India’s Top Court to Refuse to Lift Crypto Ban

Looks like Reserve Bank of India’s cryptocurrency ban will remain
03 July 2018   406

The Supreme Court of India refused on Tuesday to remove the restrictions imposed by the central bank of the country on the cryptocurrency activity of local financial companies. This is reported by Quatz India.

On April 5, the Reserve Bank of India sent a notice to all financial institutions under its control, which officially prohibited them from providing services to companies operating in the field of cryptocurrency. In addition, the banks were instructed not to carry out transactions that their customers can use to purchase cryptocurrency. Officially, the regulation of the regulator takes effect on July 5.

The decision tried to challenge a number of cryptocurrency companies, which called it "arbitrary, unjust and unconstitutional." The Supreme Court responded to the stormy reaction of the public and promised to consider the petitions received, whose signatories demanded that the decision of the Central Bank be canceled, but refused to accept new applications.

However, based on the results of today's hearing, the court refused to issue a temporary restriction on the decision of the RBI.

As one of the legal companies representing the local stock exchange cryptocurrency said, the participants in the process asked to postpone the deadline for the decision to enter into force for another month. "However, now that the ban was approved, the banking channels for exchanges and their users were completely cut," the partner of the law firm told Quartz.

Nevertheless, representatives of the local crypto-currency industry do not lose hope. Last week, the secretary of the Ministry of Economy of India confirmed that the authorities are at the final stage of developing legislation to regulate the sphere of crypto-currencies. It is expected that it will be submitted within two weeks.

We have prepared a draft (on virtual currencies) that entails what parts of this businesses should be banned and what should be preserved. This should be discussed by the first week of July and we should wrap this up within in the first fortnight of July.

Subhash Chandra Garg

Secretary, India department of economic affairs

The next hearing, during which representatives of the cryptocurrency industry will try to challenge the decision of the Reserve Bank of India, is scheduled for July 20.

Bitfinex to List BCH' Chain Split Tokens

Bitfinex warned that support for BAB and BSV could be temporary
14 November 2018   56

The Hong Kong cryptocurrency exchange Bitfinex has listed the so-called Chain Split tokens for the two implementations of the Bitcoin Cash protocol. Bitcoin Cash hardfork is planned on 15th of November.

BAB [Bitcoin ABC client] and BSV [Bitcoin SV client] tokens will be traded in pairs with Bitcoin and the US dollar. The Token Manager tool will allow users to convert their Bitcoin Cash into one of the tokens. This process is reversible, Bitfinex emphasized. At the same time, marginal trade in tokens will be unavailable.

After snapshot of the network, the corresponding coins will be automatically converted into BAB and BSV onchain tokens, and all current Bitcoin Cash holders will receive an equivalent number of coins. However, if the user has a short BCH position at the time of the snapshot, the margin will be canceled, and the borrower, if he does not have enough tokens, will have to cover the negative balance sheets until December 31.

Bitfinex also warned that support for BAB and BSV could be temporary, and that as soon as all negative balances were covered, the exchange could delist them, allowing limited time for withdrawal.