Despite the ban imposed by the Reserve Bank of India cryptocurrency is not going anywhere as of now. Digital asset isn’t been banned from India but is not a legal tender in the current scenario. The government has always stressed on the technological empowerment but have restrained from understanding the core idea of the virtual currency. The overall argument has left investors in dilemma who have already spent INR in the crypto market.
According to Money Control, the Supreme Court clearly refused to uplift the ban imposed by the RBI. The issue released by them stated that all the financial institutions are prohibited to make any transactions of cryptocurrency. However, this isn’t the final verdict of the matter. The next hearing is scheduled to be held on July 20.
Several cryptocurrency exchanges have come ahead to explain the concerns of RBI like the operational methods and security distress related to crypto trade. It has been revealed that RBI didn’t make a detailed research before imposing a ban which seems nor reasonable for the traders. But in the judgment present, SC has highlighted the fact to RBI for considering arguments of crypto investors.
Will The Cryptocurrency Trade Continue Despite Ban?
The exchanges are working in order to keep the trade going without affecting the ban regulations. There are some alternate methods begin worked upon like crypto-to-crypto trading to keep the transactions afloat.
Crypto industry experts have suggested the investors liquidate their assets for the meantime. CoinSwitch CEO Ashish Singhal stated that there is nothing sure about the time frame of this ban. He further added that like other countries the cryptocurrency will eventually evolve but no one can define a timeline.
As of now crypto exchanges in India such as Koinex have offered crypto-to-crypto trading for their existing customers. However, another India exchange Zebpay announced freezing of INR withdrawal and deposit right after the ban.
[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. ]