HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Will India Ban Crypto Again? Exchange Executives Shed Light on the Dilemma

Crypto 2020/06/17 21:26 by Dennis Wafula
India’s Ban On Cryptocurrency: Several Crypto Proponents Ready To Hold Talks With Indian Regulators

The cryptocurrency community in India has been rumbled following rumors of a note being circulated by the Finance ministry regarding another crypto ban.

As ZyCrypto reported, the government in India is looking to introduce a new law that will see the ban of cryptocurrencies.

This circular has reportedly been associated with a previous bill proposed by the inter-ministerial committee (IMC) to ban cryptocurrencies back in Feb 2019.

The new note comes months after the Supreme Court in India struck down the 2018 circular that had been issued by the Reserve Bank of India (RBI), prohibiting banks from engaging in crypto-related payments. While news of the likely ban has teased the cryptocurrency community, many crypto-related companies are still optimistic about the future.

Crypto regulation leaning on the positive side

Nischal Shetty, the CEO of Wazirx, a local cryptocurrency exchange in India, emphasized that the two documents pointed out in the report are different. He stated that “I don’t think there’s anything to worry about the note as of now.” Stressing that there is a slim chance the government would stop a booming sector. Shetty further added that he believes India will follow the footsteps of developed countries like Japan, the USA, Australia, and the United Kingdom when it comes to cryptocurrency regulations.

While commenting on the matter, Sathvik Vishwanath, Unocoin CEO, explained:

“Given that the supreme court did hear all aspects of crypto within India and abroad and have taken a stance to support the industry, the old report may be considered outdated. The industry players will be invited to intervene while forming the regulation for crypto from the information that we have.”

India’s dilemma

It seems India is at a crossroads when it comes to banning cryptocurrencies. On the one hand, the nature of cryptocurrencies will make it very hard for authorities to enforce the ban. On the other, a ban will cause the country to miss out on potential revenue that could be gained when cryptocurrencies become mainstream. 

Notably, the news, despite creating panic in the community, has not affected the cryptocurrency market.

0 Like(s)



You should also read...

Crypto 29/11/19 18:15 by Jamie Redman
German Banks Authorized to Store and Sell Cryptocurrency in 2020
Next year German banks will be able to manage cryptocurrencies like bitcoin after the fourth EU money laundering directive goes into effect. The directive passed in the German parliament, Bundestag, a...
Read More
Mining 27/12/20 20:30 by Guest Author
MinePlex Banking: Full-Scale Banking With Passive Income up to 20% Monthly
The history of money goes deep into the past: it started with shells and beads at the dawn of time and evolved to electronic money and cryptocurrencies nowadays. The blockchain-based money is the pinn...
Read More
Bitcoin 27/01/21 10:00 by Guest Author
Bitcoin and How Crypto will Transform the Financial World
On January 13, 2021, the US Office of the Comptroller of the Currency (OCC) announced that it had given conditional approval to Anchorage Trust Company, a chartered trust firm, to become Anchorage Dig...
Read More
Crypto 17/03/21 12:21 by Adrian Klent
Binance CEO Backs Indians in their Quest to Revive Crypto Usage in the Country
The founder of leading cryptocurrency exchange Binance has spoken against the cryptocurrency ban soon to be enforced by the Indian government. While speaking to a local news outlet, Changpeng Zhao ex...
Read More
Bitcoin 02/06/21 00:23 by Olivia Brooke
More Heat For The Bitcoin Market As Chinese Investors Combat Government Restrictions
Chinese investors are paying no mind to the government warnings on over-the-counter cryptocurrency trading as they rush into the market in large numbers to accumulate their own share of cryptocurrenc...
Read More