Cryptocurrency market has become extremely volatile and its prices have been falling significantly. On the other front Reserve Bank of India continues with the ban of crypto trade which has been supported by the Supreme Court. It has been severely affected in the recent months due to the uncertainty in the market. However, it seems that the market is slowly bouncing back following the blockchain development that is also the operating platform of cryptocurrency.
Cryptocurrency Trade To Go On Legal Mode
According to INC 42, despite the ban enforced on the cryptocurrency, the Law Commission of India has recommended its usage in the legalize sports betting. Both sports betting and digital coins are illegal in India as of now but the official report is backing this suggestion which has created a new hope among the traders.
The report of the Law Commission has been already submitted to Justice Ravi Shankar Prasad, the Minister of Law. It is stated that the sports betting should be made legal with all the transactions being done in cashless mode (credit card, debit card and cryptocurrency). This can help in curbing the illegal gambling which involves black money. In addition to this, a stringent law should be imposed for controlling Foreign Direct Investment which will also prevent money laundering.
In this way, all of the transactions can be tracked and scrutinized for anything suspicious. Since all the accounts are already linked with Aadhaar card and PAN card these days it becomes easier to monitor the flow of money. There will be a major block for the participants to play any illegal card when there is no possibility of liquid cash in the payment mode.
Final Hearing Of Crypto Petition
The final judgement of the hearing is scheduled for September 11, 2018. The domestic sector is relying on the decision to go in its favour as there were many positive arguments presented in the last hearing. In fact, the court also ordered RBI to consider the investor side and pros of the trade.[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. ]