The Supreme Court of India allotted the Indian Government 4 weeks on the 25th of February to decide its the stance on the presence of cryptocurrencies in the Indian financial structure. The legal battle between the Cryptocurrency Exchange and RBI has been long drawn, but the lack of any clarification on the part of the Modi government has led to the dismay of various crypto-enthusiasts.
The satraps of the financial domain in India, are of the view that the presence of virtual currencies can destabilize the Indian Rupee. The Ministry of Finance believes that the presence of virtual currencies like Bitcoin, Litecoin, Ethereum, Ripple, EOS, etc. will lessen the volume of black money circulation; but it also expressed its concern regarding the challenge of handling and regulating the flow of the new form of currency.
The Union Government further emphasized, as there are no laws that can monitor the circulation of cryptocurrency, it might take a negative toll on the Government’s revenue that is generated from tax due to the lack of taxation policies. The financial experts are still in a dilemma about the impact of virtual currencies in the Indian money market.
In the context of India’s indecisiveness on the topic of virtual money, one fact that must be brought into the notice of the common men, that is- several leading countries like the USA, Australia, Japan, and South Korea have legalized cryptocurrencies without bearing any financial turmoil or debilitating effects on their currencies. While the rest of the world is taking one step a day towards a golden future, India seems happy in its comfort zone, that is characterized by its traditional mode of living and paying.
while the fate of Cryptocurrency on the Indian canvas remains uncertain due to the indecisiveness and lack of clarification by the Ministry of Finance, we are yet to see the final verdict of Supreme Court that is dated on a non-miscellaneous day in the second week of July 2019.