India is the first country to propose going as far as passing legislation to ban the use and custody of cryptocurrencies. In an attempt to open the Indian government’s eyes to the potential of public ledger cryptocurrencies, Bithumb has set out to launch a regulated exchange in India, as per the Economic Times, October 3, 2019.
Creating a Domestic Crypto Hub
As a part of their larger plans, Bithumb is not only planning to launch a cryptocurrency exchange. The global giant wants to launch an entire crypto hub, finding startups and collaborating with other companies in the space.
From a realistic lens, this is, unfortunately, a pipe dream. At this point in time, it would take more than a miracle to get the stubborn Indian government to reverse their stance.
In a perfect world, Bithumb would have the opportunity to gather the larger community and hold bilateral discussions with regulators. But in the real world – or rather the real India – the government’s superiority complex stops them from seeing other perspectives.
India is set to present the draft bill to ban cryptocurrencies in parliament during the winter session i.e November or December.
It’s a sad day when a committee of bureaucrats who have no knowledge of technology or broader economic thought outside their neo-Keynesian bubble is given the power to decide the fate of innovative technology within a country.
This is exactly what has happened in India, and it is evident through the laughable use of technical jargon and the inability to differentiate between private and public ledgers.
RBI Taken to Supreme Court: Is There Still Hope?
Consumer activists and cryptocurrency startups in the country have taken the Indian central bank to court over the banking ban imposed on entities involved with cryptocurrency.
Thus far, the bench compromised of three well-respected judges have given both sides the opportunity to justify their viewpoints. These judges have questioned both the petitioner’s and the central bank’s intentions, and have been fairly equitable.
The Indian crypto community is hinging their hope on this petition, and hopefully, the judges give some scope for people to fight against the upcoming draft bill.