On Tuesday, the Supreme Court refused to order a stay against Reserve Bank of India’s directive on crypto trading.
The petition which was filed by the Internet and Mobile Association of India (IAMAI) had requested the apex court to order a stay on the directive. However, the body has not given up hope and will file an appeal on July 5. It is doubtful how far they will get ahead since the Supreme Court has said it will hear this particular case along with the rest of similar cases on July 20.
Various exchanges across the country have put out statements detailing what they plan on doing post July 5. Some will offer crypto-to-crypto trading, whereas others have introduced P2P facilities.
Admittedly, the morale of the Indian crypto community is down. However, not all feel this way. A P2P exchange, Giottus believes, this is all temporary. Arjun Vijay, the founder and Chief Operating Officer (COO) of the exchange exclusively told Crypto-News India, “The government will be positive towards adoption and inculcation of Blockchain in system as already various government agencies have started making use of it. So definitely Blockchain is going to be accepted and promoted through regulations. When it comes to crypto currencies, the government’s position will still remain confused and unclear. They are allowing it to be traded with self risk and with minimum state intervention as parliamentary elections are close and its fifth year of government. They might come with fresh regulations on Crypto exchanges operating in India.”
He added, “P2P is not convenient. It is not instant. We are making it more comfortable for the users. Market will switch to central exchanges as soon as we have regulatory clarity.”
He added that the exchange provides 0% fee on transactions, allows trading for as low as Rs 100 and are the only P2P exchange to provide insurance on fraud protection for all P2P transactions.
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