The past 24 hours have seen Bitcoin hang on for dear life around USD 9,500, with the first 12 hours in an extremely tight range just USD 50 away from either side of USD 9,500.
Save for a nervous half hour at almost midnight Central European Time (10:00 pm UTC) when Bitcoin dropped like a rock to the day’s low of USD 9,134, Bitcoin bulls have been dragging the price back up after that, even registering USD 9,717 before slouching down to current levels at USD 9,445 at noon London time (CoinDesk).
Ban or regulate? — On India's policy on cryptocurrencieshttps://t.co/oNe8USDlng
— Bitcoin India News (@btc_IN) July 29, 2019
There continues to be a lot of interest online in India as to the legal status of Bitcoin and crypto there, and for once, many regular Indians are taking to social media to discuss and vent. Or at least, it seems to be easier to find their Tweets online these days!
The rumors could not be any less clear, with media headlines publishing all kinds of contradictory information, just as the Supreme Court in India continues to add on additional delays to watershed legal cases involving the Reserve Bank of India and crypto-related businesses that would otherwise have answered some questions.
Will the latest date of today, 29 July, be the final one?
We have been reading confirmations from ministers that crypto bans will not happen one day, to other officials confirming up to 10 years of jail for violating a confirmed crypto ban the next day. Which will it be, and when will we receive clarity? It seems only a matter of guess work. We reported previously that Western influencers have offered their help, but those type of misguided attempts to clarify the situation in India is about as vainglorious as the entire system in that country is when it comes to finance and regulations.
And now, the latest document to come under the scrutiny of couch commentators online is the report and draft bill supposedly produced by the Inter-Ministerial Committee (IMC) continues to highlight the seemingly harsh punishments faced by Indian citizens should the bill pass into standing law.
While largely ignored by the rest of the crypto world, one UK-based media portal is suggesting that the entire proposal does not seem to level the ban on research and development of the associated technology, only the individual use of crypto. Crypto Daily even calls this a loophole for the industry, saying that this could mean that banks and other financial institutions would still be allowed to use blockchain and distributed ledger tech, just not crypto itself. The paragraph referenced:
“The Committee endorses the stand taken by the RBI to eliminate the interface of institutions regulated by the RBI from cryptocurrencies. The committee also recommends that all exchanges, people, trade and other financial system participants should be prohibited from dealing with cryptocurrencies. Accordingly, the committee has recommended a law banning the cryptocurrencies in India and criminalizing carrying on of any activities connected with cryptocurrencies in India.”
If true, then this should be good news for the industry, since blockchain and DLT could still be used by a lot of fintech and decentralized finance companies – meaning to say, just because crypto isn’t usable, doesn’t prevent the tech powering crypto to still bring about all the desired changes of modern money in India.
Once companies and businesses recognize this, they may no longer seek safe blockchain havens abroad but continue to drive change and development in India, where a strong base of users ready with mobile and internet to embrace the new world of digital money. Will this help drive up the price for Bitcoin and crypto later on? Fundamentally and with an outlook of years ahead, it is almost a sure thing.
INDIA COUNTRY GOVERNMENT
WILL SET THE NATION BACK 40 YEARS,
IF THEY WILL NOT
REGULATE & APPROVE BITCOIN & CRYPTO🤑 https://t.co/SQm6KuyYPa
— chetan (@chetanmaya1) July 28, 2019
Meanwhile, investors like Tim Draper warns, as others have warned India before, that if the ban truly comes into legal existence, then India would be set back four decades. It is hard to see the country go back into the 1980s, especially since Bitcoin has not really taken a hold in the daily life of people there, but perhaps Draper has a point in terms of state meddling in the personal choices of citizens in their own money.
While price continues to face real pressure from sellers, it is notable to see that even regular traders are reminding themselves, at least on social media, that all the current high-level developments in terms of global banking and finance are headed in the same old direction of quantitative easing and inflationary measures.
Long term, this can only be good for alternative stores of value like gold and Bitcoin.
Image Courtesy: Pixabay