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Supreme Court of India overturns ban on crypto trading
And now, in India, prepare for the deluge of crypto.
May be.
This week, the country's Supreme Court ruled that a ban on trading in cryptocurrency was unconstitutional.
The ban, put in place by the Indian central bank, spans almost two years, until April 2018. At the time, the central bank said that banks do not could not offer services for digital currencies, covering bitcoin and its brothers. But now, as the note CoinDesk, traders will be able to deposit rupees from their bank accounts on crypto exchanges.
This is the first step towards the adoption of cryptocurrency in India, which has the potential to become one of the largest cryptocurrency markets, said Ashish Singhal, managing director of CoinSwitch.co cryptocurrency exchange, at CoinDesk.
Before the ban, the executive said, the country had seen transaction volumes equivalent to around $ 60 million a day.
A way to get around this ban? Individuals had opted for peer to peer platforms. But now, by mobilizing aid from banks and stock exchanges, and by directly linking activity to accounts, liquidity is expected to improve, which in turn could ease volatility.
But again.
There may still be brakes on the crypto industry instituted by other means, and perhaps specifically by legislative means rather than by the central bank or at least a paved path that leads to a more direct development of what crypto could be used to move forward.
Last year, the Indian government proposed a bill, the header of which was: banning cryptocurrency and regulating official digital currencies. This bill went to court in August 2019. There appears to be a fork here. The bill (which has yet to be introduced in parliament) would ban the use of crypto as currency and prevent many activities related to crypto (such as trading or settlement). Could the mechanics of regulation and restriction be moved from the central bank to Parliament?
There is still a chance that the government will introduce this law against cryptos as a whole, which would bypass all the excitement this week.
Legal offer?
It should be noted here that the cryptos were not considered to be legal tender (as in, can be used commercially), but the exchanges themselves are not illegal.
If the past is prologue: way back when RBI bans crypto trading, he pointed out that virtual currencies (VC), also known as cryptocurrencies and cryptographic assets, raise concerns about consumer protection, market integrity and money laundering money, among others. This edict came at a time when the ICOs ruled the country.
Since then, of course, we would say that attention has turned more to the blockchain, the rails (sort of) that underlie the exchange of digital assets. And a number of Chinese central banks, among them, have of course explored the issue of digital fiat.
Earlier this year, the National Institute for Smart Government proposed a digital rupee in a proposed strategy for national blockchain efforts. This rupee, issued by the central bank, would work on the blockchain. It's also worth noting that the Supreme Court decision this week now allows banks to provide cryptocurrency services (for cryptocurrency, but not with crypto alone as legal tender). This could pave the way for a full and joint push by financial services and government for a national digital version of the rupee.
It might be fair to consider this week’s Supreme Court ruling as a way for the coins that survived the wild west of the ICOs, Bitcoin and Ethereum, to earn a little more. acceptance within regulations (and trading revenues for service companies, not to mention tax revenue for government on capital gains). There is also the possibility that venture capital investment in the country, which has focused in the past on logistics and mobile payments, may find a lure in crypto efforts.
In the meantime, there does not seem to be a waste of time for companies looking to capitalize sooner rather than later on the fact that the Reserve Bank must now lift its ban. In an example in Mumbai, CoinDesk reported, CoinDCX, a crypto exchange, added support for bank transfers.
Much remains to be seen, but for now, the courts have paved the way for at least some development in the crypto space of India.
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