The highest court in the judiciary of India, the Supreme Court is asking the Government of India to provide their stand on the state of cryptocurrencies in India. This comes from the umpteen number of petitions filed against the instructions of the central Reserve Bank of India (RBI). Furthermore, the Reserve Bank of India prohibited all the banks from participating in a cryptocurrency related trade or transaction.
The crypto community throughout the country and across the globe is protesting the circular since it first came to the limelight. On April 6, the Reserve Bank of India (RBI) ceased all the banking accounts and transactions with startups, firms, and companies involved in the services of crypto trading.
A Hope for the Crypto Community
The questioning from the Supreme Court of India, of the Government of India, seems like a sign of hope for the Indian and the Global Crypto Community. Moreover, India is an emerging market in the financial technology sector. Moreover, a technology, as revolutionary as the blockchain cannot be banned in India. For innovation to flourish in the country, the tool should be accepted.
Cryptocurrencies came in the headlines again, after the arrest of the crypto startup, Unocoin’s founders. Furthermore, they were arrested for setting up an ATM Kiosk for cryptocurrencies in Bangalore, allegedly without the State Government’s permission.
Nischal Shetty, the Founder and the Chief Executive Officer of the crypto startup, WazirX stated this. “Finally! The crypto matter came up for hearing in court today & Supreme court has asked Govt. to file an affidavit related to the findings of the crypto committee set up by them. They’re supposed to submit this within 2 weeks. Things are getting interesting! #isupportcrypto”
Furthermore, these petitions were absolutely necessary. The circular had virtually stopped all the cryptocurrency related trade in the country.