Supreme Court of India refuses to put a Stay Order on RBI Circular by arunava

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india · @arunava ·
$38.96
Supreme Court of India refuses to put a Stay Order on RBI Circular
<center>So I just read the news and I am a bit Disappointed to see the Supreme Court pass such a Judgement.

![image.png](https://gateway.ipfs.io/ipfs/QmfQeY6yvCpxREaUhPbZHciDBMnhv3Y6p5faaZiVLyErY9)



The whole fiasco started on 6th of April when RBI suddenly passed a Circular in which they asked all Financially Regulated Entities under RBI to stop rendering services to Cryptocurrencies and any other Business associated with Cryptocurrencies. RBI gave them a 3 Month Period to Retrace all their Steps.

![DQmUWMWCtcj7MoLW2jdruvew1U8hu1LApdXKqxz8kP8hqST_1680x8400.png](https://gateway.ipfs.io/ipfs/QmZMeFT2WdG6FA5mcwpAeBMAyKdrTLBCaMLnEKweYEB7Wj)


There was a massive sell-off after this Decision which led to several People selling their Cryptos at Dirt Cheap Price. Within few weeks we saw several People standing up for the Cryptocurrency Community in India. Several Petitions were signed on change.org and even some People went ahead and Filed a Petition in High Courts. This led some Exchanges to file their own petition against the RBI Circular and they wanted to put a Stay order on the Circular.


![DQmUWMWCtcj7MoLW2jdruvew1U8hu1LApdXKqxz8kP8hqST_1680x8400.png](https://gateway.ipfs.io/ipfs/QmZMeFT2WdG6FA5mcwpAeBMAyKdrTLBCaMLnEKweYEB7Wj)


But sadly today at around Noon Supreme Court of India has refused to put a Stay Order on the RBI Circular. Further, the next Date given by the Court for Hearing in this Particular Case is 20th of July which is about 2 Weeks after the Deadline of 3 Months Provided by the RBI.

![DQmYrdpLgfQg9ygVdxm6QBHDf1RTGvj1Ew8BYbdkqXPNqfm_1680x8400.jpg](https://gateway.ipfs.io/ipfs/QmTTmsQ4wR6KsqAJ2XS67eh9dwk3LF1wGQjhpkEQ1Kijgx)


**I would have to say that I am a bit Disappointed on Supreme Courts Decision as I believe if we don't get into the Blockchain Race early we will be left behind in the Dust by other Countries.**</center>
πŸ‘  , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , and 169 others
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@erode ·
$0.12
Bro if cryptocurrency is banned in india whats our way to takeout our rewardsπŸ€” OMG i had converted fully into steempower πŸ˜‚πŸ˜‚
πŸ‘  ,
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@arunava ·
$0.07
Chill @erode there are several ways to Convert your Crypto to Fiat.

If the Government tries to screw with us by Banning Banks from doing Business with Cryptocurrencies we will screw them by Paying no taxes. 

AS if there is Peer to Peer Transactions than Government will have no means to Track a Crypto Transaction.
πŸ‘  
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@dali.soh ·
$0.07
Well, I think it's a matter of time before the courts will reverse their decisions.
πŸ‘  , ,
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@arunava ·
$0.07
We are Hoping for the Best and I hope your words come out to be True.
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@polashsen ·
$0.07
I was a little disappointed by the Supreme Court decision
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@arunava ·
$0.07
We all are @polashsen.

By the way, I am kinda confused if you are a Boy or a Girl.
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@angelro ·
$0.07
A sad news for sure. But lets hope as in your previous post All is Well, and hope for best.
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@arunava ·
$0.07
Yes, I do have my Fingers crossed.

I am thinking about the Overall Progress of my Country too. SO I would love India to Embrace Cryptocurrencies.
πŸ‘  ,
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@angelro ·
$0.07
Agree with you.. There should be some understanding between the countries and the system for making it how best it is possible inculcate such paperless currencies in a digitally developed country like India..

Hope better sense prevail at last
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@oceanwhale ·
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@postpromoter ·
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@akdx ·
$0.07
This is very sad news! What will be the use of the hearing date when the deadline would already end? This is very challenging time for Indian crypto market. What should we do in this situation?
This is very disappointing!
πŸ‘  
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@arunava ·
$0.07
If the Supreme Court decides that RBI's Decision was Unjust they could lift the Ban on Crypto to Fiat Exchange even after it is Implemented.


As for what we should do in this Situation.

![](https://steemitimages.com/DQmXE92TxANerrDVU1XHsFpis4vYoEb7rLKP1iBt53KXfeh/image.png)
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@mydivathings ·
$0.07
This is indeed such a sad news and about the hearing date being post the mandate last day of the three month period.
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@arunava ·
$0.07
Doesn't it sound like a Conspiracy? 

They didn't put a stay Order on such a Pressing matter and further gave a Date that is 2 Weeks past the RBI Deadline.

I would have been ok if they Put a Stay Order on the RBI Circular untill a result comes out 

OR

The Supreme Court gave a Date that was within the Deadline of RBI.
πŸ‘  
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@pheonixdown-dee ·
$0.07
Thanks for sharing. I've smashed the upvote button for you! Large governments need to adopt it rather than punish new tech.

Also, if you are looking to get some tokens without investing or mining check out Crowdholding (https://www.crowdholding.com). They are a co-creation platform were you get rewarded for giving feedback to crypto startups on the platform. You can earn Crowdholding's token as well as DeepOnion, ITT, Smartcash and many other ERC-20 tokens.
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@arunava ·
$0.07
Thanks a lot @pheonixdown-dee I will have a look at it.
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@sirpee ·
$0.07
A bad news indeed. I believe there is nothing that can be done but to wait patiently until the day of hearing.
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@arunava ·
$0.07
Yes, that is the only Choice for us.

To be honest I believe we need some Outside Intervention to Boost the Morale of these Officials so that Cryptocurrencies can Soar in India.
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@sirpee ·
$0.07
I used to think India was more technology inclined.
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@streetstyle ·
$0.07
hello @arunava This is not good for India is a big player in Technology, and the cryptoworld could use India for support. Hope they realize that this crypto could potentially pull many out of poverty or at the very least help with daily subsistence. 
I hope this works out for the people of India.
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@arunava ·
$0.69
The problem of our Government is that there are only a Few People in the Government who barely Understand this Technology.

They are doing all the wrong things like making a Committee to Discuss the effects of Cryptocurrencies with MLA's and only a couple Educated Persons.

Atleast, they could follow the Examples of Established Countries that are Embracing Cryptos rather than following Countries that are on the Brink of Bankruptcy.
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