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India's cryptocurrency industry is still threatened by the ban while the bill is pending

It is highly likely that India will completely ban cryptocurrencies

A bill awaiting review could still hinder cryptocurrencies from thriving in India, as the Indian parliament has yet to decide on "The Prohibition of Cryptocurrencies and the Regulations on Official Cryptocurrency Bills. "From 2019, according to Business Insider reporting on March 7.

If passed, this bill would provide unique legal frameworks for virtual currencies, utility tokens, and commodity-backed tokens – that would create a complex exclusion legislative apparatus. for blockchain businesses.

The Supreme Court rejected the Indian Reserve Bank's cryptocurrency ban

On March 4, the Indian cryptocurrency community had a celebration as the Indian Supreme Court ruled that the Reserve Bank of India (RBI) ban was “inadequate and misleading”. give.”

This bill prevented financial institutions from providing banking services to companies operating in the cryptocurrency sector. The ban has been in place since April 2018, and targets any company that provides cryptocurrency-related services.

Less than 24 hours after the restrictions were lifted, several cryptocurrency exchanges in India resumed fiat deposit services – including Unocoin, Wazirx and CoinDCX.

Commenting on the event, HashCash consultants also announced they would invest $ 10 million in the emerging industry in India this year.

India's cryptocurrency industry is unclear

In addition to the stringent bill from 2019, India's crypto community will also have to win over RBI's appeal at the Supreme Court regarding the recent ruling of the rejection of the bill.

Citing an anonymous source, the Economic Times reported on March 6 that RBI expressed concern that the widespread popularity of virtual currencies could put the country's banking system at risk.

Sohail Merchant – a member of the Blockchain and Crypto Committee of the Internet and Mobile Association of India, stated that despite the opposition from lawmakers to cryptocurrencies, the main objective of the stakeholders in the Indian blockchain industry is “creating a dialogue with policy makers and developing a comprehensive framework for cryptocurrency assets in India, thereby paving the way for innovation.”

Crypto ban pushes Indians into the dark web

Secrecy of RBI's crypto ban, a recent study of Statista shows that the Indian population has the highest per capita use of danknet platforms worldwide.

The report found that 26% of the 23,337 people surveyed between the ages of 16 and 65 used technologies to help access the dark web – more than twice the global average of 12%.

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According to CoinTelegraph
Translated by ToiYeuBitcoin

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