India: Is July 20th D-Day For Cryptocurrencies In India?
We're less than a day away from the much awaited Supreme Court hearing on RBI's mandate dated April 6. Anything can happen tomorrow.
There is no precedent for SC judges to decide on any judgement surrounding cryptocurrencies. What are they going to do tomorrow is anybody's guess.
I'm not expecting the ban on banking services to cryptocurrency exchanges to be overturned tomorrow. However, SC might set another date to pass a final judgement.
All pending cases against RBI from all the petitioners have been clubbed together for hearing tomorrow. It's very likely that the judges will consider the arguments from petitioners and RBI tomorrow and take time to make a judgement.
But it feels like the D-Day tomorrow because we've been waiting for this day from the 6th of April when the ban went into place and from the last couple of weeks of May when the date for hearing was set by the apex court of India.
This is an interesting time to be living in India when new technologies aim to revolutionise monetary systems in a country filled with archaic mindset and laws.
The fate of cryptocurrency legalisation is in the hands of the apex court of India. I can only wonder what the judges must be thinking. I hope they have enough facts on hand to make the correct judgement call.
The initial draft of the regulation that was supposed to have come by the 15th of this month but seems far away still.
Ideally, court needs to rule in the favour of everyone invested in the future of cryptocurrency, decentralised and distributed blockchain technology. It will increase the number of possibilities in an economy whose growth is already stifled by various factors.
I hope to be able to share some positive news tomorrow. Watch this space for more updates as things get clearer.
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Let's just hope for the best. Hope it doesn't get another date set in the future.
Hope for positive
I am from Nepal and I am sure if anything goes on favour with Crypto in india then it will have some effect on Nepal too. I hope for positive judgement so that we can have legal transaction on cryptocurrency.Tomorrow there won’t be any judgment. They will hear out both sides and give another date
The whole community is waiting for something. The question is - what are we waiting for? :D
Nice article, thank you, @firepower!
Okay, the truth is that I too am not expecting a turn around of the decision but there are a few factors at work here.
First and foremost of which would be the petionars whose I number I am sure has grown by each day. That would built up some pressure but I think that alone won't be enough. What I am hoping is that the recent positive news (SEC saying ETH not a security, coinbase custody, etc.) on the international scene may have some good effect on the appeal.
lets wait for Final hearing on September 11 by SC.
Only few hours to go for a most awaited day for Indian Cryptocurrencies lover every one wants that government should take a positive decision. But still investors are in fear about that. And now Supreme Court should support us because government or RBI never wants to see Bitcoin in India. Because Bitcoin or block chain technology will stop all the way of corruptions..
Thanks to Kali Coin team who take step to go Court against RBI...
@firepower ministry of India is in favour of crytocurrency hope for the best. I am sure result in our favour :)
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io spero che parleranno anche di tasse che sulle criptovalute sarebbe bene non fare pagare....ciao
aal is well ♥
I have bad feelings, this is all i can say. Lest hope for good.