The future of crypto regulation in India is decided today.
In February, the government asked the Indian Supreme Court to submit its own regulation on crypto within 28 days, and today the deadline has arrived.
Unfortunately, compared to other Asian countries, there is a strong resistance against crypto in India. In fact, in April of last year, the RBI (Reserve Bank of India) issued a diktat prohibiting all banks from dealing with the crypto world and with related companies.
Afterwards, in an annual report, it was highlighted that the crypto issue was among the various topics, moving from a total ban to an effective regulation that could avoid negative aspects such as money laundering and hidden financing.
Already at the end of 2018, it was thought how useless India’s ban on crypto and bitcoin was. Quartz India, in fact, had explained how difficult it can be to really enforce the ban of crypto given their decentralised nature.
Cryptocurrencies in India have not had an easy life and if everything is resolved in a positive way, there will be an impressive boom in this sector, also because India must recover from these recent years of stagnant situation and chase the other Asian countries that are already moving to have an advantage in the global landscape, as for example, the government of Vietnam is already doing.