Friday, June 18

India just unbanned Bitcoin (today)


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> It has come to our attention through media reports that certain banks/ regulated entities have cautioned their customers against dealing in virtual currencies by making a reference to the RBI circular DBR.No.BP.BC.104/08.13.102/2017-18 dated April 06, 2018. Such references to the above circular by banks/ regulated entities are not in order as this circular was set aside by the Hon’ble Supreme Court on March 04, 2020 in the matter of Writ Petition (Civil) No.528 of 2018 (Internet and Mobile Association of India v. Reserve Bank of India). **As such, in view of the order of the Hon’ble Supreme Court, the circular is no longer valid from the date of the Supreme Court judgement**, and therefore cannot be cited or quoted from.

https://rbi.org.in/Scripts/NotificationUser.aspx?Id=12103&Mode=0

View Reddit by simplelifestyle – View Source

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30 Comments

  • SuineGeniuS

    Don’t care. Doesn’t matter. If one country or a group of countries could stop bitcoin it wouldn’t be worth owning it. They can’t and won’t. All just threats to be able to regulate more and bring in tax money. It’s their form of control.

  • Marcion_Sinope

    So basically it was unbanned in March but the banks took it upon themselves to lie by omission and pretend it was still banned for the last three months.

    This is a story about lying banksters not bans.

  • brainac

    Guys India didnt ban crypto in the first place. How can it unban if crypto wasnt banned. Only central bank issued a proper clerance that crypto services can be used via banking systems. Thats all.

  • shawman123

    This means nothing. we will hear some negative news about crypto in the near future for sure. Overall should cause smaller ripples in crypto market. Same story about China and Crypto.

  • ave1894

    WTF it was never banned, in 2018 RBI the central bank of india had asked banks to cut all ties with entites dealing in crypto, even then Indian exchanges were operating on basis of peer to peer transfer since banks weren’t directly interacting with exchanges in this scenario. In 2020 Supreme Court of India set aside this circular by RBI, mainly for n the basis that such an action i.e. suppressing of crypto was out of jurisdiction of RBI, hinting was the job of government. In 2019 government had formed an panel for action to be taken on cryptocurrencies in India. This panel called for a complete ban and harsh punishment for anyone holding it. While government didn’t take any action on the recommendations of this panel. This year government had planned to bring in a new legislation on cryptocurrencies in Feb-March session. Accordingly to leaks and rumours it was going to implement the recommendations of the panel from 2019 i.e. complete ban. But for some reasons (probably due to less priority) the bill was not discussed in this session. Now country is in midst of raging second wave of covid pandemic, hence chances are less of any new legislation is short foreseeable future. Many reports suggests that lobbies with stake in crypto are trying to convince government into bringing positive regulations, but nobody knows what government will do. My 2 cents are there are more chances that government moght still ban it. From what I have seen current government makes hasty decisions and has tight curbs on money laundering and other illegal monetary pratices hence more reason to think government will see this cryptocurrencies in negative light. Again government loves to follow in China’s footsteps. So I would say there is 60-70% chances that government might ban cryptocurrencies in near future.
    P.S. if government bans crypto, in due time it will have to lift it none the less because we all know crypto os the future.

  • _unfuck_the_world_

    This is misinformation. India never banned crypto in the first place. Just a couple of banks threatening their customers to not trade because they were losing customers.
    So Central Bank of India just taught a lesson to those two banks today !

    India will be the last country to ever ban it

  • zyber787

    I’m an Indian and I didn’t know it was banned till today lol… I was able to buy cryptos just fine…

  • F0xxenz

    India is the same way i feel about China.

    Fuck BOTH of them.

    Theyve been doing is stupid wishy washy bullshit for YEARS now.

    BTC will thrive WITH or WITHOUT you.

  • Extra-Performer-6763

    I am just an incurable optimist, I truly believe that for every problem, there is a solution. Call me a hope for a P vs NP positive 😁😎

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