The cryptocurrency trade market in India has surprised the traders and investors by pulling out remarks on the trade of cryptic values with the conditions where all the regulations and compliances are taken into account. Recently, more and more banking institutions have been stepping up against the use and trade of cryptocurrencies by blocking off payment gateways and by revoking their support on the trading applications that allow traders to buy and sell tokens by using banking services.
Yesterday, the Reserve Bank of India had clarified on their 2018 circular, saying that other banking authorities can not use the expired circular as an example to alter the cryptocurrency market in India, as the Supreme Court has already deemed it not applicable. This was a major relief to the traders and investors from India, as they were virtually unable to trade or to cash out from their holdings even after suffering major losses on their investments in crypto tokens on various applications due to the unavailability of banking services.
Now, with a relatively clearer stance on the cryptocurrency trade within the subcontinent, market analysts are looking at the cryptocurrency trade with an optimistic approach with a high possibility of digital currencies becoming widely adopted in the economy. However, there is a bill to be introduced to the Supreme Court, which will be discussing a complete ban on these virtual currencies, which has not been introduced in the court yet. It will be a decisive step on whether or not India will follow in the footsteps of China and implement a blanket ban on the cryptocurrency market within the country.
Amid the confusion, HDFC has issued a statement giving cryptocurrencies the credit of having diverse perspectives for expansion. Even though its customers are still being warned on trading in cryptic values and are being warned that their bank accounts will be seized and they will not be able to conduct business unless they visit the bank branch and clarify the trading transactions.
Multiple account holders from The State Bank of India and HDFC have taken to social media and have shared the threatening emails from these banks, leading to a lot of talks on the power of banking institutions in our country. There was no clarification on the trade of cryptocurrency for a long time, so the banks started crunching down the trade possibilities by cutting down on transaction support, citing the 2018 circular, even though the circular was already canceled by the Supreme Court.