#Crypto Trading in India kanoon

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Crypto Trading in India: आइए जानें क्रिप्टो करेंसी के ट्रेडिंग पर भारत सरकार का क्या है प्लान

Crypto Trading in India: आइए जानें क्रिप्टो करेंसी के ट्रेडिंग पर भारत सरकार का क्या है प्लान

Crypto Trading in India: भारत के लोगों में क्रिप्टो करेंसी की ट्रेडिंग की जा रही है। लोग क्रिप्टोकरेंसी में इन्वेस्ट कर रहे हैं। लेकिन भारत सरकार क्रिप्टोकरेंसी को लेकर काफी चिंतित है। अभी हाल में ही जारी की गई एक रिपोर्ट में कुछ बातों का खुलासा हुआ है। जिसमें कहा गया है कि भारत सरकार क्रिप्टोकरंसी के भविष्य को लेकर चिंतित है। इस रिपोर्ट में भारत सरकार की तैयारियों का भी खुलासा किया गया है।…

[bowsetter]

Indian Supreme Court Postpones Crypto Case at Government’s Request

India’s supreme court has postponed hearing the crypto case at the request of the government’s counsel. The court was expecting to hear about the country’s cryptocurrency regulation today before proceeding to address the banking ban by the central bank. However, the case has now been postponed.

Also read: Indian Supreme Court Set to Hear Crypto Case on March 29

Supreme Court Hearing Today

The Supreme Court of India was scheduled to hear the crypto case today, after it gave the government four weeks to produce a report on the regulatory framework for cryptocurrency during the last hearing on Feb. 25. However, according to Twitter account Crypto Kanoon, an Indian platform for blockchain and crypto regulatory news and analysis:

Supreme Court has adjourned the Crypto vs RBI matter on the request of government’s counsel. Matter fixed for final arguments in 2nd week of July on a non-miscellaneous (regular) day.

India’s cryptocurrency regulation is being drafted by an interministerial committee headed by Subhash Chandra Garg, Secretary of the Department of Economic Affairs, Ministry of Finance. During the last hearing, the government told the court that this committee was in its final stages of deliberations. The exact date of the next hearing will be in the court order which has yet to be released.

The RBI Ban Continues for Now

India’s central bank, the Reserve Bank of India (RBI), issued a circular in April last year banning banks under its control from providing services to crypto businesses. The ban went into effect in July and banks in the country closed the accounts of crypto exchanges as well as of customers that showed transactions involving cryptocurrencies.

Jaideep Reddy, a lawyer with Nishith Desai Associates, told news.Bitcoin.com earlier this week that “One would hope the case on the RBI circular is decided soon since the industry has been in limbo for nearly a year now.” Reddy represents the Internet and Mobile Association of India (IAMAI) in its writ petition against the RBI ban.

The banking restriction has forced Indian exchanges to improvise and change their business models. Some launched crypto-to-crypto only trading while others launched escrowed peer-to-peer (P2P) services. A number of exchanges have reported a rise in demand for P2P trading.

Some companies shut down their Indian operations because of the banking restriction such as Zebpay, formerly one of the largest crypto exchanges in India. Another large crypto exchange, Unocoin, tried to bypass the ban by launching a cash kiosk. However, the exchange ran into trouble with law enforcement which mistook its kiosk for an ATM that violated the RBI ban and arrested two of the company’s founders.

Meanwhile, the Indian crypto community has come together on a social media campaign calling for positive regulation and an end to the banking ban.

What do you think of the Indian supreme court postponing the crypto case? Let us know in the comments section below.

Images courtesy of Shutterstock.

Need to calculate your bitcoin holdings? Check our tools section.

The post Indian Supreme Court Postpones Crypto Case at Government’s Request appeared first on Bitcoin News.

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[xtrgate]

Major Indian Exchange Proposes New Regulatory Framework for Avoiding Ban

BuyUCoin, a major Indian exchange has developed a framework for regulating cryptocurrency in India. The exchange claims that this framework will support all the Indian crypto stakeholders. However, it remains unclear as to which of the stakeholders played a role in the development of the framework or ‘sandbox’, which will be released officially on 2nd October. There are more than 350,000 users of BuyUCoin and it is known for handling billion-dollar transactions. The exchange described the framework as a draft set of propositions, rules, and implementation methods that are all community-driven. This framework will be put forward in front of the Indian government. 

The framework was developed after a circular issued by the Reserve Bank of India banning banks and various other financial institutions from having any deals with crypto firms was struck down by the Indian Supreme Court in March. Last week, it was reported that the Indian government was planning to introduce a new bill for banning the trade of cryptocurrencies in the monsoon session. Co-founder and CEO of BuyUCoin, Shivam Thakral said that this was the first milestone they had reached in a long journey that involved making cryptocurrencies accessible to the public.

He added that the sandbox’s draft includes the inputs of crypto experts, along with industry insiders. He noted that it will assist the government in developing laws and would also guide budding entrepreneurs and startups in entering the rapidly developing industry. Forbes Senior Contributor and VP at Quantum Economics, Charles Bovaird was very impressed by the ‘sandbox’. He said that banning crypto in India would cause it to fall behind other countries that support it. He said that participants of the industry could lobby Indian authorities and implement some needed crypto regulations in the country.

Crypto Kanoon, an Indian blockchain firm, has also targeted the potential ban on crypto in the country. They compared this ban on crypto with a ban that had been placed on derivatives trading in India back in 1953 that had lasting and damaging consequences for the finance industry. Kashif Raza, the co-founder of the company said that it had taken them nearly 50 years for regulating their commodities. Therefore, the government shouldn’t make the same mistake again and should instead, regulate cryptocurrencies in the same way as commodities to move in the right direction.

He also pointed out that during these 50 years, commodity trading had still continued despite the ban. Since it wasn’t legal, private players were carrying it out illegally and crypto would also have the same fate. Raza said that the longer the government took for coming up with a legal framework, they would just be going back in time and giving mafias the opportunity of carrying out illicit activities. BuyUCoin will reveal the first draft of the ‘sandbox’ on their website on October 2nd and people will be able to access it easily. It remains to be seen how the Indian government will respond to it and whether they will move in favor of cryptocurrencies or not.

