One of the biggest stories in the cryptocurrency community in India is the imminent ruling to be made by the Indian Supreme Court regarding the imposed ban on crypto activities.
It seems, however, that the final ruling might not matter in the long run.
Earlier this year, the RBI, India’s top regulatory body, imposed a ban on financial institutions with relation to Bitcoin.
The ban in question forbade the institutions from trading in cryptocurrencies. As a result, cryptocurrency activities in India stalled and investors have been waiting for the supreme court ruling on the mater for months.
However, it now seems like the ruling of the court will not have much of an effect on cryptocurrency activities after all.
What the Ruling Means
A ruling is due to be made on the matter next week and it is highly anticipated by many in India’s financial sector. Banks and payment platforms have had all their cryptocurrency activities halted.
However, not everyone believes that the restriction will have much effect. Ajeet Kk, the CEO of Zebpay, India’s largest crypto exchange, stated “We feel that our case is very strong and we are also aware that RBI has its own considerations and compulsions. But this decision is not going to significantly define the future of bitcoins here.”
Working Around It
Regardless of what the courts decide, Ajeet feels that people will find a way to trade in cryptocurrencies by making use of loopholes.
Ajeet also feels that it would be in the government’s best interest to embrace cryptocurrencies rather than create more restrictions.
“Why not let people have systematic and official means? By cutting the bank part in this process, authorities are only going to make room for new challenges.”
The ban has so far not deterred people from using cryptocurrency and a number of platforms and exchanges such as Koinex have made it clear that they will find ways to work around whatever restrictions are put in place, including deposit and withdrawal of cryptocurrencies.
Barry Silbert, the founder of the Bitcoin Investment fund, stated during a recent interview that as more and more companies begin to adopt the use of cryptocurrency, cryptocurrency will evolve from being an ‘experimental’ concept and a more of a widely-accepted tool to aid consumers.
When this happens, harsh restrictions on their use will become redundant and will likely run their course.