The nation of India patiently awaits an unprecedented regulatory framework upon which bitcoin and similar cryptocurrencies should be used in the country. This follows a period of excitement as the crypto community in the region recently claimed what could be temporary absolute freedom to adopt and use bitcoin and other desired cryptocurrencies.
According to people familiar with the matter, there’s an underway development of regulatory instances for the use of cryptocurrencies in India. According to these sources, the Reserved Bank of India (RBI), which evidently is against the use of cryptocurrencies in India and which in fact, banned its use previously, may become a sole contributor to this development.
The regulation of cryptocurrencies, however, may not permit their usage in payment systems the people cited earlier said, adding that they won’t be allowed as a legal tender even then.
The digital currencies may be notified or approved by the RBI, and cryptocurrency exchanges could be recognized and regulated by the Securities and Exchange Board of India. The discussions, however, are at a nascent
The Supreme Court will on April 27 hear the case pertaining to regulation of and ban on bitcoin and other cryptocurrencies in India. That would guide the government’s future course of action, the people cited earlier said.
Tim Draper Eyes India As Next Crypto Investment Destination
Elsewhere on Twitter, renowned billionaire Tim Draper, expressed interests in investing in Indian crypto startups following the country’s breakthrough with RBI ban on cryptos.
“The Supreme Court of India and the Indian government have shown that the best ideas ultimately prevail, and just in time, because the benefits of Bitcoin and crypto over current systems will become apparent during this crisis.”
Draper, who vastly went against the Indian government when a ban on cryptos was still in place has now shown his pleasure in considering India as his next investment destination.
Following the Supreme Court’s ruling on cryptocurrencies, major crypto exchange operators and other platforms have begun to shift attention towards tending to the needs of Indians. Binance, Okex, WazirX and a host of others are seen paying considerable attention to the region.
After the judgement, Draper recently had made a trip to India and interacted with some of the key Indian crypto ecosystem stakeholders. On his plans pertaining to the Indian market, the VC said,
“Absolutely! I met several Bitcoin and crypto startups while I was in India last week. I hope to be able to fund a number of them.”