India's stance towards cryptocurrencies still remains unclear. September 11th will see the Supreme Court's final ruling. Until then, the RBI's trading ban remains, but even so, SEBI remains interested in cryptos, and even claims to have a deep understanding of how they work.
SEBI Claims To Understand Cryptos
India has been less friendly towards cryptos than most other countries. The situation right now does not look promising, especially since crypto trading has been outlawed. The country's central bank made this move months ago, and the crypto enthusiasts of this country have been waiting for official regulations ever since.
No such guidelines have been brought up to this point, which is why the tensions continue to rise. Numerous companies that deal in Bitcoin and altcoins have been forced to take the case to the Supreme Court. After they got tired of waiting, they simply decided to demand that the Supreme Court of India overturns the trading ban.
So far, no official decision has been presented, but the coming week is about to change that. The interesting thing is the fact that SEBI continues to examine cryptos, and has even taken to claiming that it knows what makes them tick. Obviously, the agency does not support the ban and believes that understanding cryptos is a better alternative.
According to SEBI, understanding the market can be most beneficial for the Indian economy. This is why they sent their teams on a tour around the world so that they could gain even more knowledge. They collected information from different countries' regulators since each of them tackled the issues in their own way. Crypto-fiat trading has been made illegal in only a handful of regions, and the Indian crypto community is hoping that their country won't follow this example.
Was The Crypto Trading Ban A Mistake?
This statement from SEBI comes at a very important moment, regarding the entire crypto situation in India. Additionally, the central bank itself seems to be changing its mind. They stated that the ban on crypto trading may have been a hasty decision, according to their spokesperson. This is the first glimpse of hope that the crypto investors of this country have seen for a long time.
In the end, it would seem that the country's government still has an interest in studying cryptocurrencies. Bringing proper regulations for this market can benefit them greatly, which is something that they are beginning to understand. They also seem to be learning that there are many different ways of going about it.
The ban on crypto trading should have been the last option if everything else fails. Using it as the first method of handling cryptos was a mistake, but even so, not much is expected to change until the country makes some positive progress regarding the regulations. Knowing all this has only sparked even more frustration among India's crypto users.
The next several days will finally decide the future of cryptos in India, at least for the time being. If the current ban remains, and gets an approval from the Supreme Court, the consequences will be grave. Alternatively, if the decision gets reversed, India will have an opportunity to make a real progress in this field. Furthermore, they will notify the rest of the world that they are ready and willing to regulate Bitcoin and the altcoins. It all rests on the government and its policymakers now.