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Will India Ban Crypto? What Will Be The Effects? Get Insights From Indian Crypto Exchange Executives

22 15 boost
Avatar for Ashma
Written by   303
4 weeks ago

After Supreme Court's judgement on lifting ban on cryptocurrency ban imposed by RBI (Reserve Bank Of India) everyone thought that the drama is over. But now there's again a news related to the crypto ban in India is spreading with the speed of light !! All these things started due to the report of Economic Times, that the note has been circulated by the finance ministry regarding crypto ban in country. 

However, in an interview of Bitcoin.com executives of top Indian crypto exchanges said that the movement of note is procedural next step after the committee has submitted the report mid last year. And also noted that this is an important step towards regulating crypto in India. 

Unicorn CEO Sathvik Vishwanath explained : 

A blanket ban is unlikely … 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of crypto within India and abroad and have taken a stance to support the industry, the old report may be considered outdated. From the information that we have, the industry players will be invited to intervene while forming the regulation for crypto.

According to these executives India will not ban crypto as looking towards the current issues that government has been facing since the outbreak of Corona virus, that there's million of job losses and also hundreds of businesses will need t get back to there regular working. And crypto is the only industry which is actively recruiting people and also bringing high amount of investments in country, as WazirX and Binance invested $50 million for Indian blockchain and crypto industry. India will not ignore these large investments. 

If India bans crypto then government will face two major problems, one will be enforcement of law which is  close impossible and other  India will be missing out on millions of dollars of revenue and job creation opportunities. So Indian government will not likely to take theses chances and ban crypto in country.

After circulation of this news Indian reacted to this news as they're completely ignoring the news, WazirX CEO said :

The day the news broke out created a mild panic among the community. However, we have not seen any difference in the trading behaviour on WazirX since then.

Along with WazirX other exchanges like Unocoin, BuyUcoin and others does not see any change in the trading by the Indian crypto traders. 

Unfortunately if Indian government bans cryptocurriencies in country along with bitcoin and other altcoin then it'll hit crypto industry hardly as India is the country of most population and specially according to the youth population. Crypto will lost it's millions of user base which will be unhealthy for both India and crypto industry. 

So this is it, we're keeping eye on this unconfirmed news and keep updating. Let's hope Crypto wins so as our crypto community.

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Written by   303
4 weeks ago
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Comments

I think India government take best decision for thia matter. Nowadays crypto grow more than before. And india government get more revenue from this sector.

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4 weeks ago

Yeah !! Binance & WazirX collaboration brought around $300 million investment. And TATAs are also training students (in my college too) about blockchain in partnership with IdaeLab.

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4 weeks ago

Wow.. Thanks for your kind information.

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4 weeks ago

👍

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4 weeks ago

This ups and downs will keep happening and eventually like how companies like PayPal adopt to crypto, countries will also do it.

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4 weeks ago

Yes @potta but India is adopting blockchain massively specially in energy sector and in an recent interview of head of the election commission of India announced that they are working on 'blockchain voting' which is I think a very big step. But the country is only showing some resistance towards crypto adoption.

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4 weeks ago

That is excellent! Blockchain voting needs to become the normal across the world. I'm sure everywhere around the world it will eliminate the illegal voters from abusing the system!

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4 weeks ago

Yes it'll strengthen the democracy all around the world but this part of blockchain adoption is very hard as many governments don't want this transparency !!

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4 weeks ago

Thanks for the information

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4 weeks ago

I wish India wll take the correct decision. Crypto will be not banned in India.All the best and hope for best!!!

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4 weeks ago

Reading this kind of article help me to gain more information about cryptocurrency :)

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4 weeks ago

Thanks for the informative article😊

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4 weeks ago

I'm sad after reading the headline that crypto is ban in India

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4 weeks ago

Hey @Sydney you got it wrong. Heading says "will India Ban Crypto". India does not banned crypto !! So don't be sad 👍

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4 weeks ago

Oh good, because I don't see crypto as a bad thing for everyone.

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4 weeks ago

Actually in my view blockchain (crypto) is reforming the world !!

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4 weeks ago

True and this will be one of the greatest change in the human history!

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4 weeks ago

Yeah !!

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4 weeks ago

And I am very lucky to be part of it!!

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4 weeks ago

👍 we all are !!

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4 weeks ago

Thank you very much dear for publishing a new articles and it is very helpful for all of us. Your all articles are so informative.

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4 weeks ago

Your article is always informative. Thanks again for sharing this type of informative article with us. It's help us to know more.

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4 weeks ago