A lot of changes are taking place world over with respect to crypto currency, from the advice of the Federal Reserve chief of United States against crypto currency, to the tightening of the laws of FSA of Japan; there is a lot that has been going on for the crypto currency markets. The latest wave of downfall and the subsequent upheaval of the tokens in the market have also led to a lot of attention from the media to the crypto currency. However, India has an entirely different story to tell about crypto currency than that prevalent across the world.
But firstly, it is essential to give details about the History of crypto currency in India. RBI has strictly warned the banks from supporting the crypto currency operations in any way and the court has also banned any crypto currency transactions in India from the 6th of July, 2018. Following this verdict, it is being believed that crypto currency will be accepted in the form of commodities. However, there is a huge “maybe” when it comes to the future of crypto currency in India. As of now, the final hearing of crypto currency in Supreme Court has been set in September. That is, the last and the final verdict about the kind of role that crypto currency will play in India will be decided on September 11th, 2018.
The SEBI is yet to come up with its arguments. However, it has been clarified that there will be three judges on the bench. There have been various views which are being stated from across the Indian nation about the different expectations that are being held by the prominent figures in the economic sector of the country from the impending decisions of the high court.
Moreover, very limited arguments were made from the RBI because of the lack of any arguments from SEBI. It has been said by IAMAI that the circular written by RBI will stand to damage the prospects of the users of crypto currency in India in the coming time. At the same time, it could be noticed that very little was said by IAMAI as well. It is expected that more arguments will take place in the impending hearing of the Supreme Court in the month of September.
There are those who are expecting that the coming hearing will fare better for the future of crypto currency in India, for example, Abhishek G, who is the co-founder and also the CEO of Throughbit in India, has expressed that the bench seemed more open to the arguments and there is a chance that the hearing will take a longer time than is expected.
However, only September will decide the fate of crypto currency in India. There will be an upheaval in the market regardless of the decision. Whatever decision the bench deems fit, it will definitely affect the financial sector in a grave manner and also the various users of crypto currency in India.