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Breaking: Supreme Court of India refuses to grant temporary stay against RBI’s cryptocurrency restriction

Ranjitha Shastry



Breaking - Supreme court of India refuses to grant temporary stay against RBI's banking restriction
Source: Pixabay

Today, on July 3rd, Supreme Court of India [SC] held the awaited hearing of Internet and Mobile Association of India v/s Reserve Bank of India [RBI]. As per the recent reports, SC has not granted a temporary stay and the effective date for banks to stop supporting cryptocurrency exchanges still stands the same, that is, July 5th, 2018.

It was reported that Subash Chandra Garg, Secretary, Department of Economic Affairs, has prepared a draft which is to be discussed with the Government’s committee and this draft is supposed to be in the “best interest of our country”.

It was reported earlier that the RBI has not made any serious effort to completely study and understand the nature, principles, and usage of cryptocurrencies before issuing the ban as no internal committee had been established to investigate the claimed risks associated with trading digital coins. The next hearing has been scheduled for July 20th.

Zebpay, on June 21st, had posted a notice regarding this case which said that they have approached the Supreme Court of India to challenge and has also directed the rupee holders. In case the rupee holders choose to place a withdrawal request, they shall try to return the rupee balance to bank accounts as soon as possible, so long as the banks support such withdrawal.

Now it’s up to the investors to decide. Their options are:

  1. HODL and wait for July 20th hearing
  2. Sell
  3. Transfer to other wallets or consider options that Indian exchanges are offering.

Crypto Kanoon, a platform that is proactively engaged in crypto regulatory analysis recently held a poll for the above options.

Crypto Kanoon's tweet | Source: Twitter

Crypto Kanoon’s tweet | Source: Twitter

Many Indian investors stated their options and perspectives on the same.

Shankar Kulkarni, an Indian investor and a Twitter user commented:

“We have P2P exchanges like @giottus in India, they will work even after ban. People are trading in p2p and having amazing experience.”

Achal, another Twitter user commented:

“Purchasing more when people panic sale on 5 july.”

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Ranjitha Shastry is a part of AMBCrypto's News Reporting Team. Having done her major in Journalism and mass communication, she is passionate about business and economic journalism.


Bitcoin’s [BTC] security is 100 times more than that of Bitcoin Cash’s [BCH], says Litecoin creator





Bitcoin's [BTC] security is more than a 100 times than that of Bitcoin Cash [BCH], says Litecoin creator
Source: Unsplash

Charlie Lee, Creator of Litecoin [LTC] and Managing Director of Litecoin Foundation, spoke about projects that allocate mining rewards to developers, in an interview with Laura Shin for Unchained Podcast. He also opined about whether Litecoin’s vision still remained the same or not.

On projects that allocate a percentage of the block reward to developers, Lee stated that it was “okay” as long as the project developers were transparent on this subject, adding that in some cases, this was “needed”. He further stated that it was hard to find developers for Litecoin since, there were not enough funds to pay these developers.

[…] we work on raising money and using money to pay for developers but unlike ICOs or other projects we just don’t have millions sitting from selling our ICO tokens to fund these developers. So, yeah I think projects that do that it’s kind of needed […]”

However, Lee stated that for cryptocurrencies such as Bitcoin and Litecoin that really want to become decentralized money, there cannot be any centralized actions like using mining rewards to pay developers.

This was followed by Lee speaking about Litecoin’s vision and the coin’s use case. On this, Lee stated that the current vision was still “very similar” to the old one, seeing Litecoin as a complement to Bitcoin. He added that Litecoin’s raison d’être was not to replace Bitcoin, unlike some other coins that claim to be the better version of Bitcoin.

“[…] I think it’s trade-off. So, a lot of people don’t talk about the trade-offs people talk about how they have fees are cheaper […] people in support of Bitcoin Cash constantly talk about how Bitcoin Cash transaction fees are like a hundredth of that of Bitcoin but, you get what you pay for right […]”

He further added that Bitcoin’s “security was more than hundred times” that of Bitcoin Cash, irrespective of the hash rate being more or not. Lee remarked that one cannot “attack Bitcoin,” whereas Bitcoin Cash could be “eas[ily] be attacked,” adding that this factor was very important and also the reason for cheaper fees.

“[…] same for Litecoin alright. Litecoin is cheaper and the security is less than Bitcoin […] so people who actually move lots of money they would want to use Bitcoin and I think that’s fine like Litecoin can compliment Bitcoin perfectly fine […]”

Lee stated that this was the reason he agreed with Lightning Network, arguing that it was good for both Bitcoin and Litecoin. He stated that Lightning not only helps them scale, but also enables cross-chain atomic swaps, allowing people to swap two different coins instantly and easily in a decentralized manner.

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