Update: Budget has been presented, and post-budget Press conference has also concluded. Nothing mentioned about cryptocurrencies. No positive, no negative comments. Weird!
Tomorrow is a big day for India. As you may know already, the first budget of Modi Government is going to be presented tomorrow. Everybody has many hopes from the budget, and we the warriors of cryptocurrency space are no different. We too are expecting some sort of announcement regarding crypto assets and virtual currencies (the terms that government uses to refer to them) from the government to end the long phase of uncertainty which has plagued Indian cryptocurrency market. And of course, we expect the announcement to be positive instead of negative. Which way it goes will be interesting to see.
It has been more than 15 months long battle with the government when it comes to cryptocurrencies. RBI announced its banking ban in April, which turned out to be suicidal for a number of crypto exchanges operating in the country. Zebpay, Coindelta, CoinRecoil, and most recently Koinex decided to shut down as they could not afford to wait for this long duration. Petitions in Supreme Court were also filed against the directive of RBI, but even Court is waiting for the government to take a call on this matter. And now when elections are over and first full budget is to be presented tomorrow, there’s a good chance that we may come to know something definitive.
We at Crypto-News India will be keeping an eye on Finance Minister Nirmala Sitharaman’s budget speech tomorrow to figure out if there’s something hidden in it for virtual currencies or crypto assets. As soon as we come to know anything, we’ll let you know through our updates. After the budget speech is done we’ll also try to analyze the stance of government for future of cryptocurrencies, so keep an eye on our updates tomorrow. It can be a big day for Indian cryptocurrency ecosystem too. Let’s hope for the best!