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.
Thanks for the update on indian crypto world
hey man i upvoted u and plzz upvote me for my blog
https://steemit.com/mgsc/@sanjana003/how-to-increase-ur-reputation-on-steemit-usd-how-to-write-a-quality-steem-post
Hi sanjana definetly i will upvote you
Thanks dear frd for ur support dear and follow me yar.
@sscomm hopefully RBI will not ban the banks to deal with institutions related to cryptocurrencies.
Even if it does, Wazirx is all set to use Peer-to-Peer transfer on its own platform. The solution will definitely come as it the trading of cryptos is not even close to being illegal. It is as legal as trading of stocks on share markets.
Regards.
@swapnilgopal If rbi bans world doesn't stop using bitcoin. There are many alternatives you could try
1.Localbitcoins
2.Remitanno (App)
3.Cash selling to freinds
4.Wazirx is
5.Go abroad and encash it
6.Many services like Quickx.io are introducing crypto card that can be used
Summarize it Bitcoin is livellihood to me i can't live without it i Mine, Trade, Masternode, Love crypto
That's true sscomm. Hail Crypto :D
Nice post bro also check my.. upvoted done
one of the best post for today but nothing si going to ban , any one know about this.???
Big mistake done by sc
This post has received a 4.29 % upvote from @boomerang.
really sad ....what should we have to do now???