Crypto Currency in India : Boon or Bane
Each month we see alot of crypto exchanges and coins flaunted in india, our newsfeeds are full of crypto advertisements and people have been going agog about it. That being said, the legal position of cryptocurrency continues to remain (un)positioned-- leaving crypto enthusiasts in the state of perpetual uncertainty.
Despite this legal position, the crypto community has grown exponentially in last few months. Alot of enthusiasts have already matured in the market and others are striving to achieve expertise in yet, what they perceive, version-field.
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Not only them: the noise of crypto has grown shriller, almost everybody who has access to internet tries his luck in it.
On the other hand scammers are lurching everywhere on internet preying on gullible people using different tricks, that is a different story which I will cover some other day.
Reserve Bank of India was first to issue a fiat in 2018, banning regulated banks from providing any kind of servises to crypto traders. The Apex court, fortunately, came to aide of the crypto community by setting aside the order. Since then, the crypto trade continues to flourish in unregulated state.
The Supreme Court verdict cannot be said to have settled the legal position of the crypto currency in India. The ball lies in the coat of legislature who are constitutionally empowered to make laws. If govt wishes they can overturn the position created by the Apex Court, but as of now the situation is murky and has remained so for quite some time now. By the time parliament passes the bill, the crypto community will have to operate as it is and keep speculating over the future course of things.
In absense of the full fledged laws on the subject, the crypto india cannot realise the maximum potential: big companies will keep aloof; traders will face constant hiccups and hardships; illegal activities will proliferate and uncertainty will loom over.
The recent example of some of the banks citing RBIs old fiat to disrupt crypto transactions speaks volumes about the state of affairs in india. Such instances keep a large portion of crypto aspirants away from the space. Without govt. regulations, they think, it is suicidal to invest in crypto.
The central Bank acting suomoto over media reports immediately issued a circular asking banks not to use RBIs order that has been turned redundant by the Supreme Court.
The recent developments is that crypto players are all set to meet the govt. who are extensively deliberating upon the issue. It is only a matter of time when governments' stance will come to fore --- will it be boon or bane?
The governments' gesture to host the crypto players raise hopes of crypto community: people believe the govt has dropped the idea of banning the crypto however, they feel there will be strict regulations. The value of Rupee seems to be the biggest concern followed by economy, terrorism, black money etc.
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If indian government banned the crypto currency then we have to think off to quit India or stay here:)
@asifwani
#affable
Hahah shows you cant do without crypto anymore
Your images are in breach of copyright.
I have given sources.
Thank you!
Hi @aasifwani,
At the end of this para, I have given the links to the Terms and Conditions of the websites you sourced the images from. Please tell us in what way you have complied with those terms and conditions by merely citing the sources.
Here are the terms and conditions:
First image: https://www.ledgerinsights.com/terms-and-conditions-2/
Second image: https://www.dezshira.com/terms-of-use.html
Can there be the possible case of having taken proper consent from them, before using their work ?
It is certainly not impossible. It may be difficult. Besides you have many other choices to use compliant images. There are millions of relevant free to use stock images available online.
Are you saying that just because it is difficult for you obtain consent from copyright holders before using these images, you now have the right to trample on their rights?
@steemcurator01
That is right. So my case may possibly be the case of prior consent as well?
Aren't you a bit too good at assuming?
The world is changing very fast crypto is biggest in them.
India need to manage the crypto programme.
Nice post keep posting.
#affable #club5050
Yes, liberal view must be taken with regard to crypto.
Thank you!
i think nobody can ban crypto. it is beyond them. @aasifwani China banned bitcoin five times, failed everytime.
Yes, it cannot be controlled but as long as it remains unregulated the trust issue will remain .
Thank you!
Crypto is something that can't be banned or either controlled by the govt.Enjoy investing at your own risk.😁😜
Yes, hope it is not banned but it can be regulated. The sooner it is regulated the better it would be.
Thank you for stopping by