The Republic of India has the potential to play a significant role when it comes to developing emerging technologies such as crypto. However, companies that would like to enter this business should be careful as the local crypto climate is quite complicated for a number of reasons.
Crypto exchange WazirX had to transform its business model into a P2P platform. It made this decision to avoid in-house crypto-fiat conversion.
Another exchange Coindelta ceased its operations as an operating climate had a negative impact on the company.
Hopefully, the Indian government decided to delay the introduction of the bill. This law could have a devastating effect on the crypto community. Parliament did not consider the draft bill regarding the cryptocurrency ban during the 2019 winter session.
The Indian justice system and crypto businesses
The justice system in India should safeguard the rights of companies as well as the owners.
Fortunately, the Supreme Court of India made the right decision by postponing the full hearing of the case connected with crypto and the country’s central bank. The Internet & Mobile Association of India (IAMAI) filed a lawsuit against the decision made by the Reserve Bank of India (RBI).
The Internet & Mobile Association of India is a not-for-profit organization. The purpose of IAMAI is to raise awareness regarding online and mobile value-added services.
In less than two years ago, the country’s central bank implemented a ban. Indian crypto exchanges and other related companies faced a moratorium on banking services following the RBI’s decision.
The court must decide whether this ban is constitutional or not. According to the Kashif Raza, who is a co-founder of the Indian crypto regulatory news and analysis platform Crypto Kanoon. Raza underlined the importance of this pronouncement.
He said that the court decided to delay the full-fledged hearing to listen to both sides.