RATE Group | The Dangerous Truth About India’s Cryptocurrency Verdict
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The Dangerous Truth About India’s Cryptocurrency Verdict

07 Mar The Dangerous Truth About India’s Cryptocurrency Verdict

Posted at 12:47h in Cryptocurrency News by

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Tanvi Ratna is the founder and CEO of Policy 4.0 and works actively with policymakers in India on blockchain initiatives. She was formerly blockchain lead at EY India and a fellow on cryptocurrency regulation at the New America Foundation.

Industry watchers cheered on March 6 when the Supreme Court of India struck down the Reserve Bank of India’s (RBI) ban on financial institutions providing banking services to cryptocurrency businesses. However, the decision is not final, and embedded in the text of the judgment are multiple red flags.

In addition, a draft bill to ban cryptocurrencies, released on Feb. 28, 2019, could still move through Parliament. As analyzed by me previously, taken together, the partial court victory and the possibility of legislation moving forward mean that crypto’s legal status in India remains vulnerable.

The fine print

A review of the 180-page judgment reveals the premises of the verdict are not in alignment with what the industry has assumed. 

In essence,…

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