While the Supreme Court of India is considering a lawsuit against kryptomere Central Bank, the Bank imposed a ban on working with cryptocaryeae, regulators examine regulatory practice in the nascent sector.
It is expected that the company and the Association of the industry of cryptocurrency and blockchain will take part in the hearings of the Board under securities and exchange Board of India (SEBI), the purpose of which is to discuss the future of cryptocurrency market in India.
In the annual report SEBI has reflected that he had sent officials to Japan, the UK and Switzerland to study the rules of cryptocurrency in foreign markets, where he is actively working the crypto currency exchange and are developed community.
In July the Supreme court of India refused to lift the ban on the cryptocurrency trading imposed by the Central Bank of India. Commenting on this step, partner of law firm Amarchand Mangaldas Shardul & Co Anand Bhushan said that the government was concerned not only with the possibility of money laundering, but also volatility and the growth of speculation.
However, as noted by the head SFOX Danny Kim, the occurrence of the largest investment companies in the cryptocurrency market have stabilized, as evidenced by the price movement of bitcoin during August, which is considered the most stable month of June 2017.
“Until 2018, while institutional the company began actively trading the cryptocurrency, the difference in price of bitcoin on different exchanges ranged up to 4.5%,” explained Kim.
Growth, stability and recognition of cryptocurrency exchanges, financial regulators of Japan, South Korea, France, the UK and the US, may encourage India to repeal its ban.
Job growth in Asia due to cryptofauna and blockchain-companies, suggests that the prohibition of cryptocurrency trading by the governments of other countries can lead to voluntary isolation.
This week the European Commission develops EU legislation, recognized sector of the cryptocurrency legal industry with the rapid pace of development, despite market volatility.
Probably, the government of India will reconsider the current approach and create a regulatory framework, causing the cryptocurrency market can become a leading sector of the economy.
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