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04/05/2020

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05/03/2020

Big discussion on bitcoin good news

05/03/2020

Supreme Court allow bitcoin in India

09/09/2019

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01/09/2019

Share with your crypto lover friend

The counsel also emphasized that the central bank did not undertake research before issuing the ban.

01/09/2019

Good news for Indian crypto community
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30/08/2019

Detailed hearing of IAMAI vs RBI banking ban case 21 Aug 2019

Case hearing resumed from yesterdays arguments at 11:00 AM
Mr. Shyam Divan, Ld. Sr. Advocate started his arguments for RBI.

European Union directive of May 2018 is being referred to which also discussed the concerns involved with Crypto and biggest being the problem of anonymity.

Counsel now requests that court to come to RBI counter affidavit filed in reply to IAMAI petition.

At page 59 and 60 of the counter affidavit the counsel starts reading the incidents of hacking happened with various exchanges worldwide and publications regarding these incidents.

Also reads page 108 for various comments by world famous personalities against bitcoin and Crypto.

Then moves to Ministry of Finance reply to the Petition.
the Counsel moves to the Petition of IAMAI.

Counsel says that the figures (number of users, revenue etc.) mentioned on page 7 of IAMAI petition is sizable enough to alarm the regulator to take action although its overall size is negligible.

After referring to certain paragraphs in Rajdeep singh's petition, the counsel moves to relevant statues/ legislations.

A document containing discussion before the enactment of Payment and Settlement Systems Act, is being read.
This document mentions the necessity and concerns of enacting payment and settlement systems Act 2007.
Unauthorized alternate of payments were one of the concerns.

Then readed statement of objects and reasons of Payment and settlement Systems Act

Courts attention is drawn to various definitions in PSS Act, 2007 including payment system.

Justice Nariman points out that payment means that it has to be through legal tender always.

Counsel nods and says, Crypto is an alternative to that.

Justice Nariman interrupts and says that it is not RBIs case that exchanges are covered by PSS Act so this is immaterial.

Counsel answers that prima facie they are not, but there is potential threat to undermine monetary policy.

Counsel refers to Section 10 (2) of PSS Act which provides power to RBI to issue guidelines in reference of any payment system.

Also refers to Section 18 of the PSS Act emphasizing that RBI has power to issue policy in order to manage or operate its payment system and in public interest etc. Points out that RBI has wide powers to regulate its entities is there is a threat to the payment system.

Counsel now refers to RBI Act provisions in Section 45J and 45L and points out that RBI has wide powers with regard to the action its has taken in the form of banking ban.

The counsel moves to Banking regulation Act and reads out Section 36 1 a to points out that it covers the scope of banking ban circular and RBI is well empowered to do it.

Then the Counsel turns to Foreign Exchange Management Act and reading out various provisions of the same including Section 4 and Section 3b. Definition of currency, foreign currency etc.

After lunch session
RBI counsel referenced to a judgment. Citation of the judgment is: 1992 2 SCC 3434
2010 (10) SCC 1 - ICICI Bank v. Official liquidator the judgment explains the provisions of Banking Regulation Act
Reads that action under 35A of Banking regulation Act has 'Statutory Force of Law'.
Keshav Lal Khemchand v. Union of India i.e., 2015 (4) SCC 770 Another judgment is being read by the counsel.

Argues that RBI circular is in supplement to the statutory provisions enunciated by Banking Regulation Act which has to be considered to be having statutory force.

Then Argues that RBI was fully aware about the risks etc. with Crypto, the it was incumbent on it to take action under the delegated legislative power it has been conferred with. Star India Judgment is being referred to i.e., 20__ 2 SCC 104

Justice Nariman asks which provision says that you have to be 'satisfied'? Counsel answers Section 35 A of Banking regulation Act and Section 18 of PSS Act, 2007.

Judge asks so this satisfaction is not in connection of you being an administrative authority but in the shoes of a legislature's delegatee?

Counsel says yes since RBI has to deal with the challenges posing threat to the established system.

More judgements are being read by RBI Counsel in their favor.

RBI counsel answers the following arguments: Vagueness of Circular - RBI has sufficiently described crypto in various docs.

Cheeze Burger Argument: RBI powers is well defined and can be exercised when there threat to monetary, fiscal and financial policy.

Regulation by other countries: India will make laws as per its needs. Mr. Divan concludes his arguments.

Judge then asked the Petitioners that RBI is an expert body which has taken decision on the basis of a study, who are we to interfere in their policy? The question is not whether it is arbitrary or not, bit whether they can legislate or not when they are 'satisfied' under 35A!

Counsel of Petitioner Rajdeep singh & Ors. starts arguing, how RBI changed its stance from caution to prohibition.

What happened is when the Crypto was discussed for the first time in budget speech by Mr. Jaitley, it is when they changed their stance.

RBI is bereft of any empirical data which supports their stance that they are 'Satisfied'. There is no data at all which they rely upon to say that it is threat to our monetary stability. The argument of satisfaction is baseless.

Mr. Ashim Sood then started, that RBI circular is irrational and a result of no application of mind. there is manifest arbitrariness.

Justice Nariman questions they are the expert body, they monitored the position, in the realm of economic policy and financial policy they have taken action, so what do you have say on the point of satisfaction?

Mr. Sood answers My Lord yes it is a question but
the point of satisfaction can be considered when there is a data to substantiate that. Secondly, satisfaction of one authority cannot be allowed to be taken effect from the satisfaction of other authority.
Meaning thereby, RBI cannot take action based on the study held by others.

Argument of Ponzi scheme and consumer are in trouble, are merely statements which cannot be substantiated with data.
Reading out Ministry of Finances advisory. Which says that two things raise concern. 1. its use as payment system
2. its use in illicit activities.
So the Govt. has also not advocated about complete ban. it only said that vices should be eradicated/ regulated.

