We are awaiting the official court order on today’s petition for a stay against RBI’s virtual trading ban. We already know that the stay was not granted and hence the effective dates for banks to end their relationship with crypto trading exchanges is July 5, 2018.
But, the founders of some exchanges or the exchanges themselves have take it to twitter to explain their stance on the decision.
Zebpay
Zebpay’s founder Sandeep Goenka has clarified that the SC has given 7 days to RBI to furnish more details while the case has now been merged with the July 20 hearing.
Re RBI circular writ in Supreme Court: SC did not grant stay. SC has asked RBI to revert within 7 days. Next hearing on 20th July. We will attempt out of listing hearing on 5th July to get stay on RBI circular till next hearing on 20th July. #bitcoin
— Sandeep Goenka ⚡ (@GoenkaSandeep) July 3, 2018
PocketBits
Sohail Merchant was one of the first ones to react on twitter. Pocketsbits founder is promising to continue to offer INR withdrawals, albeit unsure of deposits.
RBI CIrcular has been upheld, Crypto Companies will not have banking services after 5th July. On @PocketBitsIndia INR Deposits might not be available but INR Withdrawals will be available even after 5th July, panic selling is not a great idea.
— Sohail Merchant (@inkparadox) July 3, 2018
Furthermore he shared some positives from today’s hearing
Positives from the SC Hearing today:
RBI has to respond to representation made by us (IAMAI) in 7 Days.
According to DEA Secy Mr Garg, Regulations are drafted and should be presented this month.
All Petitions are combined and listed for 20th July, one more chance, one more battle— Sohail Merchant (@inkparadox) July 3, 2018
WazirX
WazirX’s Siddharth Menon also shared his take on the case. Overall a very positive outlook
RBI has been asked to respond with reasons to representation filed earlier by IAMAI in 7 days.
IAMAI had earlier filed a detailed doc about crypto, it’s use and how this can be regulated. All this will be clubbed with a detailed hearing on 20th July.#cryptocurrency
— Siddharth ( WazirX ) (@BuddhaSource) July 3, 2018
Similarly, the exchange’s co-founder Nischal Shetty shared his thoughts as well.
IAMAI had filed a representation to RBI (a thorough detailed doc that talks about crypto and how it’s best to regulate rather than ban). Apparently, RBI will respond to it in 7 days. This will be interesting.
— Nischal (WazirX) (@NischalShetty) July 3, 2018
We will update the article as more founders come forward with their thoughts on twitter.
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