There finally comes good news for investors of cryptocurrency in India. The Indian government has finally come in its support, although in a subtle way. A panel formed by the government seems to be in favor and does not intend to ban it for now. As an alternative, it is likely to allow the new virtual currency with riders, in fact.
Back in April, this year Reserve Bank of India issues a notice in public interest titled as ‘Prohibition on dealing in virtual currencies’. It was released in order to authorize banks, payment gateways and e-wallets of the nation to not support the cryptocurrency or any virtual mode of exchange. According to Economic Times, it was even mandated by government to traders and investor to stop funding in virtual currencies.
Henceforth, traders approached the highest judicial body, Supreme Court against the matter. The next hearing is scheduled for Friday, July 20. The regulator move has been greatly opposed in the market as there is a huge demand for cryptocurrency in India. The RBI notice has been challenged on the grounds of being deficient in appropriate stakeholder consultation and lack of practical justification to confine any trade practice.
In midst of the entire judicial struggle, Bitcoin came down to a two-month low rate. It has been adversely affected in the recent times due to regulatory and safety concerns. In addition to this, the hacking of Coinrail (South Korean cryptocurrency exchange) has made a major impact on the recent trading of cryptocurrency in India.
Current Trading Of Bitcoin
As of now, Bitcoin is hitting its lowest rate of the year that is $6,000 on the Bitstamp platform. From the beginning of 2018 until now it has been dropped to at least 53% down of its highest value. It went up to higher than 1,300 % last year of its original value.
The impending hearing in Supreme Court next month will either pave the way for cryptocurrency in India or restrict it.
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