Cryptocurrency, Featured

India Legalises Homosexuality, Is Crypto Next?

After more than a decade old fight, the activists have been able to see section 377 getting amended. Indian Supreme Court’s judgment on September 6, 2018, marks a groundbreaking victory for gay rights in India. This judgment is being passed after five years where the same top court upheld the same law.

Supreme Court while finalizing the verdict said, “History owes an apology to LGBT community.” The petitioners believe this is a huge statement and described it as an emotional moment, as per Scroll.

Seeing how the rapid social change has brought this in India, probably there is a hope for regulation of cryptocurrency.

RBI’s urge to Supreme Court to ban cryptocurrency has been an ongoing proceeding since April.

With the huge spike in the market in December, many crypto enthusiasts started to invest in cryptocurrencies. But by February, many saw the same market go down crashing.

Though the present cryptocurrency market isn’t steady, the future of their regulation lays in hands of Supreme Court on September 11, 2018. The hearing is supposed to give a verdict whether cryptos will be banned or regulated.

Similar opposition was faced by Commodities when it was brought in the stock market. MCX was then established in 2003 and now, it is traded as BSE.

Most of the investors, who are still hodling, believe that Government of India is going to try to bring cryptos under regulations and try to see how it can be used effectively.

Like section 377, as the ruling now favors LGBTQ community, it is possible that the impending hearing can turn the tides and rule in favor of regulating cryptos. It is not only because that investors will lose money, but many see that regulating cryptos can help curb black money and bring in a distributed ledger that records everything. This will prevent the going-off-the-record of digital currencies, and hence, bring in a better transaction system.

After the Supreme Court’s amendments in section 377, it is only a hope to see some regulations to brought in for cryptocurrencies. Though this hope seems to be too far-fetched today’s judgment has definitely brought.

[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. ]

Aabha Singh finds time from her hectic editorial schedule to write finance articles.

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