Indian cryptocurrency market was hit by the wave of disappointment again on July 20. The Supreme Court of India continued to ban the crypto trade till September, when the final judgement is coming out. It was highly anticipated by the crypto enthusiasts that the ban will be lifted considering the fate of market and continuous falling prices of digital currency. Unfortunately, the argument didn’t go in the favor of cryptos for time being.
According to Crypto Disrupt, a senior counsel for the RBI stated that cryptocurrency can be a potential mode for illegal transactions. However, this dispute has been demystified several times on the basis of the identification of the illegal trade happening through cryptocurrency. It is said to be easily traceable. The arguments of the opposition asserted on the fact that India is on the verge of losing a huge global market.
Surprisingly, the arguments given by both the parties (Reserve Bank of India and Internet and Mobile Association of India) were considered weak with slightly new information. A request seeking instruction has acquired some response. Hence, the court is about to wrap up its proceedings in the next hearing which is scheduled for September 11, 2018.
Has RBI Obtained Rights To Ban Cryptocurrency?
It is indeed debatable whether the RBI has any right or authority to enforce such a ban when cryptocurrency has not been declared illegal by the government. The point of discussing the utility of virtual currency remains secondary as of now. There is a huge gap over maintaining the regulation and guidelines about the crypto trade. Nothing has been mentioned in the Indian tax rules and policies of trade for them.
There are several Asian countries which have already adopted the cryptocurrency trade in a legal way. It is considered that this mode is significant in reducing the gap between rich and poor if executed in an organized way. Perhaps, India will fall lack behind in the race of blockchain enhancement and crypto trade if the government refuse the acceptance.
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