India Makes U-Turn on its Crypto Ban

[Dev123]

Weeks after the Reserve Bank of India (RBI) issued a circular banning all banks and financial institutions from offering services to cryptocurrency businesses in April, its stance seems to be softening.

During a court hearing of a petition seeking the legalization and regulation of the cryptocurrency industry, the Reserve Bank of India told the Supreme Court that it is necessary to regulate bitcoin.

Reported Financial Express:

Gopal Subramanium, appearing for the petitioners... argued that RBI's circular that mandated banks, e-wallets, and payment gateway providers to withdraw support for cryptocurrency exchanges and other businesses dealing with virtual currencies in India was "baseless". "In today's tech world, transactions are done online and you need banks for that. This issue should concern the government," he argued.

Crypto regulation has “immense policy dimensions”
In response, the RBI, through senior counsel Shyam Divan, told the Supreme Court that cryptocurrency left unregulated will encourage illegal transactions and also impact the international flow of funds. He said:

It has immense policy dimensions.

CCN reported that the hearing was also attended by India’s attorney general KK Venugopal in attendance, “signifying the importance of the petition and case overall”. CCN reported:

The RBI’s softening stance, after years of repeated public warnings [against crypto], coincides with the timing of a final draft of regulations developed by an inter-governmental committee tasked to formulate a policy for the sector in the country.

Rumors are that Indian authorities are looking to classify cryptocurrencies as commodities, a move that would see cryptocurrency trading markets regulated similarly to traditional mainstream financial markets.

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[Bobcrypto]

Good info, i want to add that countries where there are various kinds of government interference about crypto negatively, may be relieve or outrightly lifted as crypto awareness increases. I think that crypto in my opinion, has actually come to stay. Thank you

[dekafee79]

Weeks after the Reserve Bank of India (RBI) issued a circular banning all banks and financial institutions from offering services to cryptocurrency businesses in April, its stance seems to be softening.

During a court hearing of a petition seeking the legalization and regulation of the cryptocurrency industry, the Reserve Bank of India told the Supreme Court that it is necessary to regulate bitcoin.

Reported Financial Express:

Gopal Subramanium, appearing for the petitioners... argued that RBI's circular that mandated banks, e-wallets, and payment gateway providers to withdraw support for cryptocurrency exchanges and other businesses dealing with virtual currencies in India was "baseless". "In today's tech world, transactions are done online and you need banks for that. This issue should concern the government," he argued.

Crypto regulation has “immense policy dimensions”
In response, the RBI, through senior counsel Shyam Divan, told the Supreme Court that cryptocurrency left unregulated will encourage illegal transactions and also impact the international flow of funds. He said:

It has immense policy dimensions.

CCN reported that the hearing was also attended by India’s attorney general KK Venugopal in attendance, “signifying the importance of the petition and case overall”. CCN reported:

The RBI’s softening stance, after years of repeated public warnings [against crypto], coincides with the timing of a final draft of regulations developed by an inter-governmental committee tasked to formulate a policy for the sector in the country.

Rumors are that Indian authorities are looking to classify cryptocurrencies as commodities, a move that would see cryptocurrency trading markets regulated similarly to traditional mainstream financial markets.

Know more about related topic click here: https://No link shortners - please include original link/2LUQEFM
Participate in our bounty program click here: https://no link shortning/H0d8gms0

I think It is good news mate. I hope all countries will accept and legalize crypto. Many advantages of crypto.

[Contagem]

India sooner or later will still accept cryptocurrencies, but the government of India needs to develop regulation at the legislative level. The government understands and realizes all the advantages of adopting cryptocurrencies at the legislative level.

[btyco]

Great news but still the market is falling. India is a huge market so you would think that news like this will get the bulls running again but sadly it has fallen to it's lowest point this year. Let us hope Indian investors will start to spend some rupees

[Luffyone]

Actually there is a lot of countries other than India ban crypto, for example China. It is reasonable for government to ban in order to protect their people. But in the internet world in this new era, how to prevent it. It is just about when all the government will accept crypto.

[Judybrown]

If the ban on crypto has been revoked in India, then I think that is the best news I have ever heard. If crypto is widely accepted in the world, more investors will invest in the coins making new projects successful.