India: Case Against RBI To Move Forward In Jan 2019!
Ministry of Finance (MoF) has submitted its counter-affidavit to the Supreme Court of India in the case against the central bank for issuing a mandate banning banks from rendering services to cryptocurrency businesses in India. MoF has missed the date for submission set by the court but the government has finally responded to the court.
However, since the Supreme Court of India has set the next hearing on the 15th of January, 2019 there's not a lot of activity around this issue currently. Besides their response is half-baked lacking any concrete information.
MoF may have submitted its counter but it has failed to inform any new information on the pending draft or regulation required in this space.
There is a growing need for regulation in the market in India in order to allow businesses to freely operate as the unconstitutional mandate from RBI has stifled the growth in the blockchain technology and cryptocurrency sector with many startups choosing Malta, Singapore and other countries as a base of operation.
In the meantime, I encourage all users from India to get on twitter and tweet for a pro-cryptocurrency legislation legitimising trading and possession of these digital tokens.
Indian government at present doesn't recognise these as currencies and calls them crypto-assets. However, the country is not only in need for blockchain technology, we need the decentralisation and tokenisation aspects of it too.
Hopefully, in the weeks to come there will be some big moves at the apex court and some positive news for us all is my sincere hope.
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superb information @firepower. I did not even know about it. i am aware of the post of @firepower . i think i come to your post first time. see you on the top in steemit platform.
Tis well! Hopefully the situation will be ameliorated very soon.
Well said bro.
Positive news will soon reach your address @firepower
Since the elections are near there will surely be some spark around it but we need to wait and watch what it brings in for us. As to the past trends of our government does not look like there is something going to happen very soon in this area and even if it does may be never in the favor of general public.
Yeah I hope irrespective who is in power in the future, they will consider bringing positive regulations in this space in India. Meanwhile, I was wondering if you would consider voting for my witness. You can read the campaign here.
Done from my end. Anytime happy to help my resourceful Indian community 😊
Hi. Thank you for the consideration however the vote didn't work because you've set a witness proxy. With a witness proxy set you hand over voting rights to the proxy.
You may check now
Thank you so much! 😊
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Wow,its great news.Finally something going to happen for crypto ,its really a great move .Thanks for updates.
With elections round the corner, hoping to hear some positive news.
Thanks firepower sir, for sharing updates us next date 15 January.