There was some confusion over whether India would ban cryptocurrency, including Bitcoin, following recent reports on a government-issued note. News.Bitcoin.com interviewed executives of five cryptocurrency exchange platforms in India to find out the truth in the news.
Indian crypto ban: what is likely?
Indian government calls banning cryptocurrency have resurfaced after a Times Times report on a crypto ban ban released by the Treasury. However, the report is not verified and the news tool merely cited a non-governmental source as the news source. However, many people are linking the note to the draft bill submitted to the office last year by an inter-agency committee proposing a cryptocurrency ban.
Unocoin chief executive Suthwik Vishwanath explained to the news. Bitcoin.com on Tuesday said, “The banknote movement is the next step in the process after the commission filed its report in the middle of last year.” He emphasized that “this is also the step needed to regulate crypto in India,” he said.
It is unlikely that a blanket ban … Given that the Supreme Court did hear all aspects of crypto inside and outside India and accepted a position to support the industry, the old report may be considered outdated. From the information we have, industry players will be invited to intervene while formulating the crypto regulation.
Wazirx CEO Nischal Shetty strongly believes that the government of India will not ban crypto. He told News.Bitcoin.com on Tuesday: “I am sure India will not take a regressive position in crypto by banning a blanket. When it comes to regulation, I’m sure India will follow the path of developed countries like Japan, the US, the UK, Australia and others who have adopted crypto. “
He noted that “the news based on the note does not make it clear whether the Treasury intends to work on the old draconian crypto bill or whether they plan to work on bringing in a new bill,” he confirmed: “I don’t think there is anything to worry about now.”
The CEO of another Indian crypto exchange, Shivam Thakrael of Boquin, also does not think the Indian government will take a cryptocurrency ban approach. “I personally think the Indian government would come out with some cryptocurrency pro regulations very soon, they will not ban cryptocurrency since India. .. She is part of the G-20 [which has recommended to its members to adopt FATF rules for regulating cryptocurrencies, ”he told our news article.
One of the founders of Jyotus, Arjun Vijay, also shared with news.Bitcoin.com:
India is generally looking for precedent when it comes to creating complex laws. When none of the developed economies have banned cryptocurrencies, it will be very difficult for the Indian government to implement a possible cryptocurrencies ban completely.
In discussing the likelihood of the crypto ban in India, Vijay stated that the government is facing two major issues. First, “If India bans crypto, they should be able to enforce the ban,” he remarked. “Because of the nature of the product, it is very difficult for our government to monitor cryptocurrency holders and implement the ban. On the other hand, regulation will give them access to data with which they can effectively control / track / tax the use of crypto.” Second, he noted that But the crypto will become mainstream, [India will lose] millions of dollars of revenue and job creation. “
Coinswitch Chief Business Officer Sharan Nair reiterated the news. Bitcoin.com said “The news of a possible crypto ban in India is not a new development. This bill was proposed a year and a half back. “It opens:” What needs to be taken into account is that a lot of positive developments have taken place in the Indian crypto space since then, namely the Supreme Court that lifted the banking ban on crypto and many Indian crypto companies raising money and growing customer enthusiasm. We hope that the competent bodies will consult with all stakeholders on this matter before making a decision. “
In March, the Supreme Court of India canceled the banking ban by the Reserve Bank, Reserve Bank of India (RBI), after numerous hearings. Subsequently, the RBI approved in response to a Right to Information Request (RTI) request from the founder of Unocoin B.V. Harish that India does not have a ban on cryptocurrency exchanges, businesses or traders. The Government of India and the Central Bank have independently voted that cryptocurrency, including Bitcoin, is legal in India.