A complete ban on cryptocurrencies could be presented and discussed this year 2020.
Narendra Modi, who is the Prime Minister of India, recently rewarded a young businesswoman who developed an application capable of tracking the price of cryptocurrencies, even though the country’s Supreme Court is discussing the legal future of cryptocurrencies in the region.
The young creator of the application, Harshita Arora, received the news last Friday, January 24th. At the same time, Prime Minister Modi commented, through the social network Twitter, that Arora’s passion for science and technology is evident.
“Arora’s passion for science, technology, and human well-being are visible”, said the tweet. The Bal Shakti Puraskar 2020 is the award that recognized Arora’s effort. The award seeks to promote the development of young researchers in areas such as innovation, art, culture, social service, and science and technology.
The application that allows determining the price of some cryptocurrencies in the market is also able to perform transactions in digital wallets. Through the same social network, Modi explained that with the application users can avoid the scam and be protected, as well as investors. “Arora created an application to protect investors from scammers”, she explained.
As it is known, Arora has also collaborated in the creation of other very useful apps, such as “Food AI”, a tool that helps identify foods using photographs.
The State of the Cryptographic Industry in India
Although Arora was recognized with this award from the Prime Minister’s hand, it does not mean that there is a favorable condition for the crypto industry in India. In recent data, it was known that the Supreme Court of India advanced in the discussion of the case on the ban that would have been issued by the Reserve Bank of India in the use of these assets to companies related to the sector.
The case was taken to the highest court in the country after the requests of some users and companies related to the crypto business were made public, who were affected by the approval of the banning of banking services to cryptocurrency companies. The ban was published by the highest financial institution in April 2018 and entered into force in July of that year.
Although this prohibition measure significantly reduced the use of cryptocurrencies in the country, it was known, though some press reports that some lawmakers in India are working on a bill that would completely ban the use of these assets.
According to local media, the project called “Prohibition of cryptocurrencies and regulation of official digital currencies” could be presented this year to the authorities of the Parliament for discussion.
If this law is approved, any digital asset that is not of governmental origin would be considered illegal. The project catalogs as illegal “any information, code, number or token that is not part of any Official Digital Currency, generated through cryptocurrency means or otherwise, that provides a digital representation of value”.
The community is waiting for the reactions and official decisions of the Indian government.
By María Rodríguez