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Central Bank of India will appeal pro-crypto decision

6


Yesterday, the crypto world burst into brains after a historic legal victory was obtained in India. Which is expected to facilitate the path to the entry of cryptocurrencies in the Asian country. However, today the battle has restarted, when the Central Bank of India, the Reserve Bank, has announced that it will appeal the ruling of the Supreme Court.

A historic victory

Within the crypto world there are those who consider the victory of cryptocurrencies a historical inevitability, a result already announced towards which one inevitably walks. Despite the vain efforts of governments around the world to prevent this from happening. Well, at the end of the day, the power of a superior technology like Blockchain will open all the necessary doors.

Others, on the contrary, see in the development of the crypto world a race without a clear winner. In which each side puts all of itself to gain dominance in the money market and boost its agenda from there. Either the decentralization of cryptocurrencies, the centralization of government virtual currencies as in India, or the benefits of business virtual currencies. Each group tries to force the result in their favor.

Therefore, results like yesterday’s in India are crucial for the crypto world. Not only because of the size of the Indian market, consisting of hundreds of millions of potential users of digital assets, but also because of the position of open hostility against crypto assets that the country’s government has maintained. Which even considered multiple times the total ban of cryptocurrencies in its territory.

However, yesterday the Supreme Court of India, in response to the appeal brought by actors from the crypto world, decided to rule against the ban on working with crypto companies for commercial banking. This veto was imposed by the Reserve Bank of India in July 2018.

The Reserve Bank of India strikes back

Now, the Reserve Bank does not seem willing to accept this decision easily. Well, according to a report by The Economic Times, banking authorities are expected to file an appeal against the ruling of the Supreme Court of India.

Its justification is the various concerns about the integrity of the national financial system, if cryptocurrencies are allowed to start entering it. Which could lead to cryptoactive trading operations, which, according to the Reserve Bank, may jeopardize the economic stability of the Asian country.

Although certainly the first part of this statement is true, with several exchanges in India restarting operations less than 24 hours after the sentence was known. The assumption that cryptocurrency trading may prove harmful to the Indian economy was not demonstrated strongly enough according to the Supreme Court criteria.

For now, the legal team that defended the cause of the cryptocurrencies seems not to be worried about the appeal of the Reserve Bank. On the contrary, they would be preparing to initiate legal actions to compensate for the damages after several Indian companies went bankrupt due to the 2018 ban. In this way, foreshadowing the beginning of a new legal battle in India. Which becomes, in this way, our Data of the Day today here in CriptoTendencia.



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