The government of india withdraws the bill to ban cryptocurrencies

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The government of India launched the list of bills that they plan to present at parliament’s winter session, and to the surprise of the cryptocurrency ecosystem, the bill to ban virtual currencies was not on the list. While this is good news for the national industry in the short term, it is unknown if they plan to submit the invoice at a later date or abandon their plans altogether.

Current perspectives for the Indian cryptosphere

The bill to ban cryptocurrencies was the only obstacle facing the country’s national industry. The fundamental developments are as solid as they have always been, with several startups from InstaDapp to Matic Network that will be launched in 2019.

To say that this is surprising would be an understatement, given that the government confirmed to the Supreme Court that they plan to present the bill at the November Parliament session. This may present a unique benefit for the petitioners fighting against the RBI banking ban on entities that deal with cryptocurrency.

Needless to say, the risks have not yet completely disintegrated. The current government may not have a cryptocurrency ban on the top of its agenda in the first year of its second term in office.

Hopefully, this is a sign that they are taking into account international regulation and community opinions. Regulators in developed countries have asked  other countries to strictly regulate the industry instead of moving forward with a total ban.

Currently, there is not much anyone can do besides pressure the government to be reasonable and act carefully.

What to expect from India

The acceptance of India would be huge for cryptography, as the country has the second largest population after China, whose government has also backed Bitcoin and late blockchain.

However, for cryptocurrency to thrive, the position  no country really matters given the borderless nature of these economic systems. Of course, positive regulation is a great advantage that would greatly benefit all those interested in the ecosystem.

The government of India could still be convinced by the positions adopted by the largest nations, so one can only hope that next year it will involve reasonable regulation of global governments.

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