RBI vs IAMAI (Zebpay, unocoin)
After 5th July all the banking services will be away from the cryptocurrency i.e. individuals will not be able to convert INR to crypto and crypto to INR. The situation has given rise to a panic resulting in the downfall of bitcoin in Indian exchange specially ZEBPAY and UNOCOIN. But there is still a hope which is on July 3rd.
- Internet And Mobile Association of India (IAMAI) which promotes internet services in India has filed a case against RBI Ban in Supreme Court. The organization expands the internet services is all sector like transport, mobile and crypto trading etc. The main reason for filing a case against this ban is the disruption of the internet services due to the ban. As, a person who can sell and crypto online, after the RBI ban of crypto will go offline to sell or trade crypto. The case was filed on 19th may 2018, the hearing of this case is scheduled on July 3rdi.e two days before July 5th. This will be a golden hope for crypto traders and could become a game changing date if a positive verdict is announced.
- Second most important point is that there is a strong proof against RBI i.e. RBI in RTI has accepted that there is no research done behind the blanket ban on crypto currency.
- The three big Indian exchange giant’s i.e ZEBPAY, UNOCOIN and COIN SECURE are also the members of IAMAI group. And the same would use all there power to get the motion in their favor.
There is a chance of getting the verdict in favor because of the RTI proof and involvement of Indian Crypto exchanges. But as per the reputation of Supreme Court the case may go to next hearing which may further delay the July 5th RBI Ban of banking services.