What does March 29 have in store for Indian crypto community?

Indian crypto community has experienced immense turbulence since the Reserve Bank of India (RBI) passed a circular back in April 2018. It was mentioned in the circular that the local banks are barred from dealing with the cryptocurrency exchanges. This was brought in effect in June 2018. Since then, the woes of the cryptocurrency exchanges have increased manifold. Subsequently, Zebpay, the leading cryptocurrency exchange of India had to move its base to Malta.

RBI's move can also be termed as a backdoor ban on cryptocurrency trading because the central bank didn't impose a blanket ban on crypto trading. It, instead, made it nearly impossible for the crypto exchanges to access financial services in the nation. Some crypto traders have managed to survive the crisis by continuing the buying and selling of cryptocurrencies through over-the-counter (OTC) or peer-to-peer (P2P) platforms using cash.

Last month, the Supreme Court emerged with the decision of allowing four weeks' time to the government of India to frame the cryptocurrency regulatory guidelines. According to the latest news on bitcoin in Hindi, March 29 is the day when the Supreme Court would be hearing the case. The outcome will decide the fate of the cryptocurrency market in India.

The RBI had tried its best to push for a blanket ban on cryptocurrency trading in the nation. Despite the consent of several government officials, the sentiment around cryptocurrency has eventually started changing. The committee that is probing into the matter is led by Subhash Chandra Garg, the Finance Secretary of the Department of Economics Affair. The other members of the committee include the RBI, officials of the Ministry of Electronic and Information Technology, and SEB. According to the reports of bitcoin Hindi news, every member of the committee has reached a consensus on not dismissing cryptocurrencies as completely illegal.

With the ongoing deliberations, there is a possibility that the RBI ban is reversed. It implies that the crypto exchange banking blockade is quite likely to be cleared. This possibility arose from the money laundering concerns that the government of India has. The greatest fear lies in the fact that the movement of cryptocurrency trading from the highly regulated cryptocurrency exchanges to the peer-to-peer trading platforms will result in illicit uses of cryptocurrency. The government knows it well that such activities would be difficult to trace. Hence, India stands a strong chance to withdraw the ban. March 29 hearing will provide more clarity on the case.

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