Following the Supreme Court’s decision to lift the cryptocurrency ban in India, activity in the Crypto space has increased significantly, but there are still some rumors about the uncertainty regarding the legal status of Bitcoin and cryptocurrencies in the country.
Unocoin CEO Sathvik Vishwanath spoke about crypto-related legislation in the country in an interview recently;
“WITH GREAT PROBABILITY, IT WILL BE ‘NO’ FROM THIS TIME DUE TO OUR IMPACT. THE INDUSTRY AND MEDIA HAVE MADE THIS IMPACT ON WHY IT SHOULD BE IN INDIA IN ORDER NOT TO MISS THE OPPORTUNITIES. “
Interestingly, the crypto industry developed in India after the ban was lifted in March, as data from Coin Dance confirms.
As more and more investors entered the crypto space, weekly trading volumes increased. As crypto businesses continue to evolve, it will be necessary to carefully consider the impact of a permanent ban on Cryptocurrency on the country.
In line with this thought, Vishwanath stated that after the repeal of this law, a new committee will be needed to determine how the current law of the Land will be applied to crypto and to provide a more balanced view.
To determine how best to regulate cryptocurrencies, Legal virtual spaces are increasingly being considered by many countries.
In Hong Kong, for example, the SFC (Securities and Futures Commission) has created a sandbox that gives both regulators and the industry an opportunity to see how transactions work in harmony.
Even countries such as Kyrgyzstan and South Africa have recently published draft laws on crypto regulation inviting the public to submit their own advice on regulatory proposals.
There are no specific guidelines on this yet in India, and therefore, Many retail investors are reluctant to enter this area due to the ongoing rumors of an impending ban.