• Crypto Lists
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Altcoin
  • Advertise With Us
  • Join our Telegram Community
Newsletter
ItsBlockchain
  • Blockchain
  • Bitcoin
    crypto traders 2021

    Top 5 Crypto traders to follow on Twitter in 2021

    featured image

    Everything you need to know about Bitcoin IRA

    featured image

    How Bitcoin can be hacked?

    featured

    A starter guide to Bitcoin Options trading

    Featured Image

    With Bitcoin Mining Capitulation Coming to an End, Will Halving Pump Begin?

    featured image

    Technical Indicators suggests Bitcoin can crash to 7000$ in next few days

    featured image

    Why is Bitcoin a safe haven in a financial crisis

    featured image

    How to Make Money in Crypto When It Falls

    featured image

    Despite Resurrection of Old Bitcoiners, HODL Waves Indicate Bullish Accumulation

    Trending Tags

    • Altcoin
    • Crypto Lists
    • News
      bitcoin laser eyes

      Bitcoin Laser Eyes, What is it all about?

      Bitcoin Market’s Sentiments turned bullish after USA President’s recent press conference

      Bitcoin Market’s Sentiments turned bullish after USA President’s recent press conference

      featured image

      Breaking : Crypto Trading is now legal in South Korea

      RBI to allow crypto trading

      Supreme court of India decided to lift off RBI Banking BAN against Bitcoin

      featured image

      Steemit Joining TRON Ecosystem

      Reliance Jiocoin

      Reliance Jio is preparing for Jio Coin launch in 2020

      A $134 Million real estate has sold on ethereum blockchain

      A $134 Million real estate has sold on ethereum blockchain

      Hacking attacks on cryptocurrency exchanges

      Hacking Attacks on Cryptocurrency Exchanges are rising, Why?

      Bithumb Launches in India

      Bithumb Global Launches in India

    • Crypto Market
    • Guide
    • DEFI
    No Result
    View All Result
    • Blockchain
    • Bitcoin
      crypto traders 2021

      Top 5 Crypto traders to follow on Twitter in 2021

      featured image

      Everything you need to know about Bitcoin IRA

      featured image

      How Bitcoin can be hacked?

      featured

      A starter guide to Bitcoin Options trading

      Featured Image

      With Bitcoin Mining Capitulation Coming to an End, Will Halving Pump Begin?

      featured image

      Technical Indicators suggests Bitcoin can crash to 7000$ in next few days

      featured image

      Why is Bitcoin a safe haven in a financial crisis

      featured image

      How to Make Money in Crypto When It Falls

      featured image

      Despite Resurrection of Old Bitcoiners, HODL Waves Indicate Bullish Accumulation

      Trending Tags

      • Altcoin
      • Crypto Lists
      • News
        bitcoin laser eyes

        Bitcoin Laser Eyes, What is it all about?

        Bitcoin Market’s Sentiments turned bullish after USA President’s recent press conference

        Bitcoin Market’s Sentiments turned bullish after USA President’s recent press conference

        featured image

        Breaking : Crypto Trading is now legal in South Korea

        RBI to allow crypto trading

        Supreme court of India decided to lift off RBI Banking BAN against Bitcoin

        featured image

        Steemit Joining TRON Ecosystem

        Reliance Jiocoin

        Reliance Jio is preparing for Jio Coin launch in 2020

        A $134 Million real estate has sold on ethereum blockchain

        A $134 Million real estate has sold on ethereum blockchain

        Hacking attacks on cryptocurrency exchanges

        Hacking Attacks on Cryptocurrency Exchanges are rising, Why?

        Bithumb Launches in India

        Bithumb Global Launches in India

      • Crypto Market
      • Guide
      • DEFI
      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
      106
      SHARES
      123
      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

      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
      Share106TweetPin

      Subscribe to get notified on latest posts.

      Unsubscribe

      Related Posts

      bitcoin laser eyes

      Bitcoin Laser Eyes, What is it all about?

      by Hitesh Malviya
      February 20, 2021
      0

      There is a new trend growing up in crypto twitter: A Profile Picture with Bitcoin Laser Eyes. Few Big Profiles...

      Bitcoin Market’s Sentiments turned bullish after USA President’s recent press conference

      Bitcoin Market’s Sentiments turned bullish after USA President’s recent press conference

      by Hitesh Malviya
      March 17, 2020
      0

      Big announcements are coming up from the recent press conference of USA President Donald Trump and Corona virus task force...

      featured image

      Breaking : Crypto Trading is now legal in South Korea

      by Hitesh Malviya
      March 5, 2020
      0

      In a dramatic turnaround, the South Korean parliament, the National Assembly, has voted in favor of the country’s first cryptocurrency-specific...

      RBI to allow crypto trading

      Supreme court of India decided to lift off RBI Banking BAN against Bitcoin

      by Hitesh Malviya
      March 4, 2020
      0

      Today is the historical day for cryptocurrency community in India, The result of the ongoing case between Reserve Bank of...

      featured image

      Steemit Joining TRON Ecosystem

      by Hitesh Malviya
      February 28, 2020
      0

      Steemit Inc., the largest decentralized blockchain-based social media and blogging platform, announced a strategic partnership with TRON Foundation. TRON and...

      Load More

      About Us

      We share important articles on blockchain technology here. Our mission is to spread the awareness about blockchain technology to masses through content.

      • Trending
      • Comments
      • Latest
      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

      February 22, 2021
      Top 10 Altcoins to buy on Uniswap – Part 1

      Top 10 Altcoins to buy on Uniswap – Part 1

      February 21, 2021
      non fungible token

      Non-fungible Token(NFT): The Next Big Thing in Crypto Market

      February 18, 2021
      crypto traders 2021

      Top 5 Crypto traders to follow on Twitter in 2021

      February 19, 2021
      TOP TEN altcoins to buy in february 2021

      Top Ten Altcoins You Should Buy in February 2021 – Part 2

      February 9, 2021
      featured image

      Top 10 Low market cap altcoins to invest in 2021

      February 24, 2021
      bitcoin laser eyes

      Bitcoin Laser Eyes, What is it all about?

      February 20, 2021
      A simple guide to understanding FTX Bull and Bear tokens

      A simple guide to understanding FTX Bull and Bear tokens

      February 24, 2021
      featured image

      Top 10 Low market cap altcoins to invest in 2021

      February 24, 2021
      featured image

      Top 10 Blockchain companies in the world

      February 22, 2021
      Handle crypto Trading Losses

      How to Handle Trading Losses

      February 21, 2021
      bitcoin laser eyes

      Bitcoin Laser Eyes, What is it all about?

      February 20, 2021
      Cofounders of Ethereum : The mystery revealed now

      Cofounders of Ethereum : The mystery revealed now

      February 20, 2021
      Top 10 Altcoins to buy on Uniswap – Part 1

      Top 10 Altcoins to buy on Uniswap – Part 1

      February 21, 2021
      • 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

        0 shares
        Share 0 Tweet 0
      • Top Ten Altcoins You Should Buy in February 2021 – Part 1

        0 shares
        Share 0 Tweet 0
      • Top Ten Altcoins You Should Buy in February 2021 – Part 2

        0 shares
        Share 0 Tweet 0
      • List of leading partners of Ripple, and How they use XRP?

        137 shares
        Share 137 Tweet 0
      • List of ChainLink Partnerships which skyrocketed the growth of LINK cryptocurrency

        55 shares
        Share 55 Tweet 0

      cointraffic

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

      © 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.