• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
bitcoin, cryptocurrency, crypto, RBI
Nexo Logo

RBI Wants to Ban Crypto Again But It Won’t Succeed; Here’s Why

Yashu Gola by Yashu Gola
2 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 2 mins read
Advertisement

India’s central bank wants to restore its crypto trading ban in the country, according to sources cited by Economic Times.

The regional media house reported earlier Friday that the Reserve Bank of India is preparing to file a review petition in the Supreme Court against a ruling that effectively unbanned cryptocurrency trading in the country. RBI wants to convince the court that their judgment could end up hurting India’s already-suffering banking sector.

The central bank banned the trading of cryptocurrencies like bitcoin in April 2018. It further ordered retail banks to discontinue offering financial services to cryptocurrency traders and platforms. The decision prompted affected companies to shift their operations abroad, mainly to crypto-friendly destinations like Europe and Singapore.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Meanwhile, people who continued to trade bitcoin and similar assets moved into peer-to-peer exchanges and illegal, over-the-counter markets for cash liquidity.

Two years later, the Supreme Court quashed the RBI’s anti-crypto circular, noting that citizens have the right to trade in a market that doesn’t violate any existing law. Nevertheless, the central bank argued that people could utilize cryptocurrency’s borderless payment features to engage in money laundering and similar illicit activities.

Difficult to Ban Crypto, Says Top Lawyer

Mohammed Danish, a New Delhi-based lawyer and founder of Crypto Kanoon, said in a vlog published late Friday that RBI has every right to challenge the Supreme Court’s decision with a review petition. But it is doubtful for them to reinstate the crypto ban, given the history of such court filings.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

In retrospect, review petitions in India have only a 0.1 percent low success rate. The provision has ended up becoming a formality to delay a matter further, especially in cases of death penalties. But they more or less yield nothing for petitioners, for they are heard by the same judge(s) who passed the original judgment.

“The three-judge bench heard the arguments that were very qualitative,” noted Mr. Danish. “They based their pro-crypto rulings based on those discussions.  RBI’s review petition can succeed only judges make a mistake unintentionally while passing their judgment. The Supreme Court’s judges do not make such errors. They are very thorough.”

Probability of a review petition by RBI.#RBIVsCRYPTO pic.twitter.com/KatqdgHU13

— Crypto Kanoon (@cryptokanoon) March 6, 2020

Trading Begins

The unbanning of bitcoin and similar cryptocurrencies has prompted Indian exchanges to restore withdrawals and deposits in Rupee. Unocoin, which was one of the leading crypto trading platforms before the 2018 ban, moved to reclaim its spot, nevertheless warning traders about the potential risks associated with investing in cryptocurrencies.

“We recommend our customers to do their due diligence and do not invest more than you can afford to lose,” tweeted Unocoin.

Tags: bitcoincryptocryptocurrencyrbi
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Related Posts

The Nightly Mint: Daily NFT Recap

The Nightly Mint: Daily NFT Recap

30 mins ago
XRP whales

XRP Whales Boost Accumulation Appetite, Register 2-Month Peak Holding Supply

2 hours ago
KuCoin Exchange Report Shows Growing Crypto Adoption In The US

KuCoin Exchange Report Shows Growing Crypto Adoption In The US

2 hours ago
Bitcoin

Bitcoin Is Consolidating But Is A Rally Near?

6 hours ago

Bitcoin Dominance Remains High As Market Sell-Offs Settle

8 hours ago
Bitcoin Bearish Signal: Whale Ratio Continues To Stay At High Value

Bitcoin Bearish Signal: Whale Ratio Continues To Stay At High Value

12 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

A guide to Capricorn, the first DEX on Cube Chain with hundreds million USD Liquidity Investment

May 27, 2022

Brawltales’ First Batch of NFT is Launching Soon

May 27, 2022

Interest-free Loan, New way of Assets Increase

May 26, 2022

Hoskinsea Partners with Pavia land to Setup A Virtual Headquater On The Metaverse

May 26, 2022

The first free and equal digital country – HyperNation global theme conference was held

May 26, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.