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of crypto within India and abroad and have taken a stance to support the industry, the old report may be considered outdated.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.
Economy wise that would be stupid to ban crypto. However I get it. They are intimidated by another currency that will deflate the currency already in place.
I think they are messing up majorly if they are going through with banning crypto. I could see more people in India converting crypto into their own currency thus adding to India's economy.
The uncertainty of it is the hard ball about it.