Analysis: There are multiple red flags in the text of India's Supreme Court decision, and the industry outlook is still not optimistic

According to CoinDesk, Tanvi Ratna, the founder and CEO of Policy 4.0 and former head of Ernst & Young's Indian blockchain business, wrote about the "Indian Supreme Court's overthrow of the central bank's cryptocurrency ban". Ratna pointed out that the judgment is not final (Note: the central bank can still submit a review application) and there are multiple red flags in the text of the judgment.

In addition, a draft law submitted on February 28, 2019 aimed at banning cryptocurrencies is still likely to be passed in the Indian Parliament. After analyzing the 180-page judgment, Ratna found that, in essence, the entire judgment depends on whether the central bank has violated a basic right stipulated in Article 19 (1) (g) of the Indian Constitution. Freedom for any profession.

The Supreme Court concluded that the central bank's measures violated that provision by prohibiting cryptocurrency trading service providers from engaging in their profession and disproportionately disproportionate to existing threats. The ruling also concluded that the central bank did not present experimental data or use other credible alternatives to confirm the (cryptocurrency) threat. In addition, one of the important reasons for the Supreme Court's decision is that "there is currently no law prohibiting cryptocurrencies", which means that once such a law is in place, the judgment cannot be established.