The Indian bitcoin community has its concern about the recent banking services ban, and they are not willing to make any compromises in this regard. A local exchange operator has just filed a petition against a Reserve Bank of India.
The Reserve Bank of India does not favor the fact that banks should provide services to businesses that are associated with digital currency. This is why Kali Digital Ecosystems the key operator of Coin Recoil has decided to voice out its concerns in the court.
The operator believes that the banking services are essential for the key operation of the exchange. Thus a restriction can cause massive financial losses to the exchange. The operator of the exchange believes that the ban does not align with the constitution.
The operator is of the opinion that the Article 19 of the Constitution of India allows the businesses to function freely. Kali Digital Ecosystem feels that if there is a ban on the banking services, then it will be difficult for people to engage in the business of their choice.
Now, the decision of this case may decide the future of other digital currency exchanges that are operating in India. One thing the digital currency exchanges need to understand is that they can only operate freely if their procedures are acceptable to the Government.
This is why the wise approach in this situation will be that all digital currency exchanges operating in India should review their policies, terms, and conditions. This way the digital currency exchanges will not have to deal with any loss, and they will be able to prosper in the current economic environment of India.
Going against the tide is hard. This is why all new digital currency exchanges should closely monitor those digital currency exchanges that have already established their position in the digital currency world.
There is a need for a middle way out at the moment. The exchanges cannot go against the norms of the banking sector. It will also not be a bad idea to request the banking sector for a guideline. This way the exchanges can align their procedures as per the requirements of the bank.
Let us all think positively and hope that an amicable solution emerges in this case that does not cause any harm to the digital currency exchanges or the banking sector. The hearing decision will decide the further line of action for the bank and the digital currency exchange operator.