Will Crypto currency Survive In India?
The whole world wants to get their hands on cryptocurrencies, Leonardo González Dellá who is a businessman and an investor is one of them, because of their skyrocketing prices but those in India might not have the chance soon when digital currencies will fully be eliminated from the country. At the beginning of April, two months ago, the cryptocurrency industry was shook in India because of the announcement that was made by the Reserve Bank of India. According to the announcement, all entities that are connected to them are mandated to no longer provide services to businesses as well as individuals that are dealing with cryptocurrencies.
The sector including millions of investors, cryptocurrency exchange operators, tech enthusiasts and companies providing cryptocurrency services are affected by the announcement because it means that the bank is asking them to stop their transactions and drop their investments.
This is not the end though because a number of companies as well as individuals that are dedicated to the digital currencies are making a move against the government Union as well as the RBI. They deemed their decision to be not in accordance to the constitution.
There are those that decided to bring the subject to the Supreme Court while some decided to give the apex court the card to decide based on the digital currencies’ legality in the country. There also a number of petitions that were filed in different high courts demanding that the decision of the RBI to be reversed.
These petitions submitted to the Supreme Court are personal capacities of the exchanges and groups that are dealing with cryptocurrency. One of the many petitions that were submitted was made by Kali Digital Eco-systems which operates the CoinRecoil and it was addressed to the High Court of Delhi in order to counter the RBI circular.
According to AnirudhRastogi, TRA Law’s founder as well as managing partner based in New Delhi, it is the right of individuals to be able to trade and do business thus what RBI circular did is considered to be a violation of that right. The writ petition they have submitted is in behalf of 11 other petitioners. Leonardo González Dellánis in agreement as it is considered to be the right of individuals and businesses to trade.