Crypto Bill Still Pending To Pass In Parliament Which Threatened Indians
After the supreme court green signal, Indian crypto market users were excited to move on in India with virtual currencies. But still, a bill is pending to pass in Indian parliament yet to rule on the ” Banking of cryptocurrency and Regulation of official digital currency Bill ” from 2019 reported by Business Insider on 7th March.
If bill pass, it will boost and expand the crypto business and also will introduce unique regulatory frameworks for virtual currencies, utility tokens and commodity-backed -tokens — for Blockchain business navigation creating complicated exclusionary legislation Instrument.
SC’S clean chest to crypto —
Reserve bank of India’s decision of ban is ruled by SC on 4th March and the Indian community of Cryptocurrencies was happy.
Supreme court has given permission to crypto exchange in India that banned by RBI saying that ” disproportionate and unconstitutional “.
To avoid black money marketing to put control on institutions providing financial services to those companies operating with Cryptocurrency — Reserve Bank Of India banned virtual currencies in India in April 2018.
Targeted companies were those giving ” services in relation to virtual currencies “.
The Indian Crypto Industry started their work within 24 hours after the supreme court repealed restrictions of RBI, including Unocoin, Wazirx, and CoinDCX.
After SC’s decision Hashcash consultants also declared that it would invest $10 million into India’s trade market in virtual currencies in 2020.
Unclear Crypto Industry —-
Now again Crypto community will have to wait for supreme court decision regarding RBIs appeal on the repeal of its circulation. Also in addition to a hostile bill from 2019.
The concern of the Reserve bank of India against Virtual currencies is that it is growing vastly and putting the banking system of India at ” Risk “.
Regarding Crypto, Reserve Bank of India is it could harmful Indian banking and risk is a terror financing and money laundering – according to Economics Times on 6th March.
Sohail Merchant, a member of the Internet and Mobile Association of India’s Blockchain and Cryptocurrency Committee, stated that despite hostility from lawmakers toward crypto, the main objective of the Indian blockchain industry stakeholders is “to create a dialogue with policymakers and develop a comprehensive framework for crypto assets in India paving the way for innovation.”
A Global platform Dark webs – used by the Indian community is the highest per capita, despite the RBI ban on virtual currencies recently – a study by Statista.
Age group between 16 and 65, users preferred technologies that facilitate access to darknet are 26% of 23.227,
More than twice the global average of 12%.
