July 26, 2018 377By Adrian Barkley
“It 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.”See more for yourself, here. 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.