The post Major Indian Exchange Proposes New Regulatory Framework for Avoiding Ban appeared first on Coinfrog.

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[michaelbennettcrypto]

RBI Wants to Ban Crypto Again But It Won’t Succeed; Here’s Why

India’s central bank wants to restore its crypto trading ban in the country, according to sources cited by Economic Times. The regional media house reported earlier Friday that the Reserve Bank of India is preparing to file a review petition in the Supreme Court against a ruling that effectively unbanned cryptocurrency trading in the country. RBI wants to convince the court that their judgment could end up hurting India’s already-suffering banking sector. The central bank banned the trading of cryptocurrencies like bitcoin in April 2018. It further ordered retail banks to discontinue offering financial services to cryptocurrency traders and platforms. The decision prompted affected companies to shift their operations abroad, mainly to crypto-friendly destinations like Europe and Singapore. Meanwhile, people who continued to trade bitcoin and similar assets moved into peer-to-peer exchanges and illegal, over-the-counter markets for cash liquidity. Two years later, the Supreme Court quashed the RBI’s anti-crypto circular, noting that citizens have the right to trade in a market that doesn’t violate any existing law. Nevertheless, the central bank argued that people could utilize cryptocurrency’s borderless payment features to engage in money laundering and similar illicit activities. Difficult to Ban Crypto, Says Top Lawyer Mohammed Danish, a New Delhi-based lawyer and founder of Crypto Kanoon, said in a vlog published late Friday that RBI has every right to challenge the Supreme Court’s decision with a review petition. But it is doubtful for them to reinstate the crypto ban, given the history of such court filings. In retrospect, review petitions in India have only a 0.1 percent low success rate. The provision has ended up becoming a formality to delay a matter further, especially in cases of death penalties. But they more or less yield nothing for petitioners, for they are heard by the same judge(s) who passed the original judgment. “The three-judge bench heard the arguments that were very qualitative,” noted Mr. Danish. “They based their pro-crypto rulings based on those discussions.  RBI’s review petition can succeed only judges make a mistake unintentionally while passing their judgment. The Supreme Court’s judges do not make such errors. They are very thorough.” Probability of a review petition by RBI.#RBIVsCRYPTO pic.twitter.com/KatqdgHU13 — Crypto Kanoon (@cryptokanoon) March 6, 2020 Trading Begins The unbanning of bitcoin and similar cryptocurrencies has prompted Indian exchanges to restore withdrawals and deposits in Rupee. Unocoin, which was one of the leading crypto trading platforms before the 2018 ban, moved to reclaim its spot, nevertheless warning traders about the potential risks associated with investing in cryptocurrencies. “We recommend our customers to do their due diligence and do not invest more than you can afford to lose,” tweeted Unocoin. from Cryptocracken WP https://ift.tt/2VPL1gx via IFTTT

[brettzjacksonblog]

RBI Wants to Ban Crypto Again But It Won’t Succeed; Here’s Why

India’s central bank wants to restore its crypto trading ban in the country, according to sources cited by Economic Times. The regional media house reported earlier Friday that the Reserve Bank of India is preparing to file a review petition in the Supreme Court against a ruling that effectively unbanned cryptocurrency trading in the country. RBI wants to convince the court that their judgment could end up hurting India’s already-suffering banking sector. The central bank banned the trading of cryptocurrencies like bitcoin in April 2018. It further ordered retail banks to discontinue offering financial services to cryptocurrency traders and platforms. The decision prompted affected companies to shift their operations abroad, mainly to crypto-friendly destinations like Europe and Singapore. Meanwhile, people who continued to trade bitcoin and similar assets moved into peer-to-peer exchanges and illegal, over-the-counter markets for cash liquidity. Two years later, the Supreme Court quashed the RBI’s anti-crypto circular, noting that citizens have the right to trade in a market that doesn’t violate any existing law. Nevertheless, the central bank argued that people could utilize cryptocurrency’s borderless payment features to engage in money laundering and similar illicit activities. Difficult to Ban Crypto, Says Top Lawyer Mohammed Danish, a New Delhi-based lawyer and founder of Crypto Kanoon, said in a vlog published late Friday that RBI has every right to challenge the Supreme Court’s decision with a review petition. But it is doubtful for them to reinstate the crypto ban, given the history of such court filings. In retrospect, review petitions in India have only a 0.1 percent low success rate. The provision has ended up becoming a formality to delay a matter further, especially in cases of death penalties. But they more or less yield nothing for petitioners, for they are heard by the same judge(s) who passed the original judgment. “The three-judge bench heard the arguments that were very qualitative,” noted Mr. Danish. “They based their pro-crypto rulings based on those discussions.  RBI’s review petition can succeed only judges make a mistake unintentionally while passing their judgment. The Supreme Court’s judges do not make such errors. They are very thorough.” Probability of a review petition by RBI.#RBIVsCRYPTO pic.twitter.com/KatqdgHU13 — Crypto Kanoon (@cryptokanoon) March 6, 2020 Trading Begins The unbanning of bitcoin and similar cryptocurrencies has prompted Indian exchanges to restore withdrawals and deposits in Rupee. Unocoin, which was one of the leading crypto trading platforms before the 2018 ban, moved to reclaim its spot, nevertheless warning traders about the potential risks associated with investing in cryptocurrencies. “We recommend our customers to do their due diligence and do not invest more than you can afford to lose,” tweeted Unocoin. from CryptoCracken SMFeed https://ift.tt/2VPL1gx via IFTTT

[joshuajacksonlyblog]

