Ever since the Supreme Court of India thrashed the ban imposed by Reserve Bank of India on cryptocurrencies, Indian investment patterns have seen a shift towards these digital currencies.
But, what is more noteworthy here is that Government of India is pulling their socks up for yet another ban and this time, a prolonged one.
Within 2 months of the verdict of lifting the ban came from SC, the Finance Ministry has reportedly passed a cabinet note aimed at setting up legal framework to ban cryptocurrencies in the country and shared it with other ministries for their views.
Cryptocurrencies are banned or restricted in a number of countries around the globe. While India still stands at an uncertain position over cryptocurrency, first RBI’s circular on the ban and now this finance ministry draft indicates that Government is more willing to ban cryptocurrencies in the country.
However, the news of cryptocurrencies is being circulated, companies of the industry continue to be optimistic about the environment.
“I don’t think banning cryptocurrency can be of interest to India. If you look at the nations that have accepted Cryptocurrencies and are going along with it, you will know that these technologies can open doors to new opportunities”, said Kevin Ng, founder of crypto exchange BtcEX.
Ray Youssef, CEO and co-founder, Paxful said, “We are open to an opportunity to talk to the regulators and help showcase the various benefits that cryptocurrencies can provide.”
MD, South Asia & MENA at Ripple, Navin Gupta has his own views on the matter. He believes India is stuck at ‘Regulatory Crossroads’ at the moment.
He said, “India is at regulatory crossroads – where one path leads to responsible innovation leveraging blockchain technologies with digital assets while the other where players hesitate to adopt game-changing technology”.
He suggested India to have a ‘thoughtful regulatory approach’ which will eventually help India in this situation and afterwards as well.
He remarks, “We are confident that after careful deliberation and consultation with industry participants, Indian policymakers will choose the former path”.
Vikram is a Social Media Marketer and an active Cryptocurrency Follower. He frequently writes about cryptocurrency and crypto trading. It is one of his favourite topics to cover. Along with that, he runs a social media marketing team where he brings in sales and leads for different clients.
His hobbies include Meditation, football and cooking.