As You All Know RBI has Repeatedly Cautioned Users , Holders and Traders of Virtual Currencies , Including BITCOINS , Regarding various Risk Associated in Dealing with such Virtual Currencies on Following Dates:
December 24, 2013
February 01, 2017
December 05, 2018
Finance Minister Arun Jaitley Kept on Saying that We Have Made a Committee to Analyze and Discuss the Matter of Bitcoin and other Cryptocurrencies and Waiting for it's Report. Meanwhile RBI (Reserve Bank of India) Suddenly Sent Notices on 6th April 2018 to Exchanges and Banks About Not to Deal with Bitcoin and Cryptocurrencies with Immediate Effect and Gave Three Months Time to Close the Operation.
Many Petition Were Filed Against RBI's Decision and Brought the Matter to High Court. Hight Court Simply Denied the Appeal and Said that all Such Matter Regarding Bitcoin and Cryptocurrencies Shall be Discussed Only in Supreme Court.
Before Few Days SC (Supreme Court) also Said Banks and Appellant to Resolve the Matter at Their Level.
The Next Hearing Will Be On 20th July, 2018 in Supreme Court.
What Will Happen On 6th July?
The Crypto to Fiat Operation of Exchanges Like Zebpay , Unocoin and Other Indian Exchagnes Will Be Stopped On 6th July, But Crypto to Crypto Trading Will Be Operative.
Meanwhile Indians..!! You Guys Can Trade Your Bitcoins in Localbitcoins For These Days**
Do You Need To Worry About it?
No, Not at all.
We Have Found Something Which Needs To be Discussed Here.
A Person Named Varun Sethi Filed an RTI Against RBI On 9th May and Asked the Following Questions :
- You( RBI) Warned People About Not to Deal In Bitcoin and Cryptocurrencies Several Times (Three Times ).
Did You Make Any Committee for this ?
RBI's Answer : No
Can You Provide us the Members Details of Committee?
RBI's Answer : We Have Not Made and Committee so We Can Not Provide Any Details.
How did You Come To Know about the Risk Associated With Bitcoins and Other Cryptocurrencies
RBI's Answer: What is Sought is Not Information as Defined in Section 2(f) of the RTI Act 2005.
( According to this Act they said that Such Type of Information about Blockchain and Bitcoin, Any Evidence , Any Paper , Any Model or Any Electronic Material is not avaiable Online)
- Did You Collect Any Information About Blockchain From Any Other Countries Federal Bank
RBI's Answer: No
Did You Take Any Measures To Adopt Blockchain Technology in Banking Sector
RBI's Answer: No
Does These Rules and Regulations Apply on State Bank of Sikkim?
RBI's Answer: State Bank of Sikkim Comes Under Us But We did not Provide any Notice to them
Can You Guys Look at the Answers of RBI.
They did make the decision Without Any Adequate Reserach Which is Merely Speculative one.
We Belive that Cryptocurrencies are More likely to be Regulated Instead of Ban.
Regulations do Require Comprehensive Sets of Rules Which Requires Some time too.
Whithin Few Months or May be Few Years it will Be Regulated in India.
HODL Life..!!