RBI Wants to Ban Crypto Again But It Won’t Succeed; Here’s Why

India’s central bank wants to restore its crypto trading ban in the country, according to sources cited by Economic Times. The regional media house reported earlier Friday that the Reserve Bank of India is preparing to file a review petition in the Supreme Court against a ruling that effectively unbanned cryptocurrency trading in the country. RBI wants to convince the court that their judgment could end up hurting India’s already-suffering banking sector. The central bank banned the trading of cryptocurrencies like bitcoin in April 2018. It further ordered retail banks to discontinue offering financial services to cryptocurrency traders and platforms. The decision prompted affected companies to shift their operations abroad, mainly to crypto-friendly destinations like Europe and Singapore. Meanwhile, people who continued to trade bitcoin and similar assets moved into peer-to-peer exchanges and illegal, over-the-counter markets for cash liquidity. Two years later, the Supreme Court quashed the RBI’s anti-crypto circular, noting that citizens have the right to trade in a market that doesn’t violate any existing law. Nevertheless, the central bank argued that people could utilize cryptocurrency’s borderless payment features to engage in money laundering and similar illicit activities. Difficult to Ban Crypto, Says Top Lawyer Mohammed Danish, a New Delhi-based lawyer and founder of Crypto Kanoon, said in a vlog published late Friday that RBI has every right to challenge the Supreme Court’s decision with a review petition. But it is doubtful for them to reinstate the crypto ban, given the history of such court filings. In retrospect, review petitions in India have only a 0.1 percent low success rate. The provision has ended up becoming a formality to delay a matter further, especially in cases of death penalties. But they more or less yield nothing for petitioners, for they are heard by the same judge(s) who passed the original judgment. “The three-judge bench heard the arguments that were very qualitative,” noted Mr. Danish. “They based their pro-crypto rulings based on those discussions.  RBI’s review petition can succeed only judges make a mistake unintentionally while passing their judgment. The Supreme Court’s judges do not make such errors. They are very thorough.” Probability of a review petition by RBI.#RBIVsCRYPTO pic.twitter.com/KatqdgHU13 — Crypto Kanoon (@cryptokanoon) March 6, 2020 Trading Begins The unbanning of bitcoin and similar cryptocurrencies has prompted Indian exchanges to restore withdrawals and deposits in Rupee. Unocoin, which was one of the leading crypto trading platforms before the 2018 ban, moved to reclaim its spot, nevertheless warning traders about the potential risks associated with investing in cryptocurrencies. “We recommend our customers to do their due diligence and do not invest more than you can afford to lose,” tweeted Unocoin. from Cryptocracken Tumblr https://ift.tt/2VPL1gx via IFTTT

[jacobhinkley]

Indian Supreme Court Heard Crypto Petitions Today but RBI Ban Stays

India’s Supreme Court heard the petitions against the crypto banking ban by the Reserve Bank of India (RBI) today. After hearing some arguments from both sides, the court decided to set another hearing date, allowing some of the regulators involved to respond to the petitions.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Supreme Court Hearing on July 20

The long-awaited hearing at which the Supreme Court of India was scheduled to address all of the petitions against the crypto banking ban by the country’s central bank has finally taken place.

Today’s hearing follows the hearing on July 3 of the petition by the Internet and Mobile Association of India (IAMAI). The court did not grant a stay against the ban at that time. Last week, the central bank responded to a representation by the association but did not change its stance on crypto.

The latest chapter of the courtroom saga did not see an overturn of the ban. The court also did not hear all arguments by both sides. Crypto Kanoon, a platform engaged in crypto regulatory analysis, legal awareness and news, detailed:

Limited arguments were advanced on behalf of IAMAI and RBI today.

Another Hearing Date Set

There are at least five writ petitions filed against the RBI ban. However, according to Crypto Kanoon, “SEBI [the Securities and Exchange Board of India] and few others have not filed their response to the petition seeking regulation…All (remaining) parties to file their reply within 4 weeks.”

Sohail Merchant, CEO of crypto exchange Pocketbits, commented on the outcome of today’s hearing:

Final hearing [is] slated for 11th of September. Now that is the Judgement Day.

According to lawyers familiar with the case, the central bank has been challenged on two grounds. They concern article 19(1) (g) and article 14 of the Indian constitution. The former “allows citizens to enjoy the right to carry on any occupation, trade, or business,” Quartz explained, adding that the latter “prohibits discrimination and mandates equal protection under the law for all.”

P2P Services Live

In response to the RBI banking ban, a number of crypto exchanges in the country have set up peer-to-peer (P2P) services.

Koinex launched its P2P platform called Loop on July 17. “Loop is a peer-to-peer fiat to crypto trading platform where registered users can trade in cryptos with other registered users in INR,” the exchange described.

“To ensure user safety, a built-in escrow system is employed which releases the cryptocurrency only after the seller double confirms the exact payment of the trade.” According to its website, the service currently offers the buying and selling of BTC, ETH, and XRP without network or transaction fees.

Last week, Wazirx launched its P2P service, also without network or transaction fees. The exchange recently claimed to have 125,000 users on its main platform after operating for four months. Meanwhile, Coindelta is also preparing to launch a P2P service called Flux.

What do you think of the Supreme Court hearing today? Do you think RBI’s ban will eventually be lifted? Let us know in the comments section below.

Images courtesy of Shutterstock.

Need to calculate your bitcoin holdings? Check our tools section.

The post Indian Supreme Court Heard Crypto Petitions Today but RBI Ban Stays appeared first on Bitcoin News.

Indian Supreme Court Heard Crypto Petitions Today but RBI Ban Stays published first on https://medium.com/@smartoptions

[coin-news-blog]

What Indian Crypto Exchanges Are Doing to Protect P2P Users

New Post has been published on https://coinmakers.tech/news/what-indian-crypto-exchanges-are-doing-to-protect-p2p-users

What Indian Crypto Exchanges Are Doing to Protect P2P Users

What Indian Crypto Exchanges Are Doing to Protect P2P Users

With the Supreme Court of India postponing the crypto hearing, the Indian crypto community is calling for better protection when trading on P2P platforms. Several top crypto exchanges in the country have shared their processes and policies they have implemented to protect their P2P platform users.

A Standard KYC Protocol

With the Indian supreme court postponing hearing the arguments against the banking restriction by the central bank, crypto traders in India will have to continue using peer-to-peer (P2P) trading platforms to buy and sell cryptocurrencies for INR. In addition, the government has decided not to introduce the bill to ban cryptocurrencies in the Winter session of parliament.

