Possible Outcome of RBI Crypto Ban Hearing Today - 3rd July - All Updates

Post RBI ban on crypto trading in INR, many crypto exchanges of India filed a petition against RBI in High Court, which was further handed over to Supreme Court of India. The hearing date given was 20th July, which was 15 days after implementation of the RBI mandate on 5th July.

Nevertheless, out of 3 petitions against RBI's mandate, one filed by IAMAI (The Internet and Mobile Association of India) in association with few biggest exchanges of India is now set to hear on 3rd of July, 2 days ahead of RBI mandate go live.

Today is the day when cryptocurrencies fate will be decided in India. Everything seems positive till now as Subhash Chandra Garg, Secretary, Department of Economic Affairs already said that they have prepared a draft which they think will be in the best interest of the country.

But we can't predict anything before the final verdict comes.

But what will be the certain possibilities if the verdict comes in the favor of traders?

Banks will keep supporting crypto exchanges in this case & traders will keep enjoying INR-Crypto trading on all Exchanges. But would be some regulations including tax on earnings through trading. We need to wait for the verdict to know what would be the exact regulations RBI can put on cryptocurrency.

Now what happens if the verdict goes against crypto traders?

Exchanges like WazirX, Coinex are all set to launch P2P (peer to peer) and crypto to crypto trading even if the verdict comes in favor. There are some of the options which exchanges are looking up-to in case of decision goes against.

“If banking is something the exchanges are not allowed to do, then the solution is something that direct banking doesn’t come in, said Nischal Shetty, chief executive of WazirX, an Indian crypto exchange.
We built an escrow system, where before you sell 1 bitcoin, you (A) deposit the bitcoin to our escrow for safekeeping. Once the buyer (B) pays rupees to you (A), WazirX releases the crypto to the buyer (B), after getting a confirmation from you (A), said Shetty added. 
What do you think are the possible outcomes of this hearing. Tell us in comments. 

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