The largest series of blockchain rallies is set for Bangalore on March 30 and is expected to be bringing a huge impact because of the participation of numerous developers. The rallies that took place this month in Delhi, Mumbai and Hyderabad witnessed huge mass of crypto and blockchain enthusiasts and investors and stakeholder firms.
The RBI ban came into effect on July 5 last year. Following the ban financial institutions were asked to stop dealing with cryptocurrency businesses. Since then the government of India and India’s Supreme Court debated about the issue. In the coming weeks Supreme Court is set for a final hearing on the issue and decision in the weeks following the meeting.
Before the declaration of a decision from the final hearing, Indians brought the issue to the streets of major cities in India.
The co-founder of Blockchain India Akshay Aggarwal, a business incubator for blockchain developers, highlighted that the protest conducted in all three cities presented a different spirit. The Reserve Bank of India’s ban on the financial institutions from dealing with cryptocurrency transactions, crypto exchanges and users has significantly affected cryptocurrency acceptance in the country.
In addition the strict legal regulation by the Supreme Court of India on financial institutions has turned merchants accepting cryptocurrency payments skeptical of the legitimacy of cryptocurrency. The regulation has caused Indian businesses much agitation even among those who have previously supported the crypto revolution.
"the whole crypto space represents a world different than we currently live in, a more efficient one, a more evolved one. One that is so different, that none of us is able to figure out if it would directly do more positive impact that the negative. On top of it, we don’t understand it completely, especially its multifold effects and we always fear, what we don’t understand."
Indian entrepreneurs and investors are feeling skeptical and scared that the regulations and the ban on cryptocurrency trading will limit the opportunities and development in the field of blockchain and cryptocurrency industries.
Indian cryptocurrency enthusiasts and investors seem to be sure of the crypto mass-adoption. But still it is not certain that whether the Indian regulators approve crypto trading. Supreme Court’s final hearing will mark the delivery of final report on cryptocurrency. The final hearing will be the final decisions for crypto traders, investors and enthusiasts. We may have to wait for the decision of the Supreme Court to know the decision.