Since the Reserve Bank of India (RBI) banned financial institutions from providing services to anyone dealing in cryptocurrencies, a number of local crypto exchanges began offering P2P trading to their users. However, according to Indian news analysis platform Crypto Kanoon, there are problems some people are facing when using these platforms. “Many users of P2P exchanges are facing bank account seizure & FIRs,” Crypto Kanoon explained last week. “Money they received for selling crypto was sent from hacked bank accounts … Enquiry reveals that the culprits often use fake KYC docs.”

“Hackers are easily able to create accounts on your exchanges either with fake ID’s or through identity theft,” Crypto Kanoon alleged, directing questions at local crypto exchanges concerning their anti-money laundering (AML), anti-terrorism funding (ATF) and know your customer (KYC) policies. Crypto Kanoon further wrote:

Do you think that the time has arrived when all the virtual assets services providers in India need to join hands together and design a standard protocol for KYC, AML & ATF? Especially when the draft bill will take time to get introduced in Loksabha.

“Don’t you think video KYC will help in controlling this growing menace?” the exchanges were also asked. Crypto Kanoon also set up a poll on Twitter asking the community whether they think P2P exchanges need to adopt stricter KYC process. In total, 788 votes were gathered and 84% said yes.

Crypto Exchanges Respond

A number of cryptocurrency exchanges responded to Crypto Kanoon’s questions. The CEO of local crypto exchange Pocketbits, Sohail Merchant, explained that his exchange has “already deployed a customized video KYC solution since May for P2P trades.” He added, “You can be certain that the user you will be transacting with is thoroughly verified and not a scammer.” Noting that video KYC is mandatory for all INR-based transactions, he further clarified, “We do have certain other comprehensive checks to verify authenticity too.”

“For us, user safety is always number 1 priority,” Wazirx CEO Nischal Shetty emphasized, adding that his exchange has “stringent KYC processes.” Regarding the aforementioned problems, he shared:

Our data does not show this to be a large problem. Isolated cases may be. Nevertheless, we’re working on solving these isolated issues and will announce measures at the right time.

Responding to the question of establishing a standard protocol for all exchanges, Shetty agreed that it is “Definitely a good idea if everyone agrees to get together and do it,” but raised the issue of enforceability of such standards. His exchange was recently acquired by Binance.

Bitbns CEO Gaurav Dahake said his exchange would consider video KYC but for now users have to submit proof of identity, address, and a “Selfie with today’s date, Bitbns written, and signature.” He added, “we run it through a couple of checks on the images and post that a team manually verifies it.”

Coindcx CEO Sumit Gupta was adamant that his team takes security very seriously. “For KYC verification, we already have a system in place, where a user has to upload a selfie with PAN card and a list containing text (Coindcx, current date, and signature),” he explained. “At support, we verify the photo, user details, etc.”

‘Remarks’ Function Helps Avoid Bank Account Closure

Indian crypto traders are also facing the problem of banks closing their accounts if they are found to engage in any crypto activities, as news.Bitcoin.com previously reported. Banks look for clues including in the payment “remarks” box for any crypto-related keywords such as the name of crypto exchanges.

To combat this problem, Wazirx changed its payment remarks function on Sept. 25 after receiving multiple requests from its users. “This is the most wanted feature for Wazirx P2P,” the exchange wrote, adding that payment remarks are important for two key reasons. Firstly, it helps sellers confirm transactions faster, especially if they are dealing with multiple buyers. Secondly, it ensures that buyers do not enter keywords relating to cryptocurrency and get into trouble with their banks.

Source: news.bitcoin

[av7groups]

RBI Defends Its Power Over Crypto in Indian Supreme Court

The Indian supreme court heard the speciman against the crypto banking restriction by the Reserve Bank of India( RBI) in detail Tuesday. After numerous assertions challenging the RBI’s power over crypto were presented, the advise for the central bank began offsetting the instance against cryptocurrency.

Also read: RBI’s Power Over Crypto Challenged at Length in Indian Supreme court

Today’s Hearing

The Supreme Court of India resumed examining the crypto case extensively on Aug. 20, after hearing it in-depth twice over the past two weeks. Advocate Ashim Sood, attorney for the Internet and Mobile Association of India( IAMAI ), continued his arguments against the banking restriction by the central bank, Indian news and analysis platform Crypto Kanoon reported during the courtroom.

Sood brought up the crypto statute guided in the U.S. country of Wyoming, the guidelines adopted by the state of New York, and the Howey test used by the U.S. Certificate and Exchange Commission( SEC) be decided whether a sign marketing is a security offering, Crypto Kanoon detailed. Sood went on to discuss the crypto regulatory approaches taken by the G2 0 countries, as well as the guidance published by the Financial Action Task Force( FATF) to combat the illicit use of crypto assets.

The counsel proceeded to point out that the central bank’s claim that the effect of cryptocurrency on the Indian economy is negligible is not based on any study the RBI has conducted. Several past judgments were read out to the court before the admonish concluded his arguments.

Senior Advocate Nakul Dewan then began insisting on behalf of the members of exchanges, starting with a brief history of cryptocurrency, Crypto Kanoon conveyed. Dewan proceeded to talk about RBI’s concerns, types of cryptocurrencies, and the advantages of blockchain technology in the banking and financial sectors. He also read out some parts of the interministerial committee( IMC) report. The IMC was constituted on Nov. 2, 2017, to study all aspects of cryptocurrencies and provide recommendations.

The hearing continued after a lunch break with many more debates against the ban, Crypto Kanoon further reported. The guidance asserted that the RBI should articulate crypto under a framework to ensure compliance instead of banning , noting that the central bank had recognized that the crypto industry needs to be monitored to avoid tax evasion, AML threats, and a shift to the dark web. He further argued that the money situated in a bank belongs to the depositors , not the RBI or the bank which is only a custodian of the situated money.

