India Crypto Enthusiasts Protest as Supreme Court Delays Bank Case

India Crypto Enthusiasts Protest as Supreme Court Delays Bank Case



India Crypto Enthusiasts Protest as Supreme Court Delays Bank Case

In the month of March, the streets of Delhi, Mumbai, Hyderabad, and Bangalore vibrated as thousands of cryptocurrency and blockchain enthusiasts expressed their distaste of the industry’s situation in the locale.

According to reports, Blockchained India co-founder and observer of the protest Akshay Aggarwal, opined that “the street demonstrations are occurring mainly because the whole crypto space represents a world different than we currently live in — a more efficient one, a more evolved one”, which apparently, as with other enthusiasts in other nations are striving for inclusion in the emerging economy. During the protest, the crowds that gathered in Delhi didn’t mind challenging the authority, and those in Mumbai were more about showing how valuable the blockchain is since they took out time for the protest. Meanwhile, in Hyderabad, citizens were more open to discussions about the pros and cons of the emerging industry.

Though the industry is completely different from the current economic standards and status quo, it is clear that the eventual impact of widespread adoption is currently unknown. Aggarwal observed:

“None of us is able to figure out if it would directly do more positive impact than the negative… We do not understand it completely, especially its multifold effects, and we always fear what we don’t understand.”

It’s about a year since the conflict of interest between the emerging crypto industry and the central bank of India – the Reserve Bank of India (RBI), and cryptocurrency enthusiasts are becoming wary of the undue delay in the court’s ruling on the decision of the RBI’s effective ban of custodial services to crypto related ventures. It appears the RBI may be using delay tactics to further their goal of stalling the growth of the industry when the Counsel sought a regular day for the hearing.

However, despite the current outcome, cryptocurrency enthusiasts remain optimistic as key players striving for regulation and adoption had provided somewhat positive sentiments. One of which is a general consensus among members of the inter-ministerial committee that cryptocurrency cannot be dismissed as completely illegal. More so, in late February, the Supreme Court had issued a 4-week deadline to the Union of India to come up with a regulatory framework.

Despite several ongoing crypto-related discussions in India, there appears to be no apparent headway for the industry at the moment, with the Court’s postponement only agitating the industry more. Meanwhile, the possibility of the destabilization of the rupee and the financial system became a major concern should cryptocurrency be legalized. However, the government has considered seeking external legal assistance to put the dilemma to rest.

 

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