• Crypto Lists
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Altcoin
  • Advertise With Us
  • Join our Telegram Community
Newsletter
ItsBlockchain
  • Bitcoin
    Is the Russia-Ukraine War the Biggest Test for Bitcoin? Market Update

    Is the Russia-Ukraine War the Biggest Test for Bitcoin? Market Update

    Bitcoin ETFs could have the same result as CME group futures launch in 2017

    Bitcoin ETFs could have the same result as CME group futures launch in 2017

    featured image

    How Bitcoin can be hacked?

    keep bitcoin safe

    Keep Your Bitcoins Safe: All You Need to Know About Crypto-Cyberthreats

    featured image

    Bitcoin IRA – Everything You Need to Know

    A trillion dollar tsunami is about to hit Bitcoin

    A trillion dollar tsunami is about to hit Bitcoin

    featured image

    Why Bitcoin will always be the number one cryptocurrency? Explained

    Crypto markets mirror Wall Street’s fall- Loses 100 billion in 24 hours and Delta Plus Variant creates extreme fear

    Crypto markets mirror Wall Street’s fall- Loses 100 billion in 24 hours and Delta Plus Variant creates extreme fear

    On-chain shows Divergence against Bearish Price-Action, But Bitcoin continues to stay in the Re-Accumulation Phase

    On-chain shows Divergence against Bearish Price-Action, But Bitcoin continues to stay in the Re-Accumulation Phase

    Trending Tags

    • Crypto Gems
    • NFT
    • DEFI
    • Crypto Lists
    • Altcoin
    • Crypto Market
    • Guide
    • IBC Capital
    No Result
    View All Result
    • Bitcoin
      Is the Russia-Ukraine War the Biggest Test for Bitcoin? Market Update

      Is the Russia-Ukraine War the Biggest Test for Bitcoin? Market Update

      Bitcoin ETFs could have the same result as CME group futures launch in 2017

      Bitcoin ETFs could have the same result as CME group futures launch in 2017

      featured image

      How Bitcoin can be hacked?

      keep bitcoin safe

      Keep Your Bitcoins Safe: All You Need to Know About Crypto-Cyberthreats

      featured image

      Bitcoin IRA – Everything You Need to Know

      A trillion dollar tsunami is about to hit Bitcoin

      A trillion dollar tsunami is about to hit Bitcoin

      featured image

      Why Bitcoin will always be the number one cryptocurrency? Explained

      Crypto markets mirror Wall Street’s fall- Loses 100 billion in 24 hours and Delta Plus Variant creates extreme fear

      Crypto markets mirror Wall Street’s fall- Loses 100 billion in 24 hours and Delta Plus Variant creates extreme fear

      On-chain shows Divergence against Bearish Price-Action, But Bitcoin continues to stay in the Re-Accumulation Phase

      On-chain shows Divergence against Bearish Price-Action, But Bitcoin continues to stay in the Re-Accumulation Phase

      Trending Tags

      • Crypto Gems
      • NFT
      • DEFI
      • Crypto Lists
      • Altcoin
      • Crypto Market
      • Guide
      • IBC Capital
      No Result
      View All Result
      ItsBlockchain
      No Result
      View All Result
      Home News

      Indian crypto exchanges consider legal proceedings against the RBI

      Hitesh Malviya by Hitesh Malviya
      August 21, 2020
      in News
      0 0
      0
      RBI may face legal proceedings
      153
      SHARES
      592
      VIEWS
      Share on FacebookShare on Twitter

      We recently reported on the RBI’s order to all institutions affiliated with it to withdraw support from any individual or institution dealing with cryptocurrencies. While contrary to what the Indian media would have you believe, this is not a ban on crypto in India and crypto trading is not illegal. However, it has made it quite difficult for Indian traders to buy into and remit cryptocurrencies in India.

      To understand what exactly this means, I asked around in the Indian crypto community and while the people are Zebpay, Coinsecure and Unocoin weren’t willing to comment on the situation, Sharan Nair from CoinSwitch, a Sequoia Capital backed crypto to crypto exchange and Nischal Shetty, the founder and CEO of WazirX, a newly launched crypto exchange shared some interesting insights into the current scenario.

      Do the money launderers and the terrorists really care?

      In past announcements, the RBI has reiterated its stance that it doesn’t endorse cryptocurrencies as they can be used for terror funding and money laundering without any accountability or traceability. The Indian exchanges have already alleviated these fears by adhering to the highest levels of KYC and AML. The truth is, the grounds for this measure is truly unfounded, says Sharan Nair, a Senior Vice President Marketing Business Development at CoinSwitch.

      “Currently there is a lot of uncertainty on why the RBI actually said this. But it cannot be about the reasons the RBI has stated in the past. Think about it; would the money launderer or the terror funder be truly bothered by this move? I certainly don’t think so,” says Nair.