The court then discovered from Senior Advocate Shyam Diwan who disagreed on behalf of the RBI. Noting that cryptocurrency is a means of payment, he claims that it has a direct impact on the country’s monetary and fee systems, peculiarly if more people continue to use it for this purpose. Further, its use for cross-border transactions is also a problem for the central bank, Crypto Kanoon conveyed. The RBI counsel predict the budget speech by onetime Finance Minister Arun Jaitley and cited various hacking happens worldwide including one at Indian exchange Coinsecure. Before the court adjourned, Diwan argued that bitcoin and other cryptocurrencies are Ponzi schemes , memo their cost froths and the large consumption of energy used in mining. The hearing will resume tomorrow.

Two Previous Hearings

Prior to Tuesday’s hearing, the Indian supreme court partly heard the crypto suit on Aug. 8 and Aug. 14. On both periods, Sood bickered against the banking ban by the central bank, which issued a circular in April last year banning financing institutions from providing services to crypto occupations. The proscribe enters into force 90 days later, forcing a number of crypto businesses to shut down due to the lack of banking support.

Sood challenged the RBI’s power to utilize such a outlaw, arguing that the aforementioned circular is not valid under ordinances such as the RBI Act and the Banking Regulation Act. “RBI cannot step out of its dominances as was pointed out in[ the] Banking Regulation Act. Therefore, its action against private organizations in the form of a circular is illegal, ” the attorney was quoted by The Economic Times as saying.

After giving several intellects to contradict the RBI ban, Sood began acquainting the evaluate on the basics of cryptocurrency and how major countries, including the G2 0 nations, regulate crypto resources. The hearing adjourned on Aug. 14 after the regulatory framework for cryptocurrency adopted by the state of New York was discussed.

Indian Crypto Regulation to Be Examined in January

As for the summon applications concerning India’s crypto regulation, the supreme court is set to hear them at the end of January. On Aug. 8, the Indian government asked the court to postpone hearing these petitions until it has introduced a bill on cryptocurrency, which may be during the next parliament session in November and December. The courtroom agreed and moved the hearing to the end of January 2020.

The Indian government is currently deliberating on a cryptocurrency bill submitted by the aforementioned IMC. The committee was foreman by onetime Secretary of the Department of Economic Affairs( DEA) Subhash Chandra Garg, who was recently removed from his DEA position and appointed to the Power Ministry. He subsequently applied for voluntary retirement.

A week before Garg’s removal, the IMC report containing a draft crypto invoice was made public. The statute entitled Banning of Cryptocurrency& Regulation of Official Digital Currency seeks to ban all cryptocurrencies except state-issued ones.

Following the public release of the IMC report, an increasing number of crypto industry players have voiced their concerns to consider how shortcoming the report and bill are, announcing for lawmakers to re-examine the IMC recommendations. The Indian crypto community, along with vast trade associations such as the IAMAI and the National Association of Software and Business Companies( Nasscom ), have repeatedly said that banning is not a solution.

What do you think of the Indian supreme court hearing today? Let us know in specific comments area below.

Images courtesy of Shutterstock and The Financial Express.

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[bowsetter]

Indian Supreme Court Postpones Crypto Case to November

The Supreme Court of India on Tuesday once again postponed hearing the case against the crypto banking restrictions by the Reserve Bank of India (RBI). The central bank has replied to crypto exchanges’ representation as directed by the court, which was supposed to resume hearing the case today.

Also read: RBI Ban Stops Indian Police From Cashing Out Seized Crypto

Supreme Court Hearing Rescheduled Again

The Indian supreme court was scheduled to resume hearing the arguments against the banking restrictions by the RBI today, Oct. 15. According to the court order issued earlier this month, the case was to be listed “top of the board,” which gave the Indian crypto community hope that the case would move forward today.

However, Indian news portal Crypto Kanoon reported that the case was listed as item number two in courtroom number five today. “Since three judges bench has assembled today in Court no. 5,” the news portal detailed:

The court could not hear the case and adjourned the hearing to 12th November 2019.

In previous hearings, only two judges heard the crypto case, and usually the same judges would continue to hear the case. Whenever a three-judge bench is assembled, the likelihood of the supreme court hearing the crypto case diminishes.

RBI Ban and Government Regulation

The central bank issued a circular in April last year banning financial institutions from providing services to crypto businesses. Prohibited services include “maintaining accounts, registering, trading, settling, clearing, giving loans against virtual tokens, accepting them as collateral, opening accounts of exchanges dealing with them and transfer / receipt of money in accounts relating to purchase/ sale of VCs [virtual currencies],” the RBI explained.

The ban went into effect three months later and banks closed the accounts of crypto exchanges, forcing some of them to close down local exchange operations. A number of industry stakeholders immediately filed writ petitions to challenge the ban.

After multiple delays, the supreme court began hearing the case in detail on Aug. 8, with the petitioners extensively challenging the central bank’s power over crypto. The RBI ban has also affected the Indian police. The Pune city police department was unable to cash out its seized crypto from a Ponzi scheme due to the ban.

The Indian government is still deliberating on a draft bill submitted by an interministerial committee (IMC) in February. The bill, which seeks to ban all cryptocurrencies except state-issued ones, was made public on July 23. However, the Indian crypto community believes that the bill is flawed and has been campaigning to convince lawmakers to reexamine the IMC recommendations.

Do you think the Indian supreme court will hear the crypto case on Nov. 12? Let us know in the comments section below.

Images courtesy of Shutterstock.

Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

The post Indian Supreme Court Postpones Crypto Case to November appeared first on Bitcoin News.

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[coin-river-blog]

What would you call an organization that is sitting atop a game-changing regulatory framework for more than a year but couldn’t submit a single proposal nevertheless? Incompetent, perhaps.

It is precisely what the Interministerial Committee (IMC) has become: an incompetent group of administrators and ministers that cannot decide what it wants to do with new technologies.

Established by the Finance Minister Arun Jaitley in December 2017, the IMC was first told to submit its proposal in July 2018. But it kept delaying the matter, citing “lots of issues that need understanding” and “lots of studying” that needs to be done.

