Indian Supreme Court To Hear Petitions Against RBI’s Crypto Banking Ban On 9/11
Indian Supreme Court to Hear Petitions Against RBI’s Crypto Banking Ban
On Tuesday 11, the Indian Supreme Court will be hearing all the comments that players in the cryptocurrency market have to make about the banking ban imposed by Reserve Bank of India (RBI) earlier this year.
Supreme Court Hearing in India
The cryptocurrency community is focused about the supreme court (SC) and the hearing on September 11. During that hearing, different players in the market will be exposing their views on the banking ban that was imposed by the RBI on April 6.
In order to keep with their operations, cryptocurrency exchanges in the country had to take different measures to help users withdraw or deposit Indian rupees.
On the matter, Wazirx’s CEO, NIschalShetty, commented:
“The SC hearing is not the end of the road but the beginning of the crypto journey in India. If the outcome is positive then it will definitely boost trading volumes. If the outcome is negative I don’t think there would be much impact on the existing trading volumes.”
Rahul Chitale, CEO of Instashift, said that the ruling will be very important for the regulatory environment but it would not have an immediate tactical impact on the market. For him, in the long run, this can only benefit India.
The CEO of Coindcx, Sumit Gupta, explained that Indian traders and exchanges are eyeing the SC ruling. In the future, he thinks that Indians will find innovative channels to invest in cryptocurrencies. Indeed, he explained that a negative ruling would also shift users to P2P trading platforms.
Nonetheless, trading volumes have grown in the last months. Shetty explained that the Wazirx exchange recorded new trading volume records due to the exchange-escrowded P2P system. He explained that there is still a lot of money on the sidelines and people keeps entering the market.
But the trading volume at Unocoin, one of the most important cryptocurrency exchanges in the country, declined since the RBI put the ban on the market. Sathvik Vishwanath, CEO of the exchange, explained that the ban is not only restricting new users but also harming the ones that are already trading on the platform.
Chitale thinks that regardless of the outcome, users will still be interested for virtual currencies. Indeed, they do not expect investor demand to fall in a short time-frame.
Wazirx said that they are prepared for any decision taken by the SC.
About it, he explained:
“Crypto has now reached a stage where everyone has started taking it seriously in India and the majority of the young generations sees crypto as a way to invest their money. I’m banking on the SC releasing a directive asking the government to lay out regulations for crypto in India as that would enable every Indian to trade safely in crypto in the future.”
Chitale believes that the ruling will cause the government to prioritize its stand and clarity on topics such as taxation, classification and more. With clarity, investors would be more confident, something that would cleary boost the overall market.
Additionally, he said that they do not expect trader and retail investor sentiment to diminish with any decision taken by the SC.
Gupta informed that the exchange Coindcx is prepared ‘for the worst’ and have clear plans for the future.