So we're just a day away from finding out what the Supreme Court of India has to say about IAMAI's petition against RBI. As we know already Supreme Court's vacation bench admitted IAMAI's (Internet & Mobile Association Of India) petition against RBI.
IAMAI is a not-for-profit industry body registered under the Societies Act, 1986. Its mandate is to expand and enhance the online and mobile value added services sectors.
IAMAI had filed a report on 22nd of May citing urgency due to the 5th July deadline from RBI on banking services to cryptocurrency exchanges and the date has been set tomorrow.
Personally speaking I'm unsure if the apex court of India will rule on a financial matter concerning the country in one hearing tomorrow. So it's possible that there may be a new date set after the 20th July hearing when the apex court may choose to give it's judgement.
The ban will go into effect from the 5th onwards in case there is no positive outcome from the hearing scheduled tomorrow.
A quick poll to gauge user expectation.
If that happens what are you going to do. If you are holding tokens on Indian exchanges until the 5th. Will you then:
- Continue HODLing them with Indian exchanges
- Sell them for INR, exit your positions and withdraw.
- Transfer to External Wallet and HODL.
You reply to the poll with the respective number.
Also share your thoughts in the comments below and tell me what you expect the outcome to be tomorrow.
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
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I think Im going to go with option 1
We Expect Supreme Court take some strong decision in favour to legalise Crypto Currency. At list Give more 3 months time to all exchange to continue with banks...
I agree with your thought that the exchanges will get the more time for close her banking.
Cheers! you will win than we all win..... :) :) :D
Time will tel everything...
We just have to wait and watch...
umm lets see sir ,can you tell me sir i converted some steem to ltc on blacktrades of my zebpay exchange but from yesterday its showing pending my payment doesn't confirm yet😞😒
Well this is for sure a panic situation but i know that their are other ways to get our profit out from Cryptocurrencies and if we see current market conditions then this is a perfect time for buy Cryptocurrencies and i don't want to miss this falsh sale,so i just bought $1500 worth steem today because i know it's a foolish decision to sell oyr Cryptocurrencies in such a fud.
I wish crpyto will regulate in india what you think?
Although none of our (me + my family + few friends) tokens reside within the Indian cryptosphere but still I think the 3rd option should be the one to be chosen.
Please do remember that a part of the input money in out combined portfolio comes from India. So in one way the Indian crypto market is definitely close to me.
Hah! too much pressure for the poor Indians no jobs no opportunities. If this door closes then it's gonna be really sad. Let's Hope for the best.
i always love you post sir @firpower
So essentially the court is deciding whether crypto is legal there or not?
This could have huge ramifications for the global markets either way, thanks for the update!
@firepower What ever the result of the hearing, I am not gonna quit. I have lots of faith on crypto market being a crypto lover. Also crypto is global and not local to India.
Well, u already know what the SteemBirds think about this ;)
I’m also of the mind that, the whole matter will not be fully delt with in a single day.
Hopefully something favourable occurs!
Jb
I am far away from this lately @firepower, but you have done a great deal for your country, and that shows off your great leadership.
Anyhow, equality is hard... so 1 or 3 are my guesses. Hope that whatever turns out, is the best example for another successful test case/true story (in a world example).
Hope for the best. But prepare for the worst
They need to see the future....accept the tomorrow of business....crypto is going to places
Poll: I choose option 1 for now and later on if the ban continues, I will go ahead with option 3. HODL is the key term here! :-) Because I believe that sooner or later, our govt. will regulate crypto trading and we will be back to normal!
Fingers Crossed @Firepower.
We'll get another date for hearing
Nothing is going to come out of tommotows hearing. We will have to wait and watch the next hearing.
And i will go for 1.
@firepower, this isnt the first time countries are ranting about crypto ban just like the SEC did about regulation or Japan not to talk less of China ban, they will all get tired and soon come back to join the crypto market when they see the effect of blockchain, thank God for countries like switzerland, norway and some others which are currently taking the implementation of the blockchain technologies in plaace.
India would only kill their economy if the supreme court pass a ban.
As i believe amongst all nation india should fully embrace crypto as it would help the masses escape poverty and in turn create a better economy for them
thanks for the post
Crypt trading is not going to stop, so there is no harm in holding them in indian exchanges, if the intention is to invest in some crypt. Otherwise, there is no point in keeping them, and its better to sell them and withdraw the INR in uncertainties.
Hold them.
Because i know in future india have to adopt cryptos.
I Request every indian to stand in favour of cryptos.
@firepower as much as i know the indian court system they are slower than a tortoise but definitely makes the decision but not today,someday else as you say 20th or any other day...