Before everything, it is vital to understand that IMC had assumed that bitcoin shared characteristics of classical Ponzi schemes even before beginning their so-called studying. The committee’s head, Subhash Chandra Garg, who is also the economic affairs secretary, had tweeted:

“Cryptocurrencies like bitcoins are neither currency nor coin. Not legal tender in India at all. Trade in these currencies has assumed the character of classical Ponzi schemes. Limited supply and uninformed demand make every new investor assume a higher risk. No underlying real value.

Cryptocurrencies like bitcoins are neither currency nor coin. Not legal tender in India at all. Trade in these currencies has assumed character of classical Ponzi schemes. Limited supply and uninformed demand makes every new investor assume higher risk. No underlying real value.

— Subhash Chandra Garg (@SecretaryDEA) December 30, 2017

Poor Media Coverage

Such blatant statements from Garg, which Jaitley later repeated in the parliament, allowed the Indian media to project bitcoin as a scam. The misinformation rippled across the TV sets and newspapers addressing billions of people. (In my personal experience, a passenger in Delhi Metro called me a scammer (and yes, he was loud enough) merely because I was speaking to a colleague on the phone about a topic related to bitcoin trading.)

The result of poor media coverage was evident in the Reserve Bank of India‘s April circular. The document ordered banks to stop offering services to the cryptocurrency exchanges. Under the garb of regulating an industry, the Garg-led IMC destroyed the entire line of communication that could have led to a gradual understanding of cryptocurrencies. And yet, they were “studying” the technology.

That all happened when the rest of the world took aggressive steps in drafting their cryptocurrency policies. Even without a full-fledged law, the citizens in the United States could trade bitcoins and launch blockchain startups under a limited regulatory watch. Countries in Europe developed their stance on cryptocurrencies. For instance, Finland classified them as financial service, Bulgaria brought them under its existing tax laws, and Germany legalized them by imposing taxes based on the kind of cryptocurrency activities.

When a new technology comes. Accept it adap it and take benifit out of it instead outrightly rejecting it. Govt will earn more then anything else. People who invest are not fools. pic.twitter.com/aowaPd7BT0

— Aswini Kumar (@aswini_india) December 30, 2017

The Never-Ending Crypto vs. RBI Case

In Indian, the crypto community is still fighting the RBI’s ban in the Supreme Court, India’s apex judiciary body. They want a clear and evident framework, so no more Zebpays have to leave the country, and no more Harish BVs face arrests for installing a harmless bitcoin kiosk.

But even the legal proceedings are facing delays of its own.

March 29, 2019, marked the fifth time the Supreme Court adjourned the crypto vs. RBI hearing. This time also, a government counsel requested for the delay because they didn’t have a draft ready. And there is no guarantee that in the next hearing, scheduled for July this year, would see positive movements towards a reasonable crypto regulation. Here is a government body that couldn’t even respect its judiciary’s order to serve a crypto draft by March 29.

Update in #CryptoVsRBI!

Supreme Court has adjourned the #CryptoVsRBI matter on the request of Government's Counsel. Matter fixed for final arguments in 2nd week of July on a non-miscellaneous (Regular) day.

— Crypto Kanoon (@cryptokanoon) March 29, 2019

From the look of it, the Indian crypto sector has more to suffer at the hands of an incompetent bureaucracy and governance. Let’s pray it does not go into a s***hole.

[michaelbennettcrypto]

Forget RBI, Indian Bitcoin Community’s Biggest Obstacle is Modi Govt

Bitcoin exchanges in India emerged as winners in a two-year-long court battle against the country’s central bank. The Supreme Court of India in its Wednesday verdict lifted curbs that effectively banished the trade of cryptocurrencies in the country. The apex judicial body found the Reserve Bank of India’s (RBI) 2018 circular against crypto startups illegal and unconstitutional, noting that the central bank holds no right to restrict regional banks from offering services to a specific sector. The ruling raised hopes for an otherwise degrading crypto sector in India. Ever since the RBI’s blanket ban, many startups and established companies involved with cryptocurrencies either shut down businesses or moved their operations abroad. There is a strong likelihood of their return upon the Supreme Court’s decision. [2/2] This victory was a result of resilience and faith in the power of #cryptocurrencies. Here's to the forerunners of this case @ the SC. R-L: Jaideep Reddy @jrtechlaw, Ashim Sood, Harish @bvharish, @Unocoin98 & Mohammed Danish (@DaniAdvocate, Crypto Kanoon).PC: @cryptokanoon pic.twitter.com/XOpWdwjC1c — IBC Media (@IBCMedia_) March 4, 2020 The Next Trouble: Modi Govt During the hearing, the court was quick to mention that bitcoin’s legal status in India remains unfound. It also sidelined an RBI’s argument that supported a government committee’s opinion of banning cryptocurrencies in India. In retrospect, former Finance Minister Arun Jaitley had set up an interministerial panel to study all the aspects of cryptocurrencies like bitcoin. Led by former Finance Secretary Subhash Chandra Garg, the committee submitted its response in 2019 in the form of a draft bill. The document proposed to ban all forms of cryptocurrency use and trading in India. It also went as far as to recommend 10 year jail time to anyone who is found holding or trading them. The Narendra Modi government briefly entertained the idea of tabeling a bitcoin ban proposal before the parliament but went completely silent over it after the demise of Mr. Jaitley. Meanwhile, late Mr. Jaitley’s successor, Nirmala Sitharaman, who originally received the draft back in February 2019, admitted that they were approaching the matter cautiously. She projected her insecurities about the crypto sector via Facebook’s Libra project, stating: “We take a very balanced approach. We look at the ease of use, cost savings, and most importantly, financial inclusion as very important benefits. But we are also very mindful that they can be a risk for privacy, consumer privacy. And there are issues on sovereignty that need to be well understood and addressed. And in that sense, we will continue to work.” Her statement took cues from what late Mr. Jaitley thought about cryptocurrencies, in general. He had warned that the Modi government “will do everything to discontinue the use of bitcoin.” The Garg committee typically served a bill that suited Mr. Modi’s agenda against bitcoin. Anti-Crypto Government Mr. Modi-led Bhartiya Janta Party (BJP) still has a considerable majority in both the Indian parliament houses. That means his government can easily pass the bill drafted by the Garg committee, similar to how it tabled the controversial Citizen Amendment Bill and made it into law with absolute support from its ministers. Nevertheless, with the court favoring the bitcoin sector on its case against RBI, there might be a possibility that the Modi government drops its idea of banning crypto. But overall, troubles for the crypto sector in India appears not to be ending soon.   from Cryptocracken WP https://ift.tt/2TCLNuL via IFTTT

