Indian Supreme Court to Hear RBI Ban on Tuesday
September 10, 2018 12:31 pm
The Indian Supreme Court will be hearing all petitions against the crypto banking on Tuesday. Several Indian Exchanges’ CEOs shared their opinions about what they expect from the hearing. They also described how they would see court’s ruling affecting the crypto community.
In April 2016, Reserve Bank of India (RBI) banned banks from providing services to crypto businesses. Indian Crypto Community is now eyeing on supreme court’s (SC) hearing on September 11. After the ban, some crypto exchanges operating in India initiated peer-to-peer methods for trading. Indian users continued using P2P trading to deposit and withdraw Indian rupees. Wazirx, Instashift, and Coindcx exchanges are few of them which offer services based on the exchange-escrowed peer-to-peer (P2P) model.
Nischal Shetty, Wazirx’s CEO shared his views by stating that the SC hearing is not the end of the road. It is the beginning of the crypto journey in India. According to him, if the outcome is positive, then it would increase the trading volumes. If the result is negative, then there would not be much impact on the existing trading volumes.
Rahul Chitale, CEO, Instashift also spoke about the hearing. Mr. Chaitale state that the ruling would have some bearing and the SC’s views would shape a lot of the regulatory thinking. This would not have any immediate tactical impact.
Rahul further stated that cryptocurrencies would continuously grow regardless of the government. Any ruling that forces the government to precipitate taking a view n this would be beneficial for crypto in India in the long term.
Sumit Gupta, CEO of Coindcx stated:
“A positive ruling will boost crypto trade in the Indian market like we have seen in Q3 of 2017 and we will see lakhs of new users joining exchange platforms and volumes can shoot up even higher than it was before in the next bullish run.”