Future of cryptocurrency in India continues to hang in the balance

[venkat123]

The Reserve Bank of India (RBI) on May 31 asked banks not to cite its 2018 order as a reason to deny banking services to customers who dealt in cryptocurrencies. It stated that its 2018 order was set aside by the Supreme Court in March this year and that it would be inappropriate for banks to cite the order any longer.

However, the central bank asked banks to continue other due diligence procedures on cryptocurrency traders under rules linked to anti-money laundering and prevention of terrorism.

 

[btaliat]

The fact is that banks cannot be used to stop cryptocurrencies. To be honest, cryptocurrencies was not designed to operated through third party like banks. It was initially through peer to peer platform. So of government is using banks to threaten the crypto users, it is impossible. The serious users can still be using p2p.

 

[Chibson]

It is not completely possible to ban cryptocurrency in any part of the world because even where in Nigeria are still trading and exchanging cryptocurrencies on daily basis. The government of Nigeria recently banned the use of cryptocurrency and transaction by Nigerian Banks and of course since then we have been using binance P2P and other forms.

 

[sincerem]

India government are still being headstrong when it comes to allowing individuals to trade or transact around crypto. The banks can't regulate the transactions of crypto, it is built yo bypass third party kind of transaction, making it uneasy for third party to regulate or control its transaction processing. Crypto is set anonymous, and that's how it will be as long as it stand.

 

[arunima25]

Being from India, I never tried to earn, mine or invest in crypto currency. I could not understand it and was not so eager to explore it much because it was illegal here. But now I guess it is legalised but still not sure how would that be handled here. None of the government around the globe back crypto currency. The future of these virtual coins can not be predicted with certainty in any part of the world.

 

[sincerem]

Being from India, I never tried to earn, mine or invest in crypto currency. I could not understand it and was not so eager to explore it much because it was illegal here. But now I guess it is legalised but still not sure how would that be handled here. None of the government around the globe back crypto currency. The future of these virtual coins can not be predicted with certainty in any part of the world.

Some countries like India, Nigeria, China etc. Continue to see uncertainty in the future of the Cryptocurrency, seeing it as a threat to their fiat currency. If they come to understand the future benefits of this, they wouldn't be turning it down. Or doubting its overall future transition and the potential it got. The govt can regulate it, reduce the high level money laundering going around it. And also take tax from the exchange sites that is running via their country.

 

[arunima25]

No where these currencies are backed by government as far as I know. They all fear it to be a threat to fiat currency.
You are right there. Banning what has gained so much popularity lately is not going to help. People will find loopholes and illegal ways to do things. Better would be that government comes up with some good rules and regulations around them. Your suggestions are good and maybe in coming times these countries might come with legal rules around these crypto currencies.

 

[sincerem]

No where these currencies are backed by government as far as I know. They all fear it to be a threat to fiat currency.
You are right there. Banning what has gained so much popularity lately is not going to help. People will find loopholes and illegal ways to do things. Better would be that government comes up with some good rules and regulations around them. Your suggestions are good and maybe in coming times these countries might come with legal rules around these crypto currencies.

I agree with you, its not just normal delisting crypto now it has gained popularity and widespread acceptance by people all round the world. Let's not forget that crypto has really helped curb the high level of poverty around the world made people to gain financial stability. Indian government should look into this and restrain their decision of banning crypto.

 

[arunima25]

Crypto currencies have gained a huge market and popularity. Though I am not into it but being on online sites, I have learnt that a lot of people are investing, mining and earning in cryptos now. And many prefer to be paid in crypto as it suits them more. And this crypto market has diluted the border issues. Many people from poorer nation have made good earnings there and have opportunities to work online and earn in these currencies. So it is not a valid thing for any government to delist it. In fact government should pay more emphasis on making better rules and regulations.

 

[Alexandoy]

The main issue of trading in crypto currency in country is the potential use for money laundering. The central bank here is very strict on that issue so maybe crypto users here are just calm and quiet with their transactions.

 

[sincerem]

Countries fear for their Fiat currency being devalue for the transactions going around crypto. What fears them the most is the case of the coins operating anonymously. Had it been it operates like the way banks work, it could've been regulated by this time. But since crypto isn't crested that way it is hard for the govt to regulate its transactions. And also crypto can't be banned.

 

[Sammyesx]

This is a trying time for the crypto currency world, most countries are just making it more difficult for crypto traders, for no good reason, which I feel if it continues to persist, it might affect the value of crypto, which would not be nice. Good thing the market is decentralized, if not, it would have been shut down considering all these restrictions by countries government.