Hello Everyone...!! ‼
Hope You Are All Doing Well.
Let's Have a Cup of Tea and Discuss Something Related to Status of Crypto in India.
As You All Know RBI Has Restricted Indian Exchanges In Dealing With Banks on 6th July 2018. The Crypto to Fiat Operation of Exchanges Like Zebpay, Unocoin and Other Indian Exchanges Has Been Stopped But Crypto to Crypto Trading is Still Operating and Will Be.
Do Not Misconcept it, It Does Not Mean Cryptocurrencies Are Illegal in India.
It Doesn't Make Cryptocurrencies Neither Legal Nor Illegal. It Means It's Not Legal Tender In India i.e. You Can Store and Trade Cryptocurrencies But Can Not Use in Daily Payments of Buying Stuff from Store etc. Just Like USD is Also Not legal Tender in India. Indian Rupees are Only legal Tender In India
When RBI Sent Notices To Banks and Exchanges About Not to Deal In Cryptocurrencies, The IAMAI( Internet and Mobile Association of India) Filed Petition 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.
IAMAI'S W.P. No. 528/2018 Came To be Heard on 3rd July, SC Refused to Grant Temporary Stay Against RBI's Banking restriction Against Crypto and Directed RBI to Respond " with Reasons, The Representation Earlier Filed by IAMAI within 7 Days.
RBI Responded With It's Old Consumer Protection Story , Representation Sent to IAMAI.
Why RBI Concerns About Cryptocurrencies in India ?
They Are Concerned About Cryptocurrencies Because of Consumer Protection, No Intrinsic Value, Anonymity, Security Risk, Illegal Activities, High Volatility, Regulatory Issue.
The Next Date of Hearing is 20th July.
We Do Not Think India Will Vanish Cryptocurrencies and Blockchain But We Do Think That Regulation Will take Place Shortly.
Even 18% GST Might Add Up For Crypto In Near Future.**
Indian People are Very Enthusiastic About Cryptocurrencies and Blockchain. If The Indian Government Legalise it, It Will Be a Multibillion Dollar Industry in India Alone.
This is Cooking Up.
In a Televised Interview with India’s Bibiggest Financial News Channel, The Head of That Government Committee and The Secretary of the Department of Economic Affairs Subash Chandra Garg Confirmed That The Authority is in The Final Stage of Finalizing The Regulatory Draft Framework for The Cryptocurrency Sector.
He Stated:
We are Fairly Close to Developing a Template [For Crypto Regulations] That We Think is in The Best Interests of The Country. We have Prepared a Draft Which We Intend to Discuss with The Committee Members in The "First Week of July.”
Crypto and Blockchain Is Revolution and Biggest Invention on The Internet.
Eat , Trade , Sleep and Repeat.