Justice Nariman directs the counsel to turn to the representation filed by the exchanges with RBI. Where they have said that there is no need to ban. And also read the reply given by RBI to it.

Mr. Sood reads out the suggestions given to RBI by exchanges. That Money laundering Act can be made applicable to exchanges as intermediaries making them responsible for reporting directly. or enjoining on banks to make additional requirements for exchanges.

Mr. Sood refers to table which enumerated rbi concerns about crypto. In this table exchanges had addressed each of the concern and suggested ways for that.

Justice Nariman questions RBI why you have not properly responded to the representation. You just said that we are forwarding to Govt. Angrily says this is not an answer.

Justice Nariman Reiterates further that this is mot an answer Mr. Counsel. Do you still want to give an answer?
Exchanges are not asking to uplift the ban but they are only asking you to reconsider. If you dont give answer to it, I will pass the judgment.

Case takes the most unlredictable turn when, Justice Nariman directs that RBI must respond to the representation in the manner appropriate. Offers to defer the case for 2 weeks as part heard, let the answer come on reconsideration of banking ban by RBI.

RBI agreed.
Court orders: After hearing arguments we are of the view that detailed representations by exchanges purusant to this court's order 17.05.2018, have not been answered point by point, therefore RBI to reply them with in 2 weeks. SG to furnish various docs within 1 week.
Hearing ends here.

The arguments now will be heard on 25th September

What do you all think next.. hearing will be possibility of judgment ??
as it is partly heard

25/06/2019

thanks all member for trust i am back with confidant and soon start work

09/01/2018

Axis Bank launches ripple-powered instant payment service for retail and corporate customers

Business Wire India
Axis Bank, India's third-largest private sector bank, has launched instant international payment services using Ripple's enterprise blockchain technology solution.

The bank has launched a service for its retail customers in India to receive payments from RAKBANK in UAE and for its corporate customers in India to receive payments from Standard Chartered Bank in Singapore.

Ripple makes international remittances faster and transparent for customers while ensuring security and improving efficiencies. The transactions reach their destination account in minutes, with the certainty of settlement, and with end-to-end visibility over the journey of the payment.

Himadri Chatterjee, President, Transaction Banking, Axis Bank, said, "While there have been significant innovations in domestic payments, cross border remittance has seen limited developments. Using APIs and distributed ledger technology, there is an opportunity to radically change the way international payments are handled. We are excited with the potential the technology has to bring innovative services to the market and help us enhance value to our customers."

Gautam Jain, Global Head, Digitization and Client Access, Transaction Banking, Standard Chartered, said, "The successful launch of our commercial cross-border payment service marks a significant milestone in the financial industry's progress in applying distributed ledger technology for corporates. We are incredibly proud to be leading the way in this area. This affirms our commitment to digitization and innovation as we continuously look at new ways to add value for our clients and their ecosystems; in this case, corporates trading between Singapore and India."

Peter England, RAKBANK CEO, said: "We at RAKBANK believe in leveraging new technologies that constantly enhance our customer experience and by using Ripple's Blockchain solution to power international payments, our customers can now send money home easily and in real time. Joining the Ripple network is in line with not only our Blockchain strategy, but it also allows us to expand our remittance footprint. This will help us scale our business and provide our customers with a first-class digital payments experience."
About Axis Bank

Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.

With its 3,485 domestic branches (including extension counters) and 14,332 ATMs across the country as on 30th September 2017, the network of Axis Bank spreads across 2,033 cities and towns, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Bank also has nine overseas offices with branches at Singapore, Hong Kong, Dubai (at the DIFC), Shanghai and Colombo; representative offices at Dubai, Abu Dhabi and Dhaka and an overseas subsidiary at London, UK. The Bank's website www.axisbank.com offers comprehensive details about its products and services.

About Standard Chartered

We are a leading international banking group, with more than 80,000 employees and a 150-year history in some of the world's most dynamic markets. We bank the people and companies driving investment, trade and the creation of wealth across Asia, Africa and the Middle East. Our heritage and values are expressed in our brand promise, Here for good.

Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges as well as the Bombay and National Stock Exchanges in India.

For more information please visit www.sc.com. Explore our insights and comment on our blog, BeyondBorders. Follow Standard Chartered on Twitter, LinkedIn and Facebook.

About RAKBANK

RAKBANK, also known as The National Bank of Ras Al Khaimah (P.S.C), is one of the UAE’s most dynamic financial institutions. Founded in 1976, it underwent a major transformation in 2001 as it rebranded into RAKBANK and shifted its focus from purely corporate to retail and small business banking. In addition to offering a wide range of Personal Banking services, the Bank increased its lending in the traditional SME, Commercial, and Corporate segment in recent years. The Bank also offers Islamic Banking solutions, via RAKislamic, throughout its 38 branches and its Telephone and Digital Banking channels. RAKBANK is a public joint stock company headquartered in the emirate of Ras Al Khaimah and listed on the Abu Dhabi Securities Exchange (ADX). For more information, please visit www.rakbank.ae or contact the Call Centre on +9714 213 0000. Alternatively, you can connect with RAKBANK via twitter.com/rakbanklive and facebook.com/rakbank.

About Ripple

Ripple provides one frictionless experience to send money globally using the power of blockchain. By joining Ripple’s growing, global network, financial institutions can process their customers’ payments anywhere in the world instantly, reliably and cost-effectively. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets. With offices in San Francisco, New York, London, Luxembourg, Mumbai, Singapore and Sydney, Ripple has more than 100 customers around the world.

04/01/2018

Soon Dash Coin is available instock

31/12/2017

Wish you all of India bitcoin mining Lovers
A joyfull and happy new year to you and your family.....!!!!!