Finally, a timeline has been established by the courts and the Reserve Bank of India (RBI) with regards to the RBI’s sudden action towards outlawing cryptocurrency. As it stands within India, traders are no longer allowed access to FIAT to crypto exchanges and therefore are only able to trade crypto to crypto (Bitcoin to Ethereum for example).
Prior to the RBI’s decision, India was seen as the third largest nation for cryptocurrency trading volume, now however, the outlook is very different.
According to Quartz India, Shivam Thakral, the CEO of Indian crypto exchange BuyUcoin has said:
“We need to wait for about 50 more days now and every day matters as the Indian cryptocurrency ecosystem is getting affected, so we were hoping for a faster decision.”
50 days, refers to the time until the next hearing, as outlined by India’s Supreme Court on the 20th of July. This means for now at least, the current uncertain and uneasy crypto climate in India, will continue to exist until the 11th of September 2018.
Pushan Dwivedi, an associate from TRA Law who are working with a number of Indian crypto exchanges has said:
“There are several government agencies interested in the matter and it is important to take into account their views on the subject. And therefore, such a delay is not unexpected.”
Therefore, this timeframe should not be seen as an issue, rather, it’s an organic part of a complex trial. There are a lot of bodies involved in this and therefore, the courts need to be seen to act with caution and thus, take their time.
What will happen next?
The courts need to hear the side of each story. The RBI, the exchanges, the traders and the government agencies all need to pitch their viewpoint. Naturally, the pro-crypto camp are being represented by groups of lawyers such as TRA Law, who will try to totally lift the RBI’s ban, however we have to ask ourselves if the Supreme Court of India are ever going to be in a position to go against their own countries central bank and authorities?
India will always have a position at the fore of blockchain technology and research, ultimately, it would be a shame for them to lose their spot at the top of the crypto race. Hopefully by the end of September, the position within India will be clear and we’ll all be able to work out what to do next.