THE RBI CIRCULAR and SUPREME Court's stand
On April 06 th,2018 out of the blue moon the Reserve Bank of India barred banks and financial institutions from dealing in cryptocurrencies. In a statement, the regulator said, "In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs (virtual currencies)."
This decision implies Banks will not be allowed to facilitate sale or purchase of cryptocurrencies, which means crypto investors will not be able to transfer money from their bank accounts to crypto-trading wallets like Zebpay, Koinex, Unocoin, Coinsecure, and others.
Upon this news the price of all cryptocurrencies took a major dip on all the indian exchanges as the decision sent a wave of fear among all investors.
However when the dust settled many identities/exchanges/firms and enthusiasts moved to court against this RBI decision.
The Supreme Court of India has clubbed all the Bitcoin-related cases against the RBI circular dated-April 6, and will next hear the case on July 20. The Supreme Court has also refused to put any stay on the RBI circular, till the matter is under sub judice and also ordered that no high court will entertain any petition relating to the RBI circular on ‘Prohibition on dealing in Virtual Currencies’.
With Zimbabwe central bank and many other banks in various countries including Pakistan having issued similar circulars, as was issued by the RBI on April 6, Bitcoin is now apparently facing more rejections than acceptance in developing nations.
Meanwhile lets look at some events in the developed nations like US/UK/CHINA/KOREA/CANADA
- Facebook co-founders, Cameron and Tyler Winklevoss, have been successfully granted a patent for a system to operate exchange-traded products based on cryptocurrencies.
- The cryptocurrency mining firm FatFish has now secured a second site in the Canadian province of Montreal which would help power up to 700 more computer servers using hydropower reported a news daily.
- The US-based trading and clearing platform, LedgerX, has launched a new Bitcoin savings product, licensed by the US CFTC (Commodities Future Trading Commission).
- Chinese phones manufacturer Huawei has now announced plans to launch a smartphone that will have an inbuilt cryptocurrency wallet from BTC (.com).
- Goldman Sachs-backed payments company Circle has acquired U.S. cryptocurrency exchange Poloniex.
- Consensus 2018 event was successfully held in Newyork downtown with around 8000 people in attendance.
Lets look at the second floor plan of consensus with all the stalls.
Note the companies i have highlighted in the plan.
CONCLUSION
My dear brothers and sisters I hope you get the sense what i am trying to say. Wake up and smell the coffee. Just think for a moment why all issues are faced in developing nations whereas developed nations embracing cryptocurrencies with both arms.Look at booths of IBM,DELOITTE,MICROSOFT,KPMG at consesus.
Let me break it to you.
THEY DO NOT WANT YOU TO GET RICH
and by THEY I do not mean your government.Your government is just a pawn.
Crypto will make a lot of millionaires similar to the IT boom of 2000s.
If Indians will make money who will work for US sitting in a cubicle for their entire life?
So my dear brothers and sisters.I LOVE YOU ! I want you to open your eyes and see whats happening.
BITCOIN and cryptocurrencies are here to stay.
So all the courts in developing nations will just toy with the case and try to delay the verdict because they know they can not ban cryptocurrencies so they will just try to create FUD or fear in your mind as fear is their biggest tool.
In the end they will just accept crypto and revoke RBI ban.
They do not have another choice.
When US and China have accepted crypto how can India ban it?
MAY GOD BLESS YOU and give you wisdom!!
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within 20 days of this post !!
Both India and zimbabwe lifted ban on cryptocurrency !!