Nearly a month has passed since the press release that stated a possibility of regulation led ban on cryptocurrencies in India.
There isn't a lot of new information that has come forward after that. However, in hindsight I feel that the press release cannot be construed as the law that will be passed. It's quite likely that the press release from FSDC meeting puts forward only some of the discussion from the meeting.
We need to get on social media like Twitter push for legislation that officially legalises cryptocurrency.
Let's be clear on one thing. The government isn't stupid. They cannot simply ban cryptocurrency possession or trading and also enforce that ban country wide. It's not easy to implement such a law. Therefore laws are generally made when they can be implementable.
Government of India can make a legislation outlawing cryptocurrency doesn't mean the country will simply follow it. Laws can be fought in court and amended.
This gives me some hope that we're unlikely to see a ban on cryptocurrencies in India but at the same time I wish the Supreme Court of India will speed up the case and get it over with. The chances are quite good that we might see positive regulations being enacted eventually, especially when our neighbouring countries Malaysia are doing it.
Meanwhile, as we know the markets have been falling but it has already created a great opportunity to invest into cryptos such as Bitcoin or STEEM. Make use of that with money you are willing to risk.
You can read my earlier post here to familiarise yourself about last known development on this matter.
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
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