Hello Everyone,
Hope you are doing well. After 4 days of break I am again writing one blog for you guys. I hope you will like it. This may be already covered by other steemitans but still let me do it for you. :)
Today is 20th July 2018 and everyone in India, involved in cryptocurrency, was waiting for this day. Today was the day of hearing in Supreme court for the case against RBI by crypto exchanges. This hearing was followed by the hearing on 3rd July 2018 for which petition was filed by Internet and Mobile Association of India(IAMAI). Everyone was hoping that some good news will come out after todays hearing. But that did not happen.
Source: https://news.bitcoin.com/indian-supreme-court-crypto-petitions-rbi-ban-stays/
Court heard the arguments from both sides i.e. RBI and Exchanges. But the discussion did not stay long. There are lots of petitions need to be filed by other similar entities. So court decided to stop the discussion and suggested one more hearing date which is now 11 Sept 2018. Now Indians have no more option rather than again waiting till 11 Sept. I hope 11 Sept will be the day when we will hear some good decision by court(May be we will be in the middle of bull run as well :P ).
Anyways, after the circular from RBI on 5th April 2018, banks will no longer keep any relation between crypto exchanges and will discontinue its services from 5th July. All the major exchanges in India have already stopped INR deposits and withdrawals after 5th July 2018. So people are in confusion on how to deal with bitcoins and other cryptocurrencies in India.
But there are some exchanges who have already come up with the solutions on this. Koinex and WazirX are the two biggest exchanges in India and they have started peer to peer services where a person can buy,sell and withdraw INR to his/her bank accounts. Other exchanges are also planning to provide such services so as to gain trust from people. Some exchanges are still providing deposits and withdrawals but not sure how long this will be served.
Indian finance ministry is already in favour of cryptocurrency and blockchain and working on its regulations rather than blanket ban. Secretary of DEA(Department of Economic Affairs) Mr. S.C. Garg already revealed that draft for the regulation is ready and will be implemented soon. Now it will be very interesting to see what will happen on 11 Sept 2018. I can see below possibilities
- One more hearing date :P
- Strict Regulations
- Strict ban with no regulation
- Crypto can be listed as commodites
There might be other possibilities as well. If you have anything in mind, put down in the comment section.
Hope you like this article. If so please do follow me on steeemit, upvote and comment.
Check out my latest posts.
- https://steemit.com/mgsc/@lets-steemit/know-how-cryptographic-transaction-works-in-simple-steps
- https://steemit.com/mgsc/@lets-steemit/coinbase-may-list-these-coins-soon
- https://steemit.com/mgsc/@lets-steemit/the-story-behind-mcap-and-gainbitcoin
