There has been a lot of murmur in the market the ETF proposal of Winklevoss brothers which was rejected by the SEC, moreover, a lot of such proposals by different enterprises have been rejected by the regulation authorities. The effect of these rejections can be noticed in the manner in which Bitcoin and other currencies faced a slump in the market. However, Ethereum founder has something to say about how there are other things in the market that need to be focused on right now, issues which are more pressing for the future of digital currency.

The co-owner of Ethereum, which is currently giving competition to the eminent Bitcoin, has said that while we are focusing on the ETFs too much, the market and its entities should also focus on the other things such as making it easy for a number of consumers of cryptocurrency to conduct transactions on the day-to-day basis. Moreover, even though an ETF will help with the increasing in the value of prices, it is the adoption of virtual currencies by the masses that is of more importance right now. This comment on twitter received a lot of responses.

The debates that followed had a lot to do with connection of retail and cryptocurrency and what are the other factors that might affect the more prevalent use of cryptocurrency in the market.

It can be concluded that in spite of Buterin stating that ways to propagate the use of cryptocurrency in the market should be undertaken, after careful observation it can be seen that ETF can be one way of doing so. The fact that Ethereum and Bitcoin are not categorized as Securities is working well for both the chances of formation of ETFs as well as for the adoption of this method of transaction by a lot of ordinary citizens. Integration of several salient features of crypto currency can also help with the ambition to add virtual currency in the day-to-day financial transactions. Moreover, if blockchain options are just a click away, than it would be easier for a number of people yet unaware of its mechanisms to learn and thereafter adopt and be included amongst the existing number of users in the market.

The co-founder of Ethereum has given a strong opinion by saying that mass adoption should be the ultimate goal of digital currency, but several steps will have to be taken so that this new sector in the economy ceases to remain on the sidelines and increasing number of economies find it relevant.

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.