After the Supreme Courts ruling to quash the ban on cryptocurrencies in India, activity in the crypto space has grown significantly, however, some rumors have still emerged about the uncertainty regarding the legal status for Bitcoin and cryptocurrencies in the country.
However, as Sathvik Vishwanath, CEO of Unocoin stated in a recent interview spoke about the legislation around crypto in the country, he said,
In all likelihood, it will be a no as of this time because of our influence. The industry has done this influence and the media has done this influence on why it should be there in India — to not lose the opportunities.
Interestingly, the crypto industry has flourished in India after the ban was revoked in March, as data from Coin Dance confirms.
Source: Coin Dance
Weekly trading volumes surged as more players entered the crypto space. As crypto businesses continue to thrive, there will be a need to carefully consider the effects that a lasting ban on crypto could have on the country.
In line with this thought, Vishwanath stated that once this legislation becomes annulled, there will be a need for a new committee to be formed again to determine how the present law of the land will apply to crypto and offer a more balanced view.
Regulatory sandboxes are being increasingly considered by many countries, in order to determine how best to regulate cryptocurrencies.
In Hong Kong, for instance, the SFC (Securities and Futures Commission) has established a sandbox that allows an opportunity for both regulators and the industry to see how transactions work in concert with each other.
However, there ar ...
Disclaimer: The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.