The cryptocurrency situation in India is still uncertain. India’s Supreme Court has pushed back the date for a final hearing to September 11th. At that time, the community will finally know if the Reserve Bank of India’s ban will officially be enforced.
Another Supreme Court Delay
Solving the uncertainty surrounding India’s cryptocurrency situation has been challenging. The domestic Supreme Court aims to hold a final hearing regarding the RBI’s ban on crypto. While enforced by the Supreme Court at first, the situation can still change. For cryptocurrency companies and enthusiasts, the final hearing will not happen until mid-September.
This is another setback for the cryptocurrency industry in the country. The final verdict was to be rendered on July 20th. However, the Supreme Court decided to push back its verdict by another seven weeks. Why that decision was made remains unclear to all participants. Deciding the fate of Bitcoin and altcoins is a very big decision. Weighing the pros and cons needs to be done in a careful and unbiased manner.
Domestic cryptocurrency operators aren’t pleased with this added delay. Every day without a solution cripples the Indian crypto industry even further. Given the success these exchanges have seen over the years, the decision by the RBI makes virtually no sense. Cryptocurrency brings a lot of investment and jobs to India. As such, the ecosystem should be cherished and nurtured, rather than outlawed.
Too Many Parties Involved?
Overturning the RBI’s decision will be a big challenge, and the entire situation is filled with many actors. Various government agencies and regulators are part of the ongoing litigation. This includes the Narendra Modi government, who are in the process of drafting their own cryptocurrency regulations.
For the industry, this delay is a very unfortunate development. Exchanges will need to maintain their current business models for at least another seven weeks. Some platforms changed to crypto-to-crypto trading only. Others have ventured into P2P trading to bypass the RBI’s restrictions.
This Supreme Court delay comes at an unfortunate time. Bitcoin is going through an extensive bull run that is spurring demand for the world’s leading cryptocurrency. Indian exchanges can not facilitate this demand under the current restrictions. The uneasy situation of cryptocurrency in India continues unabated.
What do you think about this delay by the Indian Supreme Court? Let us know in the comments below.
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Author: JP Buntinx