India Reacts Positively Towards Crypto as Corporate Giants Argue Ban
Grand-scale crypto companies throughout India voiced their own opinions regarding the RBI ban on any crypto-ban interactions, stating the regulatory ban itself is illegal. While many businesses and exchanges continuously want to leave the country and take their business to other places, international outrage from the global crypto community continues to pressure the courts.
A possible lift
The 5th of July saw banks throughout India barred from any banking services involving cryptocurrencies and crypto companies. As a result, withdrawal and deposits have seen a significant drop. Minimal service to Indian residents is a result of the ban and some have resorted to trading on P2P servers as a means of maintaining crypto business.
Kali Digital, another company looking to launch CoinRecoil, its own cryptocurrency exchange filed a petition to the courts stating that out-right banning of cryptocurrency activity violates the Nation’s constitution. According to the Indian constitution, every citizen possesses the right to employ in any job, trade or business. The second violation claimed by Kali Digital is discrimination against cryptocurrencies, as the constitution states equal rights to all as per the law.
Zebpay, one of the world’s leading crypto exchanges also filed a petition against the current ban, stating that the reserve bank is taking away cryptocurrencies from citizen interest and hindering progress within the industry. After several big-name companies filed the same petitions, the court held all of them in one session.
Ajeet Khurana, the head executive at Zebpay, posted on Twitter expressing his confidence in the Supreme Court to make the right choice regarding cryptocurrencies. KK Venugopal, the head government legal advisor attended the hearing on the 21st of July and given the importance of the situation, the AGI’s presence was required.
44 thousand cryptocurrency users in India inked an online petition, demanding that the government make a decision regarding crypto. Awaiting further responses from the country’s regulatory authorities and the SEBI, a hearing was further delayed until September.
Speaking to Quartz, a governmental informant said that the ban on cryptocurrencies would most likely not last much longer as the ban itself was an initial try at regulating the cryptomarket. Most concerns expressed by the courts and the RBI are related to money laundering schemes. The informant further added that he does not believe anyone is considering an all-out ban on crypto and the main issue is applying proper regulations to crypto-trade.