In recent times, blockchain supporters in India have held a series of rally, and the fourth event held in Bangalore on March 30 was the largest one, which had a major public impact because many developers were involved – They are the key to the development of the Indian blockchain.
Earlier this month, thousands of cryptocurrency and blockchain enthusiasts and stakeholders took to the streets at a rally in Delhi, Mumbai and Hyderabad.
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The Reserve Bank of India (RBI) last year ordered financial institutions to stop processing cryptocurrency business, and the ban will take effect on July 5. Since then, the government and the Supreme Court of India have been arguing over whether the ban is appropriate. They plan to hold hearings, but the key decisions are delayed.
At the request of the government lawyer, the Supreme Court of India postponed the hearing last Friday. The court was scheduled to hear about the country’s cryptocurrency regulation last week before proceeding with the central bank’s bank ban. However, this matter has now been postponed.
But the Indian people did not choose to wait silently.
Akshay Aggarwal, co-founder of blockchain developer incubator Blockchain India, points out that the protesters in the three cities have different styles. Although "the three waves of people all show wisdom and rebellion", Delhi sees a group of people who don't mind challenging the authority, while people in Mumbai are more valuable in showing their time, if there is no basis. They won't spend time on the blockchain.
However, Aggarwal said that the people of Hyderabad are more willing to engage in neutral discussions, while considering the advantages and disadvantages of cryptocurrency. They believe that the field of cryptocurrencies needs to be tested and trying to advance the development of the field.
RBI and government hesitation have affected popularity
The RBI's ban on financial institutions from dealing with cryptocurrency exchanges and users has greatly affected the popularity of cryptocurrencies in India. In addition, the Indian government has been indecisive in the regulation of cryptocurrency, so that merchants accepting cryptocurrency payments have doubts about the legality of digital currency. This will affect their continued offering of products and services that accept cryptocurrency payments.
This has had a huge negative impact on Indian companies, even those that have previously invested in the cryptocurrency revolution.
Arunn Gupta is the co-founder of Startup Cafe, the first joint office in India to accept cryptocurrency payments. Last year, he observed the habits of the companies that worked there and made a decision.
Many people who work at Startup Cafe have invested in Bitcoin, so I think this is a better payment method because the value of Bitcoin may increase in the near future.
Gupta added cryptocurrency payment to its services at the end of last year. The move was very popular, and his five customers paid rent in Bitcoin and Litecoin respectively.
However, due to the RBI ban, Gupta no longer accepts cryptocurrency payments. Like other merchants, he is also watching the next move.
Kailash Suryawanshi, the second Indian restaurant owner to accept bitcoin payments, said he had "received only three bitcoin payments" for more than a year in the course of accepting encrypted payments. Given that the restaurant is located in Bangalore, India's Silicon Valley, bitcoin payments accounted for such a low rate that disappointed him. Even if the RBI lifts the ban on cryptocurrency transactions, he may not continue to accept such payment methods.
Worry, hope and reality, everything that cryptocurrence faces
Aggarwal said that the street demonstrations occurred mainly because the cryptocurrency world represents a world that is different from the world we live in today, a more efficient and advanced world. It is so different that no one knows whether it brings more positive or negative effects. Most importantly, we don't fully understand it, especially its multiple influences, and we can easily fear things we don't understand.
The biggest concern is FOMO (fear of missing) – Indian entrepreneurs worry that the country may miss the opportunities offered by the blockchain and cryptocurrency industries with disastrous consequences.
One thing that the Indian community can be sure of is that cryptocurrencies will sooner or later achieve mass adoption. But the question is, will Indian regulators express their support? Or will India continue to lose the opportunity to help its people live in a more technologically advanced country?
Now, the Supreme Court hearing will herald the ultimate fate of the cryptocurrency. This, along with the demonstrations, is likely to determine whether the cryptocurrency will penetrate further into the daily lives of the Indian people or will be completely removed.