Indian cryptocurrency market is down ever since the ban was enforced by the Reserve Bank of India. The bank has released an advisory in regards to this which states that no financial institutions and banks are allowed to make transactions of digital currency. The crypto market was trending very high in December last year which attracted a whole lot of investors. However, it came down gradually and was the situation forced the investors either to move out or shift to the operating exchanges abroad.
It seems that the cryptocurrency traders are not going to have any relief sooner as the Supreme Court backed the decision made by the regulatory body (RBI). Nevertheless, it did mention in its decision that the RBI has to consider the investors’ side also. The next is scheduled for 20th July which will decide the final take on the matter as mentioned by AMB Crypto.
How Are The Trades Reacting Against Ban?
Albeit the Indian regulations and policies are not fitting well with the encroachment of the financial world, Indian cryptocurrency exchanges (Unocoin, Bitbns, WazirX, and Zebpay) still have hopes for recovery. Zebpay CEO Sandeep Goenka stated that South Korean banks have worth $2 billion cryptos, which Indian banks don’t have. He further added that Indian banking system can also get benefited from the same by joining the revolution and not repelling from it.
In an alleged update, it is revealed that the government is not planning to ban it forever and is looking forward to making this work. However, cryptocurrency will definitely not get accepted in the payment system but it can be treated as a commodity. It can then be included in the market and will be evaluated as an asset. It is also stated that the tax department is planning to impose GST tax on the same, but it is yet to be announced officially.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]