Sunday, August 25, 2019

‘What Is It Really?’: Indian Supreme Court Forces Gov’t To Decide Stance On Crypto

Among all the countries that have trouble in dealing with the concept of cryptocurrencies, India had been the worst of them all. The actions that Indian government had been doing in cryptocurrencies and exchanges for the past months have worsen and now leads to their Supreme Court to take some action.

According to the article made by India’s Economic Times, the Supreme Court of India orders their government to immediately make up their mind about their stance on digital currencies. The court forces them to have a decision within two weeks as tons of complaints have already submitted to them; stating that the Indian government have blurred lines with their restrictions and permissions in the concept of cryptocurrencies in the country.

India as the second-most populated country in the whole world had been awful with the idea of cryptocurrencies. This started when their Reserve Bank of India prohibited entities in dealing with cryptos for the last few months which made the system terribly shaken by the decision. Although, the bank did not say that they’re going to ban the usage and transactions of cryptos in the country, their actions speak louder than words.

Time to Pack Up

For the past months, Indian government sued and arrested most crypto entities transacting exchanges for fiat-to-currency. These actions frightens most of the companies to invest and use crypto as the government won’t clarify which is allowed or not. As a matter of fact, even big crypto companies like Zebpay transferred their offices located in India to Malta in order to avoid conflicts against the government.

Related Article:  India Central Bank Bans Institutions From Dealing In Cryptocurrencies

Recently, another instance of miscommunication happened in the region of Bengaluru in India in where they arrested a 37-year old businessman named Harish BV whom started running his crypto ATM alongside with his own crypto company called Unocoin Technologies. As of now, the case against the company is still going on court but people are also beginning to be pissed off with their government’s unjust treatment for the businesses of crypto.

What’s Happening India?

The government is still refrained from giving their statement regarding the threat of their Supreme Court but people are now more interested to find out the future actions of Indian government about it. No one really knows what’s happening with the Indian government and their unclear emotion towards crypto. Still, as a community and as a country, the government must identify their feelings towards the online currencies as they are responsible for over thousands of crypto owners whom are frightened to start patronizing cryptocurrencies.

More Articles

Omni To Reward Its Users Using Ripples’ XRP

Users on the Omni platform, a rental and items management platform can now earn Ripple. This was revealed by a co-founder and CEO of...

Bitcoin Mining Is More Energy Efficient Than Gold Mining,...

A lot has been said about bitcoin mining and how it is a power hungry process. Bitcoin mining is an inefficient process, that wastes...

Stablecoin To Be Launched Under The Leadership Of A...

Li Xiaolai, a Chinese crypto investor, will be directing the stablecoin project within Grandshores Technology, a blockchain fund based in Hong Kong. This was...

The Good and Bad Side of Institutional Adoption of...

Cryptocurrency analysts and enthusiasts alike, believe that the institutional adoption of Bitcoin and altcoins will help to boost their prices. However, institutions...

Jack Dorsey Insists Bitcoin Is the Currency of the...

In a recent interview on the Joe Rogan Experience, the CEO of Twitter, Jack Dorsey stated with conviction that Bitcoin could own the internet...

Binance’s CEO Publicizes First Live Real Estate Auction Accepting...

Unarguably, Bitcoin and other cryptocurrencies have several use cases. A real-life application is evident in their use to purchase homes, food, jewelry,...

Peter Todd Proposes A Raise In Bitcoin’s [BTC] Total...

Bitcoin has a limited supply of 21 million coins which we're all happy about. It'll ensure that someday, even though not today,...

President of Marshall Islands Survives Crypto-Infused No-Confidence Vote

The Marshall Islands already has a tendency of getting its own national cryptocurrency. The president of the Pacific Islands, Hilda Heine has further extended a no-confidence vote that possessed the capability to unhinge her presidential status and that of the Sovereign (SOV), the country’s official cryptocurrency spearheaded by her administration. 

Mouth-Watering Offer for Bitcoin Buyers: Minimal Risk, Good Profit

Cedric Jeanson, the Founder and Chief Executive Officer of BitSpread Ltd, has come up with an offer that cannot be refused by investors who...

Philippines Rural Banks Testing Cryptocurrency System for Payments And...

Five rural banks from the Philippines have signed a deal with the Union Bank of the Philippines to test a new payment reconciliation system that...

CBOE’s Proposal to List and Trade Bitcoin ETFs Gets...

The Chicago Board Options Exchange (CBOE) on January 22 withdrew its proposal for a rule change which will allow them to list and trade...

17,000 Android Applications Discovered To Track User Activities on...

The International Computer Science Institute report referenced by CNET reveals that almost 17,000 Android apps have been able to obtain identifying information from about 100 million...

Latest Articles

Why Some Financial Bubbles Are Necessary Economic Disasters

Microsoft 70-411 Exam: Everything You Need to Know

We can’t deny the fact that the world is moving towards the future faster than ever before. Not a day goes by that we...

Why US-based people can’t bet with bitcoins at online...

Online gambling using bitcoin has been happening since the time when cryptocurrency came into being. In the initial days, gamblers used to opt for...

Couple Pays For Breakfast Using Bitcoin, Community Finds This...

A Reddit user by the username u/portageco recently made a post in bitcoin's official subreddit. In his post, u/portageco boasts about how he paid...

Australian Woman Leads Adoption, Tours 10 Countries Spending Cryptocurrencies

Who says you can't go around the world spending cryptocurrencies? As many believe, cryptocurrencies are only good for speculations. But with a little research,...

Did A Physical Bitcoin Just Sell For $99k On...

As at the time of reporting, the listing on eBay had closed. This could be because the seller got a buyer or he decided...

Litecoin Now Approved In 30,000+ Stores

As cryptocurrencies gain ground, more and more technology-based firms find ways to incorporate the nascent technology into everyday life. Moon, prior to this time,...

How To Shop on Amazon with Bitcoin – Step-By-Step...

Wondered how to shop on Amazon with bitcoin? Then here's how you can purchase goods on one of the largest e-commerce websites that ships...

How To Buy Bitcoin On Coinbase – Step-By-Step Guide

Buy Bitcoin on Coinbase instantly in the U.S., UK, Canada, or anywhere you are globally. Coinbase cryptocurrency exchange has enabled its customers buy the...

Grayscale Bitcoin Trust Boosts By 300%, Affects Oil &...

The institutional investment product, Grayscale Bitcoin Trust (GBTC), experienced a growth of more than 300% due to its outstanding performance since February, Forbes reports....

How To Create A Coinbase Account – Step-By-Step Guide

Create a Coinbase account with ease. Use this illustrative guide to create a Coinbase account for buying, selling, and storing cryptocurrencies. And you know...

$9.2 Trillion Transferred Using Bitcoins In 2.5 Years

Against present belief that bitcoin is only used for speculation, James McDowall, a crypto investor and advisor shared a metric about Bitcoin that's been...