It appears we can be argue that Vitalik Buterin’s large donation of dog themed tokens to India’s covid relief fund might have changed their government’s stance on the cryptospace hehehe. Those useless meme tokens might have saved thousands of lives.
There may or may not be any connection at all but I guess if the regulating authorities themselves heard of a crypto donation amounting to more than a billion in USD for their country's COVID relief fund, it might be possible for them to revisit their earlier inclination against cryptocurrency. Vitalik's action must have been interpreted as a sort of a goodwill.
As to who's the hero and the villain between the two, the answer is obvious.
It now appears that the central bank of India already has revisited their earlier proposals on the ban, then they had them reversed quietly and only recently sent this memo to the banks. This is very bullish news!
It has come to our attention through media reports that certain banks/ regulated entities have cautioned their customers against dealing in virtual currencies by making a reference to the RBI circular DBR.No.BP.BC.104/08.13.102/2017-18 dated April 06, 2018. Such references to the above circular by banks/ regulated entities are not in order as this circular was set aside by the Hon’ble Supreme Court on March 04, 2020 in the matter of Writ Petition (Civil) No.528 of 2018 (Internet and Mobile Association of India v. Reserve Bank of India). As such, in view of the order of the Hon’ble Supreme Court, the circular is no longer valid from the date of the Supreme Court judgement, and therefore cannot be cited or quoted from.
Source https://m.rbi.org.in//Scripts/NotificationUser.aspx?Id=12103&Mode=0
I hope we get more clarification on China’s proposals this week after a meeting of officials in Sichuan on June 2. The proposed policies might be announced on June 4. Friday is usually the day Beijing announces important policy changes.