[brettzjacksonblog]

Forget RBI, Indian Bitcoin Community’s Biggest Obstacle is Modi Govt

Bitcoin exchanges in India emerged as winners in a two-year-long court battle against the country’s central bank. The Supreme Court of India in its Wednesday verdict lifted curbs that effectively banished the trade of cryptocurrencies in the country. The apex judicial body found the Reserve Bank of India’s (RBI) 2018 circular against crypto startups illegal and unconstitutional, noting that the central bank holds no right to restrict regional banks from offering services to a specific sector. The ruling raised hopes for an otherwise degrading crypto sector in India. Ever since the RBI’s blanket ban, many startups and established companies involved with cryptocurrencies either shut down businesses or moved their operations abroad. There is a strong likelihood of their return upon the Supreme Court’s decision. [2/2] This victory was a result of resilience and faith in the power of #cryptocurrencies. Here's to the forerunners of this case @ the SC. R-L: Jaideep Reddy @jrtechlaw, Ashim Sood, Harish @bvharish, @Unocoin98 & Mohammed Danish (@DaniAdvocate, Crypto Kanoon).PC: @cryptokanoon pic.twitter.com/XOpWdwjC1c — IBC Media (@IBCMedia_) March 4, 2020 The Next Trouble: Modi Govt During the hearing, the court was quick to mention that bitcoin’s legal status in India remains unfound. It also sidelined an RBI’s argument that supported a government committee’s opinion of banning cryptocurrencies in India. In retrospect, former Finance Minister Arun Jaitley had set up an interministerial panel to study all the aspects of cryptocurrencies like bitcoin. Led by former Finance Secretary Subhash Chandra Garg, the committee submitted its response in 2019 in the form of a draft bill. The document proposed to ban all forms of cryptocurrency use and trading in India. It also went as far as to recommend 10 year jail time to anyone who is found holding or trading them. The Narendra Modi government briefly entertained the idea of tabeling a bitcoin ban proposal before the parliament but went completely silent over it after the demise of Mr. Jaitley. Meanwhile, late Mr. Jaitley’s successor, Nirmala Sitharaman, who originally received the draft back in February 2019, admitted that they were approaching the matter cautiously. She projected her insecurities about the crypto sector via Facebook’s Libra project, stating: “We take a very balanced approach. We look at the ease of use, cost savings, and most importantly, financial inclusion as very important benefits. But we are also very mindful that they can be a risk for privacy, consumer privacy. And there are issues on sovereignty that need to be well understood and addressed. And in that sense, we will continue to work.” Her statement took cues from what late Mr. Jaitley thought about cryptocurrencies, in general. He had warned that the Modi government “will do everything to discontinue the use of bitcoin.” The Garg committee typically served a bill that suited Mr. Modi’s agenda against bitcoin. Anti-Crypto Government Mr. Modi-led Bhartiya Janta Party (BJP) still has a considerable majority in both the Indian parliament houses. That means his government can easily pass the bill drafted by the Garg committee, similar to how it tabled the controversial Citizen Amendment Bill and made it into law with absolute support from its ministers. Nevertheless, with the court favoring the bitcoin sector on its case against RBI, there might be a possibility that the Modi government drops its idea of banning crypto. But overall, troubles for the crypto sector in India appears not to be ending soon.   from CryptoCracken SMFeed https://ift.tt/2TCLNuL via IFTTT

[joshuajacksonlyblog]

Forget RBI, Indian Bitcoin Community’s Biggest Obstacle is Modi Govt

Bitcoin exchanges in India emerged as winners in a two-year-long court battle against the country’s central bank. The Supreme Court of India in its Wednesday verdict lifted curbs that effectively banished the trade of cryptocurrencies in the country. The apex judicial body found the Reserve Bank of India’s (RBI) 2018 circular against crypto startups illegal and unconstitutional, noting that the central bank holds no right to restrict regional banks from offering services to a specific sector. The ruling raised hopes for an otherwise degrading crypto sector in India. Ever since the RBI’s blanket ban, many startups and established companies involved with cryptocurrencies either shut down businesses or moved their operations abroad. There is a strong likelihood of their return upon the Supreme Court’s decision. [2/2] This victory was a result of resilience and faith in the power of #cryptocurrencies. Here's to the forerunners of this case @ the SC. R-L: Jaideep Reddy @jrtechlaw, Ashim Sood, Harish @bvharish, @Unocoin98 & Mohammed Danish (@DaniAdvocate, Crypto Kanoon).PC: @cryptokanoon pic.twitter.com/XOpWdwjC1c — IBC Media (@IBCMedia_) March 4, 2020 The Next Trouble: Modi Govt During the hearing, the court was quick to mention that bitcoin’s legal status in India remains unfound. It also sidelined an RBI’s argument that supported a government committee’s opinion of banning cryptocurrencies in India. In retrospect, former Finance Minister Arun Jaitley had set up an interministerial panel to study all the aspects of cryptocurrencies like bitcoin. Led by former Finance Secretary Subhash Chandra Garg, the committee submitted its response in 2019 in the form of a draft bill. The document proposed to ban all forms of cryptocurrency use and trading in India. It also went as far as to recommend 10 year jail time to anyone who is found holding or trading them. The Narendra Modi government briefly entertained the idea of tabeling a bitcoin ban proposal before the parliament but went completely silent over it after the demise of Mr. Jaitley. Meanwhile, late Mr. Jaitley’s successor, Nirmala Sitharaman, who originally received the draft back in February 2019, admitted that they were approaching the matter cautiously. She projected her insecurities about the crypto sector via Facebook’s Libra project, stating: “We take a very balanced approach. We look at the ease of use, cost savings, and most importantly, financial inclusion as very important benefits. But we are also very mindful that they can be a risk for privacy, consumer privacy. And there are issues on sovereignty that need to be well understood and addressed. And in that sense, we will continue to work.” Her statement took cues from what late Mr. Jaitley thought about cryptocurrencies, in general. He had warned that the Modi government “will do everything to discontinue the use of bitcoin.” The Garg committee typically served a bill that suited Mr. Modi’s agenda against bitcoin. Anti-Crypto Government Mr. Modi-led Bhartiya Janta Party (BJP) still has a considerable majority in both the Indian parliament houses. That means his government can easily pass the bill drafted by the Garg committee, similar to how it tabled the controversial Citizen Amendment Bill and made it into law with absolute support from its ministers. Nevertheless, with the court favoring the bitcoin sector on its case against RBI, there might be a possibility that the Modi government drops its idea of banning crypto. But overall, troubles for the crypto sector in India appears not to be ending soon.   from Cryptocracken Tumblr https://ift.tt/2TCLNuL via IFTTT

