was, in its earlier form, riddled with problems. Since cryptocurrencies and blockchain are intertwined, the industry is optimistic. The struggle was complicated last June, when the RBI revealed that it had banned crypto from all of its participating institutions without actually conducting any research and without consulting any other snel geld verdienen tips 16 jaar government bodies. This RBI ban has prompted several lawsuits from pro-crypto voices in India. The absence of a well-defined government policy has left the ecosystem in a state of limbo. People who have been in crypto for longer know that this is just another market cycle like the past ones, when Bitcoin went down 80-90 (in previous bear markets) but still few years later was able to break all-time highs. Traders also rue that confusion reigned supreme on the regulatory front, in the absence of a clear government stance. Government versus exchanges, since last December, the government has become more vocal about its displeasure with cryptocurrencies, even likening it to a ponzi scheme. The year 2017 was a bull market for bitcoin and other cryptocurrencies, while in 2018 they were in the throes of a bear hug. In order to stay afloat, exchanges have experimented with peer-to-peer (P2P) and crypto-to-crypto trading. India is still working on draft regulations for virtual currencies and a panel headed by Indias economic affairs secretary Subhash Chandra Garg was expected to submit its findings to a panel this month.
Vishwanath is, however, hopeful that there will be more clarity on the regulatory stance in 2019 so that the ecosystem can become stronger. The RBI is owned by the Indian Government; however, its direct role in actually influencing economic policy as a government agency was significantly reduced following comment utiliser bitcoin reform in 2016. This allows traders and the exchanges to circumvent the RBI ban as transactions are not routed through the exchanges bank accounts. The next hearing is on Jan. Released in early April 2018, the RBIs crypto circular prohibits banks from providing services to any person or business that deal with cryptocurrencies. Now, all eyes are on prime minister Narendra Modis government, which is expected to draft a clear policy on bitcoin and its ilk soon. While the RBI has been negative to cryptocurrency adoption, the central bank confirmed its plans to consider the creation of its own Indian rupee (INR)-backed central bank digital currency (cbdc) in August 2018, but subsequently paused its plans to release the cbdc in January 2019.