With the world advancing towards cryptocurrency, many companies have started accepting them officially. McDonald’s allowed its customers to pay using BitCoin officially a few months ago and several other joined it. But, India has other thoughts on BitCoin and other cryptocurrencies. Earlier in April, the Supreme Court – India’s highest court declared a ban on the cryptocurrencies. As the data is nearing, many people have made a request to the court to allow them a temporary delay on the ban. But, the court is strict enough on this matter. They have held on to the date and has discarded all the pleas for the temporary delay.
In-Depth Analysis Of The Ban
When the world was more eager towards the trading of cryptocurrency, India found it harmful for their economy. The country is battling with corruption and black money, and with the crypto, it will allow the people to escape their black money through it. Hence, Reserve Bank Of India (RBI) decided to impose a ban on the cryptocurrency. It has prohibited all the banks from serving any request related to cryptocurrency. Times Of India, reported this news first when the Supreme Court brought it into existence. The ban was announced long back in April with the last date of July 5th.
But, there have been many pleas from the people for extending the deadline for some days. Chief Justice of Supreme Court, Dipak Misra said that “The ban will remain implemented as of the said date. There will be no extension provided for the trading of cryptocurrencies. We already gave the banks a deadline of 3 months for exiting the crypto market. The ban will start officially on July 6th for everyone in India”.
The ban imposed on the cryptocurrency is going to affect a lot of businesses in India. Zebpay, one of the leading company for cryptocurrency exchange has held a decisive meeting on July 20. It is way ahead of the imposed date but they are to decide the future of the company in the meeting. Today, Zebpay tweeted that they are disabling the deposit and withdrawal options on their app according to the RBI guidelines. Many people raised a Petition request on Change.org with thousands of people signing them but it was of no use.
But, this might not be the end of blockchain in India. Earlier this year, Prime Minister of India, Narendra Modi said that they are looking forward to establishing their reach on blockchain and IoT as they are the major game changers. India could establish their own cryptocurrency for their people to use as they will have the prime control over it. Hence, there will be no legal problems arising out of it and people can bid their money on it.
But for now, the companies having their major dealing in crypto will be affected. They might need to stop their trading and shift their primary business deals. The ban is due tomorrow for the people of India as per the order of Supreme Court of India.