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. Required fields are marked *

Related

US Congressman Proposes Bill to Regulate Cryptocurrencies and Stablecoins

There are two forces at play here, and one is a decentralized network of cryptocurrencies. On the other hand, centralized finance owned by governments, banks, and financial institutions has converged on making their own tokens to tackle it. But instead of being anonymous and decentralized, they will be highly regulated and controlled entities. Today’s new […]

Amazon Currently has No Plans to Accept Bitcoin Payments

Bitcoin mania is on the rise as bullish signals approach; Bitcoin had seen some very hard days, especially in the past few months when Elon Musk and China were cracking at it, and most of the investors lost their faith in the cryptocurrency. Bitcoin stayed closer and then below the $30K price range and was […]

New Monero Bug Violates Users’ Transactions Privacy

Monero is a privacy-focused cryptocurrency and is already getting some traction from the crypto market and investors alike. But it has been infected with the bug named “Monero,” which consistently bewilders the transaction privacy and credibility for users. The whole point of using cryptocurrency for making transactions and the use of blockchain technology is to […]

UK-based News Agency Claims Amazon is Going to Enable Cryptocurrency Payments

Amazon is the fourth-largest company in the world in terms of annual revenue generation. The retail giant was caught by a cloud of rumor mongers who connected Amazon with cryptocurrencies like Bitcoin. The root cause of the rumors was a series of job postings by Amazon that show vacancies for blockchain and digital payment experts. […]

Polkadot (DOT) Targets $17 on a Bullish Set-Up

Briefly – DOT has recovered almost 40% from its weekly lows, targeting $17. DOT’s price tries to prevent the declining wedge. The RSI overpowers a five-month trend-line. Polkadot (DOT) Price Analysis Though Polkadot (DOT) has been here for not that long, it has enjoyed massive adoption by crypto advocates. That is because of the solutions […]