      As the circular has already been passed by the RBI, there will be no more room for discussions. Crypto stakeholders in the country will have to make a stand and have to consider legal proceedings to at least get a stay order on this circular. Given that the banks and the companies have 3 months to sort this out, a strong case can be presented to the Supreme Court.

      This seems to be the route that most crypto exchanges seem to be going towards. Jincy Samuel, the COO of Coinsecure told Coindesk this –

      We, along with the other industry players are in talks with IAMAI and BACC to see if they could help us in getting a hearing at the Supreme Court to see if stay orders are possible on the current decision of the RBI.

      Ajeet Khurana, the recently appointed CEO of Zebpay tweeted the same thing in a more defiant tone –

      No way I am stopping. We will continue to do what is best for our customers, and what is best for our country. Am studying the present situation and will react shortly. and we will emerge stronger.

      — Ajeet Khurana (@AjeetK) April 5, 2018

      The BACC angle

      The blockchain and cryptocurrency council of India (BACC) is a think tank within the umbrella organisation the Internet & Mobile Association of India (IAMAI) has started to explore options of legal proceeding against the RBI for the same. The role of the BACC is to be an advocate of digital financial innovation and works with different stakeholders in the Government and industry bodies. Interestingly, Ajeet Khurana, Zebpay’s current CEO, is also the head of the BACC, and his statement on twitter really bears teeth.

      Nischal Shetty, the founder of the newly launched cryptocurrency exchange WazirX made an interesting distinction between the RBI and the government. He says, “we should be looking at examples of the SEC in the USA and the FSA in Japan, who are still watching the space and waiting for regulatory frameworks from the government before implementing orders. The RBI has kind of jumped the gun here and gone ahead and made a statement, which is probably a first. Also, as this statement by the RBI and not the government, it looks like there is a possibility of crypto players looking at legal options.”

      He also shared that they haven’t received any circular from the RBI on what the next steps should be. Unocoin, another big cryptocurrency exchange in India confirmed the same and said: “As on today, no banks (that we are working with) have issued any notice to us and when they do and if it has an impact on you and /or us, we will surely communicate to you.”

      Our Take

      The RBI has clearly jumped the gun and it looks like a poorly thought out knee jerk reactions. If their fears were about money laundering and terror funding, this action doesn’t affect them whatsoever. The big and connected traders will always have ways to liquidate their funds through overseas accounts. This ruling only affects the common man who was looking at cryptocurrencies as a new asset class to invest in.

      This ruling sounds very similar to what happened with South Korea a few weeks, which turned out to be fake news. This, while not fake, can be taken up in court and it will be interesting to see what happens. They could either not budge and we could see a long drawn court battle between the exchanges, BACC and the RBI. On the other hand, the RBI could be more progressive about cryptocurrencies, and think of regulatory frameworks, rather than take a step that stands to take away a huge opportunity to help investors make big returns. We urge the RBI to do the latter.

      Join the ItsBlockchain community on Facebook for industry news and free trading signals –  https://www.facebook.com/groups/139015939966125/

      Get free altcoin day trade signals on our free Telegram group – https://t.me/ibcsignals

      For up to date technical analysis and trends, follow us here – https://t.me/Itsblock

      Hitesh Malviya

      Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
      Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.

      IBC-Transparent-Logo-(1)

      Subscribe To Our Newsletter

      Join our mailing list to receive Cryptocurrency investing and trading recommendations to your mailbox.

      You have Successfully Subscribed!

      Tags: crypto banCryptocurrency IndiaRBISupreme court
      Share125Tweet12Share5

      Subscribe to get notified on latest posts.

      Unsubscribe

      Related Posts

      Is it Worth buying Luna under five dollar

      Is it Worth buying Luna under five dollar

      by Karthik Guttha
      May 11, 2022
      0

      The crypto market has been through many steep drawdowns in previous cycles, but what’s happening now with the Luna ecosystem...

      58% of Bitcoin Transactions Are Realizing Profits as BTC Falls Below $40,000

      58% of Bitcoin Transactions Are Realizing Profits as BTC Falls Below $40,000

      by Karthik Guttha
      April 13, 2022
      0

      After reclaiming a higher price level and flipping resistance for the support band, bitcoin is once again showing weakness. In...

      Covalent launches decentralized data query network to power web 3.0 infrastructure

      Covalent launches decentralized data query network to power web 3.0 infrastructure

      by Hitesh Malviya
      April 29, 2021
      0

      Covalent, the leading blockchain data provider, has launched its decentralized data query network to power web 3.0 infrastructure. This launch moves...

      nft comics

      The First-Ever NFT Comic was released on Rarible

      by Hitesh Malviya
      March 20, 2021
      0

      Indie Creator Omar Spahi Releases First Full Issue Edition as First Comic Book NFT Format.  The creator of Xenoglyphs releases the story’s...

