Monday, April 22, 2019

‘What Is It Really?’: Indian Supreme Court Forces Gov’t To Decide Stance On Crypto

Among all the countries that have trouble in dealing with the concept of cryptocurrencies, India had been the worst of them all. The actions that Indian government had been doing in cryptocurrencies and exchanges for the past months have worsen and now leads to their Supreme Court to take some action.

According to the article made by India’s Economic Times, the Supreme Court of India orders their government to immediately make up their mind about their stance on digital currencies. The court forces them to have a decision within two weeks as tons of complaints have already submitted to them; stating that the Indian government have blurred lines with their restrictions and permissions in the concept of cryptocurrencies in the country.

India as the second-most populated country in the whole world had been awful with the idea of cryptocurrencies. This started when their Reserve Bank of India prohibited entities in dealing with cryptos for the last few months which made the system terribly shaken by the decision. Although, the bank did not say that they’re going to ban the usage and transactions of cryptos in the country, their actions speak louder than words.

Time to Pack Up

For the past months, Indian government sued and arrested most crypto entities transacting exchanges for fiat-to-currency. These actions frightens most of the companies to invest and use crypto as the government won’t clarify which is allowed or not. As a matter of fact, even big crypto companies like Zebpay transferred their offices located in India to Malta in order to avoid conflicts against the government.

Recently, another instance of miscommunication happened in the region of Bengaluru in India in where they arrested a 37-year old businessman named Harish BV whom started running his crypto ATM alongside with his own crypto company called Unocoin Technologies. As of now, the case against the company is still going on court but people are also beginning to be pissed off with their government’s unjust treatment for the businesses of crypto.

What’s Happening India?

The government is still refrained from giving their statement regarding the threat of their Supreme Court but people are now more interested to find out the future actions of Indian government about it. No one really knows what’s happening with the Indian government and their unclear emotion towards crypto. Still, as a community and as a country, the government must identify their feelings towards the online currencies as they are responsible for over thousands of crypto owners whom are frightened to start patronizing cryptocurrencies.

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