Cryptocurrency ban in India is going to remain till September 2018. The Supreme Court will pass on their final judgment on the ban imposed by the Reserve Bank of India. The digital currency market took off in India like everywhere else but very soon came crashing down with the ban. Even though, the ban isn’t affecting it technically the crypto exchanges continue to trade with peer-to-peer transaction models.
Cryptocurrency market is turning out to be severely volatile in terms of scams, gambling, and match-fixing in the Indian context. It is known that this is a huge market for the bookies and it has been prevailing for decades. The Indian government perhaps, fear the inept use of digital currency and hence, it has been barred from the payment system as of now.
According to Finder, it is stated that such violations are quite significant in the crypto market. It is supposedly one of the prime concerns of the government to not include them in the core payment system. It is over and over again said that cryptocurrency is the ideal means of illegal purchases and money laundering. But, banning digital currency essentially means leaving it unregulated in such a volatile market.
Cryptocurrency, Scams, Gambling & Match-Fixing – How Do They Relate
In the recommendations given by the RBI guidelines, it is noted that these points must be considered for an effective regulation before introducing them in the market legally. Therefore, leaving this genre may prove to be a huge loophole for the digital crimes to happen. The fact that RBI is probably never going to consider cryptocurrency as an actual form of money if it continues to be so fickle.
India has been rocked by the recent cryptocurrency scam, match-fixing accusations, and involvement of many celebs. Certainly, this isn’t going to end here, there is a big gap in the approach and the regulation for such domain. The Indian government is planning to frame a draft for the guidelines of crypto trade. However, it is going to be officially unveiled by the end of this month.[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 the website. ]