Nearly a month has passed since the press release that stated a possibility of regulation led ban on cryptocurrencies in India.
There isn't a lot of new information that has come forward after that. However, in hindsight I feel that the press release cannot be construed as the law that will be passed. It's quite likely that the press release from FSDC meeting puts forward only some of the discussion from the meeting.
We need to get on social media like Twitter push for legislation that officially legalises cryptocurrency.
Let's be clear on one thing. The government isn't stupid. They cannot simply ban cryptocurrency possession or trading and also enforce that ban country wide. It's not easy to implement such a law. Therefore laws are generally made when they can be implementable.
Government of India can make a legislation outlawing cryptocurrency doesn't mean the country will simply follow it. Laws can be fought in court and amended.
This gives me some hope that we're unlikely to see a ban on cryptocurrencies in India but at the same time I wish the Supreme Court of India will speed up the case and get it over with. The chances are quite good that we might see positive regulations being enacted eventually, especially when our neighbouring countries Malaysia are doing it.
Meanwhile, as we know the markets have been falling but it has already created a great opportunity to invest into cryptos such as Bitcoin or STEEM. Make use of that with money you are willing to risk.
You can read my earlier post here to familiarise yourself about last known development on this matter.
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
- Let's Watch This Fun Video From International Steem Meetup #1—Malaysia
- Why You Should Vote For Firepower As Witness—Witness Campaign Post From India!
- Steem.Chat Contest #54
I think the very existence of crypto has given the ones who likes to “control” a freakish nightmare since if everything is done right in the block chain structure.
I am wishing you guys all the best in this journey. In the mean time I am trying to see if there are ways to let crypto work as a parallel lifestyle with fiat instead of against it... because at the end of the day the gov only want taxes to keep itself running.
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The longer they take to do what they are going to do seems like a good thing to me. As blockchain technology moves forward India's gvt officials get a chance to see its adoption by other nations around the world. As crypto continues too get a foothold in mainstream financial institutions, I do not think they want to be left out in the cold.
@firepower, Yes, Cryptos are not controlled so there is no Ban aspect here but yes, positive regulations can welcome the great opportunities and these opportunities can change the total picture because that's the potential of Blockchain Technology and Cryptocurrency Sphere but for sure we have to wait and see how much time it will going to take to see an clear path.
Wishing you an great day and stay blessed. 🙂
Well, you are right. Banning crypto is almost like trying to censor internet. You can't do that. The best way out for everybody's good is regulation. The sooner they make their stand clear on it, the sooner people will get over the anxiety and figure out a way to deal in crypto in their own way.
Well...
The good news is "elections are coming".
Hopefully a better government will come...
Hey @firepower , I am hoping for positive regulations. We are building @swapsteem with this hope only.
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That's great. Will look into your project in more detail.
Thanks.we would love to hear your feedback.
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What is RBI news?
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This is good news for Indian. thanks for sharing this information.