We’ve been through several stages in the past one and half year where the government and it’s agencies have ensured the following:
- Harass HNW Individuals over the cryptocurrency holdings.
- Harass cryptocurrency exchanges
- Arrest co-founders of cryptocurrency exchanges over cash deposit/withdrawal machine.
- Try to prevent new businesses from operating in this space legitimately.
- Promote blockchain development.
- RBI bans its licenced banks from providing banking services to crypto exchanges.
- Announce Garg committee to come up with regulatory draft.
- Delay said draft amongst other things.
- No official policy for taxing gains from cryptocurrency trading.
Overall the situation for legalised purchase, sale and possession isn’t any different today than it was 2 years ago. Exchanges operate in a gray area where none of this is illegal but neither is it legal due to lack of regulations.
Cryptocurrencies cannot be banned easily and hence government hasn’t done anything drastic in this regard just yet.
However, with Supreme Court informing the government that it has 4 weeks to submit the regulations to the court is likely to speed up the policy work from the government. However, it’s highly unlikely that the government will submit any policy to the court within the stipulated time.
There hasn’t been any positive information made available about the government’s willingness to actually deliver a policy just yet.
Also, we’re only days away from the next hearing in the Supreme Court of India but i’m hopeful for a decision that is pro-cryptocurrency even as hard and unlikely as it seems to be at the moment.
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