Hey Traders,
Supreme court has uplifted the ban on the trade of crypto currency in India
@nithin what you think about this decision. Is it right , this way they might legalise betting or Cfd products too.
It definitely is a bold move by the supreme court of India to legalize crypto currencies in India but at the same time it also provides retailers a new product to explore.
About it being a good decision, we should rather wait for more clarity from exchange and supreme court on rules and regulations.
if they do that. There will be bucket shops all over the country.
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Where did you read that the SC made bitcoin legal in India? Didn’t they just say that the RBI restrictions on bitcoin was too overarching/vague and stringent - so now technically you can trade with bitcoin, but they didn’t say if it’s legal or illegal. Only the RBI can make bitcoin legal or illegal - SC simply decides to uphold or stay a law passed by them (as was the case here).
Now we have to wait and see how the RBI and/or government reply - so until there is clarity we can’t really tell what will happen.
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The article clearly mentions the upliftment of ban by SC from trading in crypto currencies imposed by RBI, clearly there is no statement or remark from SEBI.
Agreed.
Right and the status quo returns - which was that bitcoin is grey area, neither legal nor illegal as has always been in India (and still).
You understand that bitcoin was never actually legal tender here, and RBI curbs did not make it illegal or legal, they simply made it such that banks/institutions preferred not to trade in it at all because of the limitations. The only difference really is that now bitcoin exchanges can start trading again.
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The RBI curb did make the trade, holding or facilitating these services illegal.
The trades that took place in the grey area would now be given platform or a systematic channel would be made.
The exchange is still to make any comments on the matter.
The real question is why RBI banned bitcoins when bitcoin is traded legally in US exchanges.
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The Government of India banned Cryptocurrency due to the following reasons
Lack of framework
There was no clarity of taxation process on capital gains from such currencies
While countries like Japan had become a launchpad for crypto-currencies and China having strict regulations against crypto, India did not know what to do with crypto currency.
The United States on the other hand managed to come up with comprehensive
framework, norms and laws (incase of frauds) hence there was no Ban on trade of crypto in US.
So ban it because we lack framework?
Most brain dead idea by the govt.
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It definitely was a bad idea as India has been loosing out block chain and crypto market to other countries. It would be a wise move if the RBI hands over the regulatory work to SEBI
SEBI is still struggling to put together a risk framework for retail.
you really think they will understand something like bitcoin and do any sort of regulation on it.
Probably in 2030. LOL.
Hahahaa but apparently SEBI, in India was the only organization to take steps to understand the framework. They have been constantly sending their officials to understand the framework of Japan, Thailand etc.
They gave permission after all the money making ways in cryptocurrency had been gone.
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Zerodha should come up with a Crypto Trading platform.
That’s it.
That’s how Indians are going to get to a planet called Cryptocurrency in a rocket called Zerodha.
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So that millennials see their parent’s hard earned money dropping to 50% overnight?
Cryptos have no intrinsic value and fall or rise only on the basis of supply and demand or by dump or pump. If they’re allowed in India, we’ll see people blaming government for their losses.
And block chain? It’s the biggest hyped product of recent years. Ten years into talk and no successful product that can beat conventional database.
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i agree and disagree with you at the same time, bitcoin and other so called crypto-currencies are worthless, but block-chain can be used in various industries like bsfi for privacy, verifying transactions and can be efficiently used as a database system, bitcoin, on the other hand, is just a tulip-mania, no intrinsic value, increase in price only because other people want to buy so that they can sell it to someone much higher, not because it has value or any growth. a ponzi scheme indeed
crypto-community wants a decentralized banking system, but its not doable, at least not with bitcoin or any other cryptocurrency and will create more problems on macro economical level.
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A decentralized banking system will be terrible.
You make some mistake and your bank can help you. Yes Bank goes down and government can assure and assist you in getting your money back. Your bank can support you if you are a victim of card fraud. There’re financial and investigative agencies to help.
Be your own bank and see your money going up in smoke.
You may call me naive or fear-mongering about blockchain but it’s hard truth that world is doing just fine without a 40 year old Merkel Tree technology that no serious entrepreneur is interested in.
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