      Unstoppable Domains Announces the Most Expensive Sale of a Domain Name NFT Ever Recorded

      Unstoppable Domains Announces the Most Expensive Sale of a Domain Name NFT Ever Recorded

      by Hitesh Malviya
      March 9, 2021
      0

      Win.crypto Sells for World Record $100,000 USD  Unstoppable Domains, a company building blockchain domain names, has announced the sale of...

      Load More

      About Us

      We curate the best cryptocurrency projects with the intention of adding value for investors through the process of selecting, organizing, and looking after different projects available in the cryptocurrency market.

      • Trending
      • Comments
      • Latest
      featured image

      List of leading partners of Ripple, and How they use XRP?

      February 2, 2021
      WTF is an xNFT? And Why Should You Care

      WTF is an xNFT? And Why Should You Care

      July 9, 2022
      Top 10 Altcoins to buy in August 2022 – Part1

      Top 10 Altcoins to buy in August 2022 – Part1

      July 31, 2022
      Top 15 NFT influencers on Twitter you should follow right now

      Top 15 NFT influencers on Twitter you should follow right now

      September 28, 2021
      nft comics

      The First-Ever NFT Comic was released on Rarible

      March 20, 2021
      crypto traders 2021

      Top 5 Crypto traders to follow on Twitter in 2021

      May 29, 2021
      bitcoin death cross

      Death Cross on Bitcoin Chart Just happened! Don’t fall prey to the media- you might get rekt

      June 19, 2021
      Top 10 Altcoins to buy in August 2022 – Part1

      Top 10 Altcoins to buy in August 2022 – Part1

      July 31, 2022
      HovR Announces Its Next-Gen NFT Marketplace On The Qi Blockchain

      HovR Announces Its Next-Gen NFT Marketplace On The Qi Blockchain

      July 25, 2022
      Learn About ENS Domains: A Step by Step Beginner Guide

      Learn About ENS Domains: A Step by Step Beginner Guide

      July 20, 2022
      How to get invested early in 100X Crypto Projects

      How to get invested early in 100X Crypto Projects

      July 19, 2022
      The new Web3 citizenship: SBTs explained in simpler terms

      The new Web3 citizenship: SBTs explained in simpler terms

      July 9, 2022
      MetaOasis: The Next-Gen Game Publishing Platform You Should Care About

      MetaOasis: The Next-Gen Game Publishing Platform You Should Care About

      June 27, 2022
      WTF is an xNFT? And Why Should You Care

      WTF is an xNFT? And Why Should You Care

      July 9, 2022
      • Top 10 Cheap Cryptocurrencies with Huge Potential in 2021 | Best Penny Crypto Coins

        Top 10 Cheap Cryptocurrencies with Huge Potential in 2021 | Best Penny Crypto Coins

        29569 shares
        Share 11817 Tweet 7386
      • A Mysterious Bitcoin Whale who sold 3000 Bitcoins at 58K$, Bought back 3521 Bitcoins in the last three days

        9908 shares
        Share 3962 Tweet 2477
      • Top 10 Low market cap altcoins to invest in 2021

        7228 shares
        Share 2890 Tweet 1806
      • Top 10 NFT Crypto Projects You Should Know

        7228 shares
        Share 2605 Tweet 1628
      • List of leading partners of Ripple, and How they use XRP?

        5538 shares
        Share 2215 Tweet 1384
      ItsBlockchain

      We are India’s first and oldest Blockchain & Cryptocurrency publication platform started in 2016. We are a one-stop destination for technical analysis, cryptocurrency recommendations, and Blockchain technology resources.

      Buying Guides

      • Buy Bitcoins in India
      • Buy Bitcoins in China
      • Buy bitcoins in Russia
      • Buy Bitcoins in Japan
      • Buy Bitcoins in Turkey

      Important Links

      • Home
      • About US
      • Privacy Policy
      • Promote Your ICO
      • Submit post

      Follow Us

      Contact us

      support@itsblockchain.com

      © 2020 itsblockchain.com - Designed and maintained by Fanatic Coders

      No Result
      View All Result
      • Bitcoin
      • Crypto Gems
      • NFT
      • DEFI
      • Crypto Lists
      • Altcoin
      • Crypto Market
      • Guide
      • IBC Capital

      © 2020 itsblockchain.com - Designed and maintained by Fanatic Coders

      Login to your account below

      Forgotten Password?

      Fill the forms bellow to register

      All fields are required. Log In

      Retrieve your password

      Please enter your username or email address to reset your password.

      Log In
      This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.