India Reconsiders Its Ban on Cryptocurrencies

The Indian government is reportedly said to reconsider its previous proposed ban on cryptocurrencies and all related transactions. This has led to its Ministry of Finance making inquiries regarding the issue. The development is believed that it was ignited after the Supreme Court rejected the ban set up by India’s central bank.

This was the latest announcement made by India’s Parliament and started with private cryptocurrencies and then later banned all crypto assets. However, the draft was under consideration as the government made efforts to clear its stance towards crypto assets. The government also announced that it would be reconsidering the implementation of its own Central Bank Digital Currency.

We must note that India has remained in the spotlight regarding cryptocurrency regulations way back in the years. The development led to the introduction of the “Ban and Regulating of Official Digital Currency” bill in 2019. The bill, however, laid down sanctions and jail terms for offenders.

India’s Crypto Industry

Following the draft bill’s announcement, top heads in the crypto community joined hands to fight off a total ban. They resolved towards getting a regulatory approach as the community has split over the past developments.

CEO of crypto exchange WazirX, Nischal Shetty, shared his opinion on the matter arising from the announcement. He said that innovative technology would be antagonized by people that are not knowledgeable about it. He expressed his displeasure by saying that it is absurd to ban a technology that cannot be banned in the real sense. Being against the ban, he recommends that the next step is to get the government to involve the crypto industry in policy-making. He said that it would help in the formulation of the right crypto regulations in India.

Reconsideration

India’s finance minister Nirmala Sitharaman has talked about the ban. She believes that India does not decide to go against technological advancements around the globe. She said that the ban on cryptocurrency would be a major setback in India’s efforts to get ahead of the whole world. Sitharaman buttressed her point by saying that the ministry of finance is finding ways to test-run digital advancements, such as cryptocurrencies.

In this regard, Sumit Gupta, CEO and co-founder of CoinDCX said that Sitharaman’s announcement is part of the government’s decision to digitize India and make it an able country on all sides.

Leave a Reply

Your email address will not be published.

Related

GBP to USD Prediction – Bulls Target $1.2450 Amid Weak U.S Jobs Report

It is somewhat of a GBP-USD day. The market does not have the United Kingdom’s economy to ponder today. Meanwhile, the attention has remained on the Federal Reserve following GBP-USD’s Thursday $1.23 return. The currency has never explored the value since June. Though hawkish bets place the sterling at the $1.25 mark into 2023, massive […]

Britain’s Chancellor Defers Tough Decisions to The Next Administration

The new British government is characterized by its severance to caution when it comes to its economic administration and its readiness to devote itself to performing just causes, regardless of the financial toll on the political sector.  As its precursor, Liz Truss, in September, decided to divide Britain’s economic organization, and the event exposed enormous […]

Genesis Halts Withdrawals Amid a Collapse of The Digital Currency Market

Genesis Global Capital has stopped processing withdrawals, confirming this week’s rumors. This is the most current lending program to file for bankruptcy. In 2022, Celsius Network, Voyager Digital, and other companies did so. At the moment, Derar Islim is Genesis’ acting CEO. Islim told Investors that the firm is looking at its options and seeking […]

Nayib Bukele Pledges To Buy 1 BTC Daily for El Salvador

The President of Els Salvador has pledged to start buying at least 1 BTC daily. This news emerged months after El Salvador is said to have completed its final BTC acquisition, 80 BTC at quite a cost of $19k each, in July this year. Previous Buy History of El Salvador  As per information from Buy BTC […]

Indonesia’s Central Bank Raises Rates By 50 Bps

In light of a robust economy and “high” inflation expectations, the Bank of Indonesia said on Thursday that it would act more firmly. As a result, the bank has increased the benchmark interest rate for the third consecutive month. A Global Economic Slowdown Bank of Indonesia was expected to increase the 7-day reverse repo rate […]