Authorities In India Admit They Recognise Bitcoin As A Legitimate Currency
As we should all know by now, cryptocurrency in India is taking a bit of a hit. With the Reserve Bank of India (RBI) ruling against it and the supreme court looking likely to do the same thing, by the end of September cryptocurrency could seriously hit a dead-end in the country.
Reports out today however highlight that the Law Commission of India, a branch of the Indian government, responsible for enabling legal reform have stated that actually, cryptocurrency should be recognised as a viable currency with store value and thus is something that should be regulated, not banned.
This announcement at least injects some hope back into the crypto community within India.
The announcement comes from extensive research by the Law Commission into online gambling and thus, they have paid close attention into how digital currencies are used within this industry. According to Ethereum World News, the commission have stated:
âIt is the first time that a body appointed by the government has given recognition to virtual currencies that they have value and can be used for a transaction. Therefore, it is a very positive sign, especially considering the report has come out after a lot of deliberation. The law commission recommends that regulating gambling is preferable to an outright ban. This is the same argument we are making in [the] context of cryptocurrencies.â
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By recognising cryptocurrencies as something with a real intrinsic value, the Law Commission believe that the true future for crypto is within regulation and not prohibition. This statement comes just as the supreme court are continuing their investigations into cryptocurrency and the RBI ban. As a legitimate government authority, the supreme court have to listen to the recommendations made by the Law Commission, recommendations that indeed contradict the ruling of the RBI.
This really is positive news. If India eventually reject cryptocurrencies, they will segregate themselves from a growing, intelligent technology that promises to change entire economic systems for the better. India are at the fore of blockchain research therefore, nobody can really see why they would want to out law crypto. Now it seems, even the Law Commission are on our side too.