Will The New Indian Government Continue To Reject Cryptocurrency?

in india •  27 days ago 

It's quite possible given the fact that the ruling government has considered banning in the past but wasn't sure if it would be possible to implement. With a policy draft in the works it's quite unsure how things will go on from here.

Supreme Court has scheduled the next hearing in the on going RBI vs crypto exchanges matter in July this year. But the general expectation is that the RBI under present government isn't cutting cryptos any slack.


Source

A few Indian exchanges have already shut down citing issues in conducting business due to restrictions from the government. However peer to peer trading has seen an upward swing since the ban on banking services to exchanges came into effect in July 2018.

Indian government's stance on cryptocurrency has been clear for a while. It doesn't recognise it as a currency.

As the new government for the next 5 years takes shape today. I have many unanswered questions with respect to cryptocurrencies. Hopefully the committee put together to draft a bill on crypto will deliver it's draft to the Supreme Court soon.

That might ensure the public gets a chance to review it as well before it goes into effect in the parliament. What direction the government will take on the draft as well as how it will ultimately proceed with it incase of any criticism against it is anybody's guess for now.


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I always like your posts!

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I dont think there's going to be any conclusion coming out soon. There is neither going to be a strong yes or a strong No on this one.

Modi should fire arun jaitley! India has had more of socialist dictatorships since 1948 than anything else. More over the worst are chidambaram and sonia gandhi. https://www.sundayguardianlive.com/opinion/strange-saga-amartya-sen-rothschilds politicians are always marionettes.

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I agree. Piyush Goyal should be the next FM in my opinion. He is a progressive guy and could give a nod of approval to cryptos.

Start rejecting the banks...

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Piyush Goyal can be our only saviour.

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Totally!

Its a shame your National Bank is making such a hasty decision to put on a case with crypto. Crypto cant be fought and its lies in the hands of individuals whether to accept it or not. Bulgaria has already invested a huge sum in bitcoin and i believe your nation will soon see to understand the essence of cryptos

Really very well-written article.... Quite informative too.... Great work

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