India’s Ban on Crypto May End This Year
The ongoing conflict regarding the ban on cryptocurrencies in India may possibly see an end by late 2018 as the government introduces official state regulations by the end of this year, according to reports. India has experienced an extremely unsteady relationship with cryptocurrencies during April of this year after the nation’s reserve bank, the RBI, decided to forbid any banks from dealing in crypto.
After deciding to ban cryptocurrencies from any financial firms, the bank then decided to explain its reasons. According to the Reserve Bank, any companies or businesses under direct regulation by the bank is essentially prohibited from offering crypto-related services to any individual or business involved in crypto.
Adding to the statement, the bank then set a deadline for all crypto-involved companies and individuals to cease their dealings with cryptocurrencies. On the other hand, following several protests by the involved parties, both individuals and companies under direct effect by the ban, the RBI seems to have reconsidered its ban after many officials within the government stated that the ban placed was only a momentary one.
One high-ranking official within the government, choosing to remain unidentified, said that blockchain-tech is very interesting and that the government is looking to fully utilize the technology in regards to financial transactions. The government's officials are attempting to come up with solutions to use blockchain-tech without the need of cryptocurrencies. Additionally, the government has been conducting meetings with members of the crypto-environment to better understand the tech itself.
Ajeet Khurana, the previous leader of the BCC commented on the matter, stating that any public blockchain requires its own native coin and cannot operate without cryptocurrencies. Additionally, a public chain decentralized and no one entity can be in control. According to Shubham Yadav, Coindelta’s co-founder, he explains that if an everyday user was can be part of a blockchain that provides mining and transaction validation services, that would require resources. The incentive to pay with digital coins is then presented, which in return, makes no sense to remove cryptocurrencies from a blockchain.
So far, no official statement by the government has been made in regards of how separating blockchain from digital currencies.