India is Seeing More Interest in Cryptocurrency
In the wake of the Indian Supreme Court decision to reverse the Indian central bank’s decision to ban cryptocurrency businesses has led accelerating enthusiasm. Within a day of the repeal of the Reserve ban on services related to cryptocurrency, local exchanges kicked into gear. Additionally, the Indian Crypto Bulls Roadshow, added several states and cities to its route. The roadshow describes itself as a not-for-profit initiative that seeks to educate Indian citizens about the cryptocurrency sectors.
The Supreme Court Overrules the RBI
In early March, Cryptocurrency exchanges secured a victory as the Indian Supreme Court ruled against the RBI which had outlawed cryptocurrency trading in India. The RBI had banned services for cryptocurrency that included exchanging fiat currencies like the Rupee or Dollar for crypto currencies. The RBI allowed exchanges to be active in cross crypto currencies. For example, if you want to trade bitcoin versus Ethereum the RBI would allow this transaction.
During this period between the ban and the Supreme Court ruling, which started in April of 2018, the RBI had been evaluating a the sovereign-backed digital currencythat it would control as it cracked down on instruments like bitcoin, citing the potential for money laundering.Opponents of the RBI cryptocurrency ban argued that the central bank wasn’t empowered to issue the directive.
Immediately after the ruling by the Supreme court local exchangesUnocoin, Wazirx, and Coindcx resumed fiat deposit services. It took less than 24 hours for India’s two major exchanges to resume accepting deposits and withdrawals. Additionally, HashCash Consultants also announced it would invest $10 million into the Indian crypto sector. The RBI had barred financial entities regulated by the RBI from entering any transactions involving cryptocurrencies.
The Central Bank Concerns Remain
Despite a victory by the cryptocurrency community the repeal of the RBI ban, is only a stepping stone to further use of crypto’s in India. The Economic Times reported that RBI is still concerned that widespread virtual currency adoption which could put the financial system at risk. IN 2018 the RBI even said they believed that cryptocurrency trading is similar to a Ponzi scheme. India’s parliament is also yet to rule on the pending bill which is the banning of cryptocurrency.
Indian Cryptocurrency Road Show
To hype the ability to transact cryptocurrencies, a non-profit organization called Crypto Bulls is planning the Indian Crypto Bulls Roadshow. Crypto Bulls describes itself as a not-for-profit initiative that seeks to educate Indian citizens as to the emerging cryptocurrency sectors. In the wake of the supreme court ruling the road show is expanding. To plan for the additional locations, the roadshow’s starting date has been delayed. The event will now span more than 7,000 kilometers.
The upshot is that cryptocurrency information is spreading throughout India and will likely experience more widespread use in the wake of the Supreme Court ruling shooting down a ban of cryptocurrency services within India.