Lifting of the ‘Banking ban’ on cryptocurrency in India by the Supreme Court has brought joy to crypto players, but some are asking to stay alert.
Supreme Court of India quashed the Two year old circular by the RBI, which prohibited regulated entities from providing services to crypto businesses and traders. The news spread like wildfire in and outside India, as excitement runs high in the community.
So how are people in the sphere reacting to the news? While everyone has expressed content and joy at the verdict, some have cautioned that the fight may be far from over. Here’s what the experts say.
Ashim Sood, senior Counsel of the Supreme Court who represented IAMAI in the case said,
“The Supreme Court verdict is a call for responsible and balanced regulation – it encourages a fact based empirical approach to cryptocurrency rather than subjective views influenced by fear or myth. The decision
will hopefully serve as a foundation for future judgements regarding technological issues that courts will inevitably have to make – for instance, regarding AI or cloning.”
Nischal Shetty, co-founder and CEO of WazirX exchange said,
“Today’s a historic day for the entire Indian crypto ecosystem. This positive judgement will open doors to massive crypto adoption in India. It proves that we can now innovate, and the entire country can participate in the Blockchain revolution. With over 1 Billion population, the Indian market is a sleeping giant. I’m confident that this judgement will have positive impact on the global crypto ecosystem.”
Gaurav Dahake, CEO of Bitbns exchange expressed joy and is hopeful to resolve issues arising out of the lack of banking channel support. He added,
“We are confident that this verdict would give rise to a greater ecosystem in a country where innovation has always had a place, and rope in new investors, better support for blockchain-based projects, and eventually, create more jobs in India”.
Abhimanyu Kashyap, CEO of inblox Network expects a better regulatory framework for crypto assets soon. Talking about the difficulties faced, he said,
“While the developers and financial experts have been actively working during the blanket ban imposed on banks to deal in virtual currencies, it has been a struggle to enter into legal contracts, take wages or remuneration from clients and employers.”
Kashyap acknowledged the efforts put in by IAMAI, counsel Ashim Sood, Jaideep Reddy, Nishith Desai associates and media publications such as Crypto Kanoon.
Blockchain Lawyer Varun Sethi penned his perspective on an article alerting there is a lot to be done. Summarizing his views, he said,
“The judgement pronounced is primarily based on the principle of Proportionality, which quite simply states that RBI didnt have authority to impose an outright blanket restriction for the purposes of achieving its objective of investor education and protection. However that doesnt undermine the fact that Crypto Industry is still highly unregulated and in need of comprehensive regulation. Though it shall be construed as a landmark judgement and a very positive step to develop legal literature in path to Crypto regulatory framework. For crypto traders, self regulation currently seems the way to go.”
Sumit Gupta, CEO of CoinDCX Exchange said,
“It is a historic day for the Crypto Community in India. As one of the few surviving petitioners in the case, our stand has been vindicated. We thank the community that has strongly stood behind us in this tough time.”
Harish BV, Co-founder of Unocoin Exchange and a key petitioner in the case said,
“Today’s Judgement was a landmark judgement for crypto community in India, I am super excited as a founder and as an individual petitioner as well for this Judgement after this long 2 year journey. This judgement opens the door for Millions of Indians to Invest/ buy / sell crypto via bank accounts in a safe and responsible manner. Special thanks to Nishith Desai Associates, Jaideep reddy (NDA) and Ashim sood, our legal team.”
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