us
But there is some miss confusion about cryptocurrency.
Government must review about cryptocurrency & i hope government will..
& thos who said "poor indian"
I recommend them to just look at fobes list of richest person of the world.
I Requesting @firepower to object on these type of comment.
After all we never compromise with our country
My suggestion is keep earning on Steem and forget about cashing out.
Sooner or later solutions will emerge or government may take a different view seeing how world is adopting crypto. Don’t panic sell. Be here for long term.
absolutely Right @prameshtyagi
Great post with video @firepower
Great india
and poor indians
Cryptocurrency have a good future my own opinion i think india and pakistan both allow crypto soon .that is good for both countries.