These days I find myself answering questions on the possibility of crypto ban in India more often than not. People continue to be misled by information that is not accurate. We don't have a ban on cryptocurrencies, we have exchanges where we can trade, we can hold and we must also pay taxes on any profits from our trades.
All of this even as there is no regulation and a lot of effort has been made to change perception amongst the people that crypto is illegal. Fortunately, people are waking up to realize once more that this isn't true and they can choose cryptocurrencies such as Bitcoin as a store of value than traditional speculative assets.
But a lot has transpired in the last year and a half in India. People came to crypto in droves and left as quickly at the first alarm bells triggered by the media with the central bank making a lot of noise with it's FUD, eventually leading to a ban on banking services to exchanges by entities regulated by the central bank.
Despite all the negativity, extended bear market and Bitcoin/crypto being written off as dead, we are still here and thriving.
You cannot simply remove cryptocurrency from the minds of tech-savvy people in India. They will continue using it because governments cannot simply ban and sit happily thinking they've achieved the impossible because it's impossible!
But it's my hope that when the court pulls up the case for hearing on 23rd July, the government of India submits a draft of the crypto bill to the court which I hope will be made public for a review by stakeholders in this space.
People who are likely to be affected by these regulations must be part of the process of creating it in order for it to be fair. But in recent times governments are quite concerned with the rising popularity of crypto.
So it's a bit difficult for them to accept this wholeheartedly. However, I sincerely hope the Supreme Court of India will uphold the rights of every Indian citizen to earn a living fair and square by participation in decentralized currencies and growing decentralized digital economies.
Few more days to go. Let's see how this plays out.
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