CRYPTO vs RBI Case in Indian Supreme Court 14th August ?

Welcome back guys to another episode of
Hinglish Investor. Happy belated Independence Day to all of you who are
watching from India. Now this episode is going to be relatively short but some
really key topics that I want to talk about so let’s get started. The first and
the main part of this video that I wanted to discuss was this Supreme Court
hearing that happened with the IAMAI going against the Reserve Bank of India
in the Supreme Court of India. And it’s truly very hopeful to see the whole
industry come together and approach the IAMAI to go to the Supreme Court and
fight on their behalf against this ruling that has come out from the
Reserve Bank of India around last year. And the RBI once again doesn’t have the
powers to create these laws – it’s the government that can create these laws
and this was what the hearing was all about and much more was also discussed
in the hearing. I just want to mention quickly that the IAMAI is the Internet
and mobile Association of India. There are a lot of Bitcoin and cryptocurrency
proponents in the country of India and these people have come together and put
forth their argument against the Reserve Bank of India’s claim. The council
from the IAMAI Asheem Sood proposed to the Supreme Court that the Reserve
Bank of India doesn’t have the powers that it needs to put in place these
bans that it tried to do last year. And one really interesting argument was the
fact that if the RBI doesn’t recognize cryptocurrencies as coins or currencies
which it has mentioned before then it should not have the power to ban
regulated banks from dealing with cryptocurrency companies and furthermore
the Reserve Bank of India does not have the power to put in place bans. It is the
Indian Parliament – the government itself that must do so. The Reserve Bank of
India is in fact in charge of many things for example in charge of the fiat
currency banknotes of the Indian rupee but when it comes to these currencies
that do not belong to India that are not developed directly in India there is a strong
reason for why the Reserve Bank of India is not responsible for it. And something
more interesting was that the judge mentioned that he would like to find out
more about cryptocurrencies and the judge also asked to submit more
information regarding cryptocurrencies for the information of the court. This
was quite interesting because it sounded like the Supreme Court would like to
understand cryptocurrencies before it makes an ultimate conclusion.
Now this court case is going to continue on the 20th of August – by that time the
court should probably have learned more about cryptocurrencies. Now the IAMAI
spent a lot of the time in the court hearing explaining what digital ledger
technology and what blockchain is and why it is such an important breakthrough
in fintech and how nobody is actually disputing the fact that it is a very
powerful tool that will probably be used in the future of most economies of the
world and the IAMAI mentioned that this ruling therefore was arbitrary
unfair and unconstitutional moreover they also mentioned that the ruling was
based on moral grounds because the Reserve Bank of India has no evidence
that cryptocurrencies do lead to economic instability or direct losses to
people. So overall it was very good to see this being discussed in the Supreme
Court finally. Now this spike you see here was around the twenty thousand
dollar mark of Bitcoin when the bull market was reaching its full peak around
the end of 2017 I remember that time very well. Ever since then of course the
volume did drop immediately but since that blanket ban came into play some
people couldn’t use those exchanges anymore that were already operating in
India. People seem to have started shifting towards peer-to-peer platforms
where you can actually buy bitcoins directly from other human beings rather
than having to rely on a third party. Whatever country live in buying
cryptocurrency directly from a person does come with its own risks but it’s
good to see that the community in India has found other means to buy bitcoins. So
you can probably argue that this is the main feature of Bitcoin, peer-to-peer
transactions and one of the reasons why a government cannot actually eventually
stop the transactions of Bitcoin. you can’t stop people from sending codes to
one another. And finally can I just thank CryptoKanoon for covering this
Supreme Court case – I know they’re going to be covering it on the 20th of August.
They also have a YouTube channel where they cover everything in Hindi I will
definitely be covering everything in English. And I
do also want to really thank the cryptocurrency industry in India and
around the world for strongly supporting crypto in India. People don’t know what
the government is about to do tomorrow and it’s really difficult operating in
such an environment but the crypto community understands the
importance of crypto for the prosperity of all people and all countries around
the world. So a very warm-hearted thank you from my side and I remember a tweet
I think it was from @Pomp or somebody else and bitcoiners are very intelligent
people in general. What I’ve realized is that if you talk to bitcoiners you’ll
notice that they understand much more about how the economic machine works
around the world than the non supporters of cryptocurrencies. And this is something
that I find really interesting – self educating myself and you guys should
also always continue self educating yourselves because this is the reason
why we have industry bodies and why we have a chance of survival. And make sure
you hit the like button and the subscribe button I will see you next

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