The cryptocurrency exchange won a victory in India. Country banks may welcome their customers, who are still dealing with crypto-cryptocurrencies, but the fight is not over yet, and the ban may still pass, as there are more obstacles along the way. (Updated 10:31 pm UTC: Updates to Full Text).
As early as 2018, the central bank ordered all financial institutions to cease cryptocurrency transactions with businesses and individuals that shed volume and trade in the country should close their doors. The Supreme Court of India heard concerns and agreed to petitions with crypto exchanges, startups and other members of the industry, and overturned the cryptocurrency ban previously imposed by the Reserve Bank of India (RBI), which allowed banks to access cryptocurrency trading. , Reports Reuters. The case was referred to the Supreme Court by the Internet and Mobile Association of India (IAMAI).
“Today we have seen the Supreme Court of India, which understood the potential of cryptocurrencies in the economy. It will certainly be a lesson to the rest of the world that mass adoption of cryptocurrencies will require the support of a friendly regulation, and this regulation may be most proactive if industry leaders and legislators engage in frank, reflective dialogue. “Said Neeraj Khandelwal, co-founder of CoinDCX, the Indian crypto trading platform, which has filed five petitions in opposition to the 2018 RBI ban, saying it is the only exchange that initially solicited the petition yet to function.
However, the completion of the crypto regulations has not yet been completed by the Government of India. There is still a government panel on the way to the industry. This panel – which recommends a 10-year prison sentence and penalties for those dealing with cryptocurrencies last year – finds that the country should ban all private cryptocurrencies.
Policy 4.0 and Founder and CEO Tani Ratna and Global Blockchain Policy / Regulation Specialist say it’s a historic case, but the fight is not over. In a blog post, he explains that “all petitions have been filed against the RBI, not the Finance Ministry report or the draft banning bill.” Therefore, the ruling only applies to the RBI’s circular, Ratna says, so the Supreme Court is “unlikely to issue any directive against the Ministry of Finance, and will affect their position on the matter.”
Financial policymakers may decide to reconsider the matter, Ratna says, given that the verdict contradicts the actions of the central bank, but because it only deals with the implementation of RBI regulation, “and thus leaves enough room for policymakers. Cryptocurrency treatment, ”cannot be revised.