Bitcoin

Hey Folks !!

As You All Know RBI's Repeatedly Consumed Users, Holders and Traders of Virtual Currency, Including Bitcoins, Regarding Different Risk Associated in Dealing with Following Dates on Such Virtual Currency:

December 24, 2013
February 01, 2017
December 05, 2018

Finance Minister Arun Jaitley Kept on Saying that we have Made a Committee for Analyze and Discuss the Matter of Bitcoin and other Cryptocurrency and Waiting for it's Report Meanwhile RBI (Reserve Bank of India) Suddenly Sent Notices on 6th April 2018 to Exchanges and Banks About Not to Deal with Bitcoin and Cryptocurrency with Immediate Effect and Gave Three Months Time to Close the Operation.

Many Petition Were Filed Against RBI's Decision and Brought the Matter to High Court Hight Court Simply Denied the Appeal and Said that All Such Matter Regarding Bitcoin and Cryptocarcules are only discussed in the Supreme Court.
Before Few Days SC (Supreme Court) also said Banks and Appellant to Resolve the Matter at Their Level

The Next Hearing Will Be On 20th July, 2018 in Supreme Court

What Will Happen On 6th July?

The Crypto to Fiat Operation of Exchanges Like Zebpay, Unocoin and Other Indian Exchagnes will be Stopped on 6th July, but Crypto to Crypto Trading Will Be Operative

Meanwhile Indians .. !! You Guys Can Trade Your Bitcoins In Localbitcoins For These Days **

Do You Need To Worry About it?

No, Not at all.

We Have Found Something Needs To Be Discussed Here.

A Person Named Varun Sethi Filed an RTI Against RBI On 9th May and Asked the Following Questions:

1. You (RBI) Warned People About Not To Deal In Bitcoin And Cryptocurrency Many Times (Three Times)

Did You Make Any Committee for this?

RBI's Answer: No

1. Can You Provide us the Members Details of Committee?

   RBI's Answer: We Have Not Made And Commitment So We Can Not Provide Any Details

2. How do you come to know about the risk Associated with Bitcoins and Other

RBI's Answer: What is Sought is Not Information as Defined in Section 2 (f) of the RTI Act 2005
(According to this Act they said Such Types of Information about Blockchain and Bitcoin, Any Evidence, Any Paper, Any Model or Any Electronic Material is not available online)

1. Did You Collect Any Information About Blockchain From Any Other Countries Federal Bank

RBI's Answer: No

1. Did You Take Any Measures To Adopt Blockchain Technology in Banking Sector

   RBI's Answer: No

2. Does These Rules and Regulations apply on State Bank of Sikkim?

   RBI's Answer: State Bank of Sikkim Comes Under Us But We Did not Provide any Notice to them

Can You Guys Look at the Answers of RBI
They did make the decision without Any Adequate Reserach which is Merely Speculative one.
We Belive That Cryptocurrencies are More to be Regulated Instead of Ban
Regulations do require comprehensive sets of rules which require some time too.
Whithin Few Months or May be Few Years Will Be Regulated in India

HODL Life .. !!