After the long wait in the cryptocurrency, finally, RBI has something that they cannot deny. RBI will allow cryptocurrencies within the country though there will be new regulations that will be applied.
Mentioned that Government is not in favour of banning cryptocurrency and may allow it with new regulations.
Few days before there was a news articlementioning that the RBI has taken the ban without any investigation and researchover it. The rules have been introduced on the RBI panel in April, mentioning that all banks should not engage with any cryptocurrencies and should quit within the limited period, that was given to be 2 months.
Thought a huge community of Crypto Enthusiast and lovers gone against this decision by the Indian government and many online petitions been signed against it. The petition caught in the eye of a supreme court of India later and several cases been filed against RBI.
The regulation without any investigation and research will not be considered a 0solidification for the case in court and there will be no reason to ban cryptocurrency and bitcoin.
The source of allowing bitcoin will definitely affect the cryptomarket and will raise the market to green. This might be a U-turn for the cryptocurrency and to future technology allowing the sustainable growth of the technology. Since Indian prime minister supports cryptocurrency and thinks it could be a wonder in the technology.
The allowing regulations for crypto will definitely enrich and favours in the economy within the country. Since Japan have already regulated bitcoin; have thought as a growing ride for the economy.
