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RBI to Supreme Court of India: “Do not interfere in our decision”

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The Reserve Bank of India (RBI) has recorded an oath with the nation's supreme court in light of one of the petitions against its crypto banking ban.

The Reserve Bank of India (RBI) has recorded an oath with the nation’s supreme court in light of one of the petitions against its crypto banking ban. The central bank allegedly contends that it has acted inside its capacity and that none of the petitioners have demonstrated sensible grounds for the supreme court to intercede.

 

No Sensible Grounds

Last week, the Supreme Court of India was booked to hear the majority of the petitions against the crypto banking ban by the nation’s central bank, the Reserve Bank of India. Be that as it may, the case was put off the second week in succession from the first hearing date of Sept. 11. As indicated by industry members, the court is currently planned to hear the case on Sept. 25.

Because of a petition recorded by the Internet and Mobile Association of India (IAMAI), the central bank documented a testimony with the supreme court on Sept. 8, Inc42 provided details regarding Sept. 21. “Inc42 has the duplicate of the petition documented by IAMAI and also the reaction recorded by RBI on September 8, 2018.”

In its affirmation, the central bank contends that the IAMAI petition, alongside different petitions testing its ban, “isn’t viable either in law or on actualities and, consequently, subject to be rejected all things considered,” the distribution noted.

Since the RBI issued its April 6 circular banning banks from giving administrations to crypto organizations, various petitions have been documented against the ban. They assert that the central bank’s activity “disregards Articles 19 (1) (g) and 14 of the Indian Constitution,” which “will prompt the conclusion” of influenced firms, the news outlet clarified. Be that as it may, the RBI point by point in its affirmation:

 

The impugned circular and the impugned statement neither violate the right to equality guaranteed under Article 14 or the right to trade and business guaranteed under Article 19 of the Constitution…The petitioner cannot seek to exercise the extraordinary jurisdiction of this Hon’ble Court to avail a right which they do not have.

 

RBI’s reaction additionally peruses, “There is no statutory right, significantly less an encroached one, accessible to the petitioner to open and keep up bank records to exchange, put or arrangement in virtual currencies.” furthermore, the central bank asserts that IAMAI and others “haven’t got any sensible or valid ground for impedance by this court.”

 

RBI Safeguards Its Circular

The central bank contends that its April 6 circular is in accordance with its three past explanations in regards to cryptocurrencies – one of every 2013 and two out of 2017.

Calling the circular a fundamental advance, the RBI guarantees that cryptocurrencies are related with different dangers, for example, absence of client insurance, high unpredictability, weakness of wallets and trade houses to digital assaults, tax evasion, and so on,” the news outlet passed on.

 

“Not at all like a money which is characterized as something that can be a medium of trade, a store of significant worth and a unit of record,” the central bank attested that cryptocurrencies, “given their unpredictability, absence of inherent esteem and low selection, fulfill none of these criteria.” Accentuating that “Their esteem is only gotten from the gatherings to a transaction willing to pay a specific sum” for them, the RBI kept up:

 

The impugned circular and the impugned statement have been issued in a manner that is consistent with the powers conferred on the RBI by the law and the same are legal and valid.

#Investment

Serena Williams: Olympic star invests in Coinbase

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Serena Williams posted about the launch of her own venture firm called Serena Ventures. The firm has invested in more than 30 companies including Coinbase.

Four-time gold medalist, Olympic star and one of the most famous tennis player, Serena Williams recently posted on Instagram about the launch of her own venture firm called Serena Ventures. She also revealed that the firm has invested in more than thirty companies that include the Coinbase.

 

 

Serena Williams: Serena Ventures

The website of the venture firm reveals that the market capitalization of the list of financial assets held by the firm amounts to more than $12 billion and the diversity of the owners of the different firms that Serena Ventures has invested is around 60 percent. Serena Ventures especially focuses on companies that are still in the early stage and persuades partnership between the portfolio firms.

 

Serena Williams is a four-time gold medalist at the world Olympics and is ranked no.1 in singles according to the Women Tennis Association. The net worth of the Olympic star amounts to more than $180 million according to TheStreet.

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#Exchange

5th Largest Korean Cryptocurrency Exchange: Coinnest Shuts Down

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Coinnest which is one of the largest cryptocurrency exchanges in Korea made an announcement that it is going to shut down its operations in the midst of some financial, admin and legal problems.

 

Coinnest Shuts Down:

According to a recent publication by Coinnest, bitcoin exchange, the exchanges is shutting down its operations. Coinnest had earlier closed down its new account creation services on 16th April 2019.

 

According to the exchange, it is going to terminate the trading and deposit features at the end of this month. However, the users shall be able to withdraw their cryptocurrencies from the exchange until 30th June 2019.

 

coinnest-screenshot

website screenshot

 

Following the decision to shut down its operations, the exchange has made an announcement regarding the decrease of the minimum withdrawal amount as well the withdrawal fees. Coinnest warned the users that no user shall be able to withdraw their funds after 30th June 2019.

 

Last year, the CEO of the exchange, Kim Ik-hwan was arrested by the South Korean police for fraud and theft. Since then, the exchange had been facing a bad time. The CEO was found guilty by the court and was sentenced to prison along with a fine of $2.5 million.

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#Bitcoin Price Analysis

BTC to USD: Bitcoin Price Analysis, BTC going to rise?

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Bitcoin price is supported strongly around $5200. BTC is currently in a bullish momentum with the next aim of $5400 and $5500.

Technical Indicators:

Support Levels: $5200, $5150

Resistance Levels: $5350, $5400, $5500

 

Key Points:

  • Bitcoin price is currently trading well above $5200 support level.
  • BTC is gaining momentum and trying to move over the $5350 resistance zone.
  • A bullish pattern is being formed with support around $5200 on the hourly chart.
  • Bitcoin price is currently in a bullish momentum and might move towards $5400 and $5500 resistance levels soon.

 

Bitcoin Price Analysis:

Summary: Bitcoin price is supported strongly around $5200. BTC is currently in a bullish momentum with the next aim of $5400 and $5500.

 

This week, bitcoin price maintained a slow bullish pace after rising over $5100 level. BTC was able to maintain its position above $5100 and $5200 support levels after breaking through the major resistance around $5200. BTC was able to close over the 100 hourly SMA. After falling up to $5190, bitcoin price was able to recover sharply to over $5300.

 

Bitcoin price spiked up to $5365 before correcting downwards. The support around $5250 proved strong enough to stop further declines and BTC was able to maintain its position above the 100 hourly SMA. Also, a bullish pattern is being formed with support around $5200 on the hourly chart.

 

BTC will most probably experience some dips, however, it remains strong support around $5200. The current target for bitcoin is $5350 above which it might test $5400 and $5500 resistance levels.

 

BTCUSD Price Chart 20 April

BTCUSD Price Chart 20 April

 

The chart shows that bitcoin price is currently trading with a bullish force above the $5200 support level. Until BTC remains above this support, there are high chances of BTC testing the $5400 and $5500 resistance levels. However, if the support level is broken, Bitcoin might fall down to $5150 and $5100 supports.

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