BItcoin the International Cryptocurrency

Itis an open source software that has been surged these days in our country. The Indian government is treating it as illegal in using these crypto assets and is trying not to allow them into the payment systems to protect the customers by avoiding the money laundering. The central bank of India has decided and sent the notices in April, of this year by mandating that all banks and financial institutions which are under its control to stop the services and all their relationships with the crypto traders and cryptocurrencies within 3 months and RBI has set up to ban the crypto business from 5th July 2018.

The crypto firms have written their petitions against RBI ban in the court and it has been forwarded to the Supreme Court which mandated that no other courts would accept the petitions. Initially, Supreme Court has set a date on July 20th to review the petitions against the RBI. But the firms and crypto traders raised their voices against the ban so, Supreme court allowed the firms, crypto exchangers, shareholders, traders and other individuals to send their concerns to RBI.
RBI received many letters and concerns stating that “The ban has to be applied only on the firms who are violating the norms but not on everyone”. Firms like Flintstone technologies private limited stated that “There would be a huge loss to the investors who invested their hard earned money into this business” and Kali digital ecosystems private limited asked RBI to extend the deadline at least to August 31st, 2018.
The Supreme Court was about to review the petition against RBI ban on 6th July, but it is proposing to July 3rd. As the government has laid a committee to regulate the framework under Subash Garg, economic affairs in finance ministry to make the crypto law. According to the higher officials this crypto issues is going to end soon as the committee has made a lot of progress by setting up a draft about the crypto law that has to be followed in India regarding the cryptocurrency by considering “which part of the business should be banned and which one has to be preserved”. They are trying to frame up the crypto transactions as legal and transparent.

Some of the crypto exchangers are rushing in flocks to the exchange firms to gain some money before the ban, as the value of cryptocurrency would be increased by all these issues. Shivam Thakral, The CEO of the crypto exchange Buyucoin, quoted that “The existing investors are regaining the interest after this drop as its getting good value, they are making money out of this situation as the cryptocurrency is moving higher”. Meanwhile, some of them are hoping that Indian government would not ban the crypto trading even if it is banned in the banks officially they can go to the crypto – crypto platforms. The firms like Zebpay and Koinex started offering such platforms.