The cryptocurrency ban in India is perhaps heading towards nowhere. The market is clearly divided into the different opinions on having the crypto trade. The Reserve Bank of India continues with its decision to ban, however, the Supreme Court is yet to reveal its impending decision on the ban upliftment. Despite the ban on cryptocurrency exchanges have continued their operations with different operational models to facilitate their customers. The ban has kept Indian government agencies on their toes to keep a watch on the trade.
According to Crypto News, the cryptocurrency exchanges took the Reserve Bank of India to the Supreme Court one after another in an outrage. The sudden ban on the crypto trade brought the entire market to halt and a severe downfall in the trade value of virtual coins. All the financial institutions were given a deadline of 3 months to wind up their business related to crypto trade.
Witnessing the outrage and the support coming in for the cryptocurrency, the government constituted a committee for creating a regulatory draft of its trade. The committee will be handing over the final draft by the end of September 2018 which will clear the stand of government on cryptocurrency.
Fate Of Cryptocurrency In India
Indeed the Modi cabinet is prioritizing the campaign of Digital India which has the main objective to empower the technological advancement in India. Perhaps, they have not yet considered the virtual currency as the part of this campaign. Several other countries have already started accepting this new payment system along with accommodating them within their respective regulations. It is also said that the RBI has constituted an inter-departmental group study lately to assist and provide guidance on the know-how of cryptocurrency with respect to the Indian context.
The crypto enthusiasts remain optimistic on the ban upliftment and continue to hold their Bitcoin and other crypto investments.
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