In a recent discussion on cryptocurrencies in India, several companies have spoken up on the ban imposed by the Supreme Court of India, for banks to nullify their communication with cryptocurrency entities. Multiple firms are considering the ban illegal.
Moreover, the apex court is also being pressurized by the global cryptocurrency community to lift the ban. This came at the onset of many warnings from the cryptocurrency platforms to ‘take their business elsewhere’.
Of late, there are ongoing debates as well as legal hearings in India that have minimalized any opportunities for the cryptocurrency community to withdraw and deposit their digital assets. During the legal fuss, some are using P2P [peer-to-peer] services to continue using cryptocurrencies.
These protests by the cryptocurrency community in India was based on constitutional grounds. Kali Digital Eco-Systems, in particular, was about to launch its cryptocurrency platform, CoinRecoil. It brought in two points to oppose the ban:
Article 19(1) (g) of the Indian constitution, which implies freedom of trade, occupation, and business.
Article 14, which mandates ‘equal protection under the law for all’ and prohibits any form of discrimination.
A leading Indian cryptocurrency exchange, Zebpay also opposed the circular issued by the Reserve Bank of India [RBI]. According to the Indian exchange, the circular is ‘counterproductive, and against the interest of citizens’.
The CEO of Zebpay, Ajeet Khurana tweeted about the issue, saying:
“We have put our best foot forward for the SC hearing today. I am confident that the honorable court will take the right decision in national interest. #Bitcoin”
In an exclusive interview with AMBCrypto, the CEO shared some of his views on the ban.
Crypto-influencers like John Mcafee and Charles Hoskinson recently tried to degrade the Indian cryptocurrency market. On being asked if he had any comments on boycotting financial institutions that do business with RBI, he said:
“We believe that a robust crypto assets market is good for India. So our objective and approach is not confrontational, as we do not think that we are in an either-or situation. We will work with Indian regulators to come up with an inclusive framework that addresses their concerns, and at the same time encourages innovation in financial technology.”
Ajeet Khurana also shared his views on ‘what can happen to the Indian crypto-market if the ban is not lifted’. He responded:
“To ensure that India gains from the crypto paradigm, we need to have market-integrity and consumer-protection. For that purpose, I would have liked it if RBI had actually insisted that all crypto-related transactions should go through banking channels. I worry that the banking ban will encourage peer-to-peer, offline, cash-based transactions. And that cannot be good for India.”
On top of all the support gathered for the cryptocurrency space in India, an online petition also saw the support of an estimated 44,000 Indian cryptocurrency users. The legal hearing has been postponed to 11th September as the regulatory authorities of India such as the Securities and Exchange Board of India require more time to look into the matter.