The Indian cryptocurrency market has been plagued with disappointment ever since the prohibition of INR withdrawals, as per orders of the regulatory body known as the Reserve Bank of India [RBI]. Earlier this month, the Supreme Court of India held a hearing regarding the lifting of the ban in the country. The temporary stay was rejected by the Supreme Court, with the final hearing scheduled for 20th July.
Even though the Indian regulations are not fitting well with the advancement of the financial world, Indian exchanges such as Unocoin, Zebpay, Bitbns, and WazirX have not lost hope.
On July 16th, Sandeep Goenka, the CEO of Zebpay tweeted:
“S Korean banks have $2 billion in cryptos. Wish Indian banks would think of joining the revolution rather than trying to stop something they can’t.”
Recently, the CFA [Chartered Financial Analyst] exams included cryptographic forms of money and blockchain to its Level I and II educational program. Sandeep Goenka tweeted regarding the event, as he said:
CFA Institutes have an overwhelming three-level program, that has helped prepare over 150,000 budgetary experts in 2018. Unfortunately, the same cannot be replicated in India, due to its banning policies regarding cryptocurrencies. Over 137k students apply for the CFA exam in India, making it the third largest participant for CFA exams in the world.
In an exclusive interview with AMBCrypto, Ajeet Khurana, the co-CEO of Zebpay said:
“On a regular basis, Zebpay is engaging with key people in government departments, regulators, and institutions. While it is a time-consuming process, we are convinced that the benefits of crypto will soon become evident, and we will encourage a vibrant and inclusive market for financial innovation.”
This was the reply of Ajeet Khurana when asked whether as a cryptocurrency community, one can voice opinions and change the current ban into a more acceptable environment for cryptocurrencies.
While Indian exchanges are positive and are not let down by the ban, an anonymous source provided an insight into the talks of the cryptocurrency ban amongst the Indian government. A senior government official privy to the panel’s discussions, requesting anonymity reportedly stated:
“I don’t think anyone is really thinking of banning it [cryptocurrencies] altogether. The issue here is about regulating the trade and we need to know where the money is coming from. Allowing it as [a] commodity may let us better regulate trade and so that is being looked at,”
WazirX, an Indian cryptocurrency exchange, had launched an INR/USD Tether [USDT] pairing available for trading. This was announced post the ban on cryptocurrencies in India by the RBI. The USDT pair was added for stability, said Nischal Shetty, CEO of WazirX. With the volatile prices in the P2P market, a stable coin is required to ensure that market movement does not influence buying and selling prices negatively.
As of now, Indian exchanges have paused the deposits and withdrawals of cryptocurrencies in INR. The hearing on 20th July has the potential to decide the future of cryptocurrency in India or can slow the development of the digital financial market of India.
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