While Bitcoin was rising to an all-time top position of being valued at $ 50,000, RBI Governor Shaktikanta Das christened it to be a cause of financial turbulence. According to the Reserve Bank of India (RBI), the country wants to introduce its own version of cryptocurrency while banning all others. It should be noted that the current BJP government has shown severe reservations about the Bitcoin transactions being used for money laundering, terror-funding, and other illegal activities.
On the other hand, recognized financial analysts and experts speak in favor of cryptocurrency trading. Despite being banned in India, Bitcoin value has continued to rise, which means that the investors in the region are unable to cash in on this golden opportunity. The biggest impact of this ban is felt by a desi and homegrown Indian cryptocurrency, namely CoinDCX. This cryptocurrency is based in Singapore and developed by tech-guru Sumit Gupta and his co-founder.
RBI’s Harsh Attitude
CoinDCX is actually a universally integrated capital flow platform that is also compatible with crypto-currency. When Sumit Gupta was about to launch his platform to the public in 2018, the RBI banned any sort of cryptocurrency payments on a federal scale. This ban came into effect as a result of PM Modi’s demonization aftermath when several hidden crypto transactions came to light.
For now, Sumit Gupta has hopped on a legal panel with Subhash Gupta Garg. They have switched the CoinDCX model from rupee-crypto to crypto-crypto. The team of CoinDCX has also challenged the crypto-ban enforced by RBI in Supreme Court. According to the officials at CoinDCX, the Indian market is well-suited for worldwide crypto conversion. The team wants to encourage the introduction of proper cryptocurrency regulations in India and sanction their CoinDCX as an asset class instead of a currency.
India is one of the fastest-growing economies in the world. The country has reportedly known to cultivate excellence in IT software and programming facilities. According to several claims of the recent Indian establishment, the country is aspiring to become the largest global software producer.’ For a place so familiar with technological advances, India has taken the unexpected stance to ban cryptocurrency in March 2020.