[jacobhinkley]

Breaking news: RBI’s cryptocurrency prohibition continues, final arguments on 11th September

The Reserve Bank of India [RBI] petitioned a ban against cryptocurrencies, as to prohibit the banks for conversion of digital currencies to Indian Rupee [INR]. The hearing of lifting or proceeding with the ban was held today.

As per the recent reports, the Supreme Court of India has not laid the ban off. The further hearing has been moved to 11th September 2018.

CryptoKanoon, a platform engaged in crypto regulatory analysis, legal awareness and news tweeted:

Crypto Kanoon tweet | Source: Twitter

All the parties, individuals, and ventures have the timeline of 4 weeks to file their reply to the petition before the final hearing.

As per internal reports, limited arguments were advanced on behalf of Internet and Mobile Association of India [IAMAI] and RBI on 20th July. Since SEBI and a few others have not filed their response to the petition seeking regulation, the Court has directed for completion of pleadings in the month of September.

On July 3rd, the Supreme Court of India [SC] held the awaited hearing of IAMAI v/s RBI. The earlier reports also stated that SC had not granted a temporary stay. The matter escalated to 20th July which now again has been scheduled for September.

The team of AMBCrypto held an exclusive interview with the Sharan Nair, the Senior Vice President of CoinSwitch, one of the leading cryptocurrency exchange aggregators of India.

When asked why the hearing of the RBI’s circular on cryptocurrencies has been shifted to 11th September, and what does CoinSwitch think of it, Sharan Nair said, in the Indian context “it is not easy” to bring in regulations for cryptocurrencies. He also mentioned saying, “When it takes time, it is good” and it gives “enough time for evaluation” for both, the exchanges and the lawmakers.

Sharan also said, if a hasty decision was to be given today, it would be “bad for the ecosystem”. He mentioned that this gives sufficient time for the “shady companies to go away”. Considering the fact that India is still a developing country, there’s a “lack of clarity” [When it comes to regulations and protocols], said Sharan.

It is speculated that the lack of clarification could be one of the reasons why RBI has asked SEBI to file their response to the said petition.

Blockchain Lawyer added | Source: Twitter

A few Indian cryptocurrency-enthusiasts have tweeted regarding the same:

Sandeep, a Twitter user said:

“I think there is a big influence on the delay in the decision of supreme court.”

Jaydev, a crypto-enthusiast said:

“they want to imply GST even on crypto, no doubt why they are taking so much time. just add it and let us trade man”

The post Breaking news: RBI’s cryptocurrency prohibition continues, final arguments on 11th September appeared first on AMBCrypto.

Breaking news: RBI’s cryptocurrency prohibition continues, final arguments on 11th September published first on https://medium.com/@smartoptions

[coin-news-blog]

Indian Supreme Court Postpones Crypto Case to November

New Post has been published on https://coinmakers.tech/news/indian-supreme-court-postpones-crypto-case-to-november

Indian Supreme Court Postpones Crypto Case to November

Indian Supreme Court Postpones Crypto Case to November

The Supreme Court of India on Tuesday once again postponed hearing the case against the crypto banking restrictions by the Reserve Bank of India (RBI). The central bank has replied to crypto exchanges’ representation as directed by the court, which was supposed to resume hearing the case today.

Supreme Court Hearing Rescheduled Again

The Indian supreme court was scheduled to resume hearing the arguments against the banking restrictions by the RBI today, Oct. 15. According to the court order issued earlier this month, the case was to be listed “top of the board,” which gave the Indian crypto community hope that the case would move forward today.

However, Indian news portal Crypto Kanoon reported that the case was listed as item number two in courtroom number five today. “Since three judges bench has assembled today in Court no. 5,” the news portal detailed:

The court could not hear the case and adjourned the hearing to 12th November 2019.

In previous hearings, only two judges heard the crypto case, and usually the same judges would continue to hear the case. Whenever a three-judge bench is assembled, the likelihood of the supreme court hearing the crypto case diminishes.

RBI Ban and Government Regulation

The central bank issued a circular in April last year banning financial institutions from providing services to crypto businesses. Prohibited services include “maintaining accounts, registering, trading, settling, clearing, giving loans against virtual tokens, accepting them as collateral, opening accounts of exchanges dealing with them and transfer / receipt of money in accounts relating to purchase/ sale of VCs [virtual currencies],” the RBI explained.

The ban went into effect three months later and banks closed the accounts of crypto exchanges, forcing some of them to close down local exchange operations. A number of industry stakeholders immediately filed writ petitions to challenge the ban.

After multiple delays, the supreme court began hearing the case in detail on Aug. 8, with the petitioners extensively challenging the central bank’s power over crypto. The RBI ban has also affected the Indian police. The Pune city police department was unable to cash out its seized crypto from a Ponzi scheme due to the ban.

The Indian government is still deliberating on a draft bill submitted by an interministerial committee (IMC) in February. The bill, which seeks to ban all cryptocurrencies except state-issued ones, was made public on July 23. However, the Indian crypto community believes that the bill is flawed and has been campaigning to convince lawmakers to reexamine the IMC recommendations.

Source: news.bitcoin