While expectations and fears are mounting on an imminent Supreme Court decision about the regulator’s ban concerning cryptocurrency trade in India, the big day may not exactly be a defining one for the future of bitcoin in the country. Other questions and bypass-routes will snowball (or hairball) no matter which way the ruling swings. Crypto exchanges have smelt a lot in this run-up to the hearing.
Next week is supposed to be a major one for the ongoing debate on the circular that Indian regulator RBI issued in April banning all financial institutions from providing services in trade of virtual currencies.
This move has drawn a big yellow line for banks and payment gateways, and has halted their work with cryptocurrency. This should make affected crypto exchanges and traders worried, but if you ask Ajeet K, CEO, Zebpay (presumably India’s first bitcoin exchange), he is chewing some cud instead of nails right now.
“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.” He opines that regardless of the outcome, the space will find its way to blossom. If favorable, there would be other issues and nuances of regulation to be addressed as we move forth. If it pans out unfavorable? Well, then too, the plug would not be just yanked away.