Supreme Court of India has served orders to High Court to maintain tight lipped over the write petition against RBI to stop dealing with cryptocurrency elements. India can’t be infected by digital currencies which are not regulated by government or any banking sector. In a petition, the honorable judge of Supreme Court has restricted the activities of High Court to approve the value of the petition to teach RBI a lesion. RBI admin machinery instructs all national banks to stay behind neglecting any transaction to spoon feed ICO market. Crypto currencies are not reliable. There are lot of proofs of fraudulence and scam. Cryptocurrencies have no physical existence. RBI’s clarification has been nullified by major Cryptocurrencies dealers in India.
RBI Strict Over CryptoCurrency Banning – Writ Petitions Filed against RBI
Over the abrupt decision of RBI to prevent banks from ensuring long lasting tie up with digital currencies exchanges, Kali Digital, Flintstone Tech and local Bitcoin dealers take exception to the drastic measures taken by governor of RBI. They go to High Court with their petitions to file. At a press release, representatives of Kali Digital have stated that popularity of cryptocurrencies is just skyrocketing overtaking geographical barriers. For instance, Zug in Switzerland is the hub to attract Bitcoin investors to promote business. Besides, many advanced countries in Europe welcome people to use major digital coins to have high volume of profits. It is much safer and easy to use. None is bound to pay taxes to government. Nor is it a decentralized platform. Banks and government are not able to check Block chains or e-wallet transactions. Anyone is free to transfer or mine Bitcoins during emergency. You need just individual blockchain key to have the support. Open accounts for fast digital transactions. Your systems generate or mine digital coins round the clock. Take online support in the event of any major tech issue to exchange crypto currencies. The value of Bitcoin, Litecoin, Ripple and Ethereum increases fast. However, at present RBI is not lenient to permit banks to take bitcoins and other digital currencies. It is because of loss of importance of crypto currencies. There is feasibility of data hacking, ID theft and larceny. Hackers have sophisticated decoding tools to unlock the accounts of subscribers to steal crypto currencies. Initial Coin Offering platform is not beneficial to investors to invest money for business promotion. People are harassed by fake crypto currencies brokers. Even, China, South Korea, and Japan have cancelled local crypto currency exchanges . RBI is strict and rigid to mobilize the transactions with crypto currency exchanges.
RBI’s Policy Considered Arbitrary – IAMAI Prefers Writ Petitions Filing at SC for Justice
The recent verdict of RBI is not justified. The policy of RBI is not compatible. It is arbitrary to deactivate the growth of financial sectors in India. Till now, five petitions against RBI have been registered. On the other hand, RBI instructs all crypto currencies exchanges to pack up by 3rd July in compliance with present policy of RBI. This 3 month old deadline issued by RBI to ban crypto currencies in India is a mishap. When Government of India has not devalued international crypto currencies, how does RBI take abrupt decision to withdraw crypto currencies from the market? In this connection, Internet and Mobile Association of India or IAMAI decided to lodge a writ petition in support of financing the digital currencies market. Subho Ray, the President of IAMAI, admitted the writ petition for charging RBI over the crypto currencies banning. It is not legitimate deal at all. The latest writ petition was filed by the Internet and Mobile Association of India (IAMAI), a non-profit industry body representing the interests of online and mobile value-added services industry. It was filed on Tuesday according to IAMAI president, Subho Ray, and the Supreme Court website, Inc42 reported. Unocoin, Zebpay, and Coinsecure are conjoined to strengthen up governing body of IAMAI to boost up the crypto currency industry to a great extent. Kali Digital Eco Systems Flinstone Technologies also felt free to move to the court for registering three more petitions against RBI. In addition, another joint petition was filed in SC to evaluate the decision of RBI once again.
SC Orders HC to Handover Pending Petitions for Cross Verification
Meanwhile, the honorable bench of jury of Supreme Court has announced the next hearing date to cross examine facts delivered by both parties in the court. Hearing will take place on 20th July . In spite of lot of controversies and crypto currencies removal issues, people like to go for the money investment to buy digital coins. They have invested around $3.5 billion in nurturing crypto industry. Eventually, Supreme Court has directed High Court to hand over all pending writ petitions to SC for cross examination. No petition will be accepted by 6th April.
If RBI wins in this rat race, India will lose elite investors to nourish crypto currencies. They have to hold themselves with patience to listen to the upcoming verdict to reset their plans.