Industry Players’ Sentiment After Cryptocurrency Restriction Hearing in India
The Indian Crypto market has been tormented with utter dismay, ever since the RBI ordered the INR withdrawals to be prohibited. The final Supreme Court hearing on cryptocurrency is slated to be on the 20th of July, 2018, after having one earlier this month on lifting the ban in the country.
Indian exchanges like Zebpay, Bitbns, WazirX, and Unocoin haven’t lost their hopes, despite the Indian regulations unable to fit well with the financial world’s advancement.
Earlier in July, Sandeep Goenka, the CEO of Zebpay tweeted saying that, ”S Korean banks have $2 billion in cryptos. Wish Indian banks would think of joining the revolution rather trying to stop something they can’t.” This tweet has made major cryptocurrency news in India. He also made another tweet after cryptographic forms of money and Blockchain were included in the Level I and II educational programs by the Chartered Financial Analyst (CFA), saying that,”So frustrating that we can’t get news like this in front of policymakers in India.”
150,000 budgetary experts have been helped in 2018 by the sizeable three-level program of CFA institutes. Sadly, the same can’t be recreated in India because of the banning policies on cryptocurrencies. In India, more than 137,000 apply for CFA exams every year. Due to this, India has become the third largest CFA exam participant in the world. This is significant cryptocurrency news in India.
Ajeet Khurana, the co-CEO of Zebpay, in an exclusive interview with AMBCrypto said that Zebpay was engaging with critical people the government departments, regulators, and institutions on a regular basis. He also added that Zebpay is convinced that the benefits of crypto will soon become evident and that they will encourage a massive market for financial solutions.
Despite the Supreme Court hearing on cryptocurrency, the Indian exchanges are still positive and are not let down by this ban. However, an unknown source has provided the information about the talks on the cryptocurrency ban in the Indian government. A senior government official was quoted saying, “I don’t think anyone is thinking of banning it (cryptocurrencies) altogether. The issue here is about regulating the trade, and we need to know where the money is coming from. Allowing it as (a) commodity may let us better regulate trade and so that is being looked at.”
An INR/USD Tether (USDT) was launched pairing available for trading by WazirX, an Indian cryptocurrency exchange. Post the ban on Indian cryptocurrencies by the RBI; this announcement was made. Nischal Shetty, CEO of WazirX, said that the USDT pair was mainly added for stability, as a stable coin is needed to make sure that the market movement does not have a negative influence on the buying and selling prices.
Presently, the deposits and withdrawals of cryptocurrencies in INR are at pause by all the Indian exchanges. The Supreme Court hearing on cryptocurrency on 20th of July has the power to decide India’s future in cryptocurrencies, or can also slow down the development of the Indian digital financial market.