The booming crypto valuations in 2017 took the world finance by storm. Central banks all over the world too caught up. Though strict regulations for prohibiting nefarious activities like money laundering, terrorist financing were always expects; quite a few countries opted to completely ban crypto related activities. India’s bank crypto ban spearheaded by its central bank RBI was however a total surprise considering the burgeoning Foreign Direct Investment (FDI) in the country over the past years. It’s even more so as the country has leapfrogged in ‘business ease’ rank by 30, as per World Bank. With the country trying to ease up business & associated bureaucracy, that ban was a total shock to investors who see the potential for businesses to use blockchain & cryptos.
But, times can change so fast in crypto-verse. In a news channel last month, secretary in the department of economic affairs and head of the cryptocurrency panel ascertained of likely draft regulations by July. The committee’s primary concern is to track investor funds to curb money laundering and illegitimate financing. Trading & owning cryptos are not illegal as per Indian law. With waves of positive regulation, legalization & adoption world over, partial reversal of Indian crypto ban is presently a bright prospect. A whole nation waits for the 20th July Supreme Court hearing.