After the recent developments in the world of cryptocurrencies especially bitcoins in specific we have come to see a drastic change in the mindset of people towards the adoption of cryptocurrencies and the potential it holds. For example a dealership in houston texas is accepting bitcoins as a means of payment for the purchase of Rolls Royce cars and a major store in Japan is accepting bitcoins. But amidst all this what about India what does India have to say about all this ?
Well it seems to me that India might be late to the party but I strongly do believe India will eventually adopt bitcoins and this is more likely to happen if the verdict of the supreme court is in the favour of cryptocurrecnies for which the verdict has been postponed to Setember 17th.
What do you guys feel about this ?
In the last hearing in Supreme Court, it was the RBI which took a stand that they cannot equate Crypto with Fiat currency. And RBI is right in that, because that is their mandate. They cannot have Crypto as legal mode of payment.
It is for Government of India (GoI) to take a stand and not RBI. No one is saying to replace Crypto with Fiat Currency - as like no one is saying that Taxes should be allowed to be paid in Cryto.
As has been discussed before, regulation is the key, no making it legal/illegal. SEBI is doing a fine job in regulating stock markets.