India’s Ban On Cryptocurrencies Could Stunt The Nation’s Financial Growth

So many nations around the world are still not sure of what step to take as regards cryptocurrencies. India falls in this pool of countries as the Indian government has publicly come out to express their rejection and ban on the trade of cryptocurrencies. 

The ban is traced to the fears the government is entertaining regarding the volatility of Bitcoin and other cryptocurrencies. In fact, the ban was issued following a series of fraudulent activities with crypto.  

The head of the Reserve Bank of India, Shaktikanta Das, expressed his opinion regarding the issue two days ago. He said cryptocurrencies would disrupt the nation’s financial stability, therefore negatively impacting the economy. 

Though, the Indian government has declared intentions to create its cryptocurrency and put measures in place to regulate how it is managed. 

How Beneficial Is The Ban For Indian Crypto Investors?

The recent ban makes involvement with cryptocurrencies and crypto investing illegal. This has caused a bit of commotion as some Indian investors have placed lots of money as an investment in crypto coins. 

Some citizens are of the view that the government will look into their decision again to reevaluate their stand regarding cryptocurrencies. For now, their decision will be of more harm than good to big investors. 

Will The Ban Be Revoked For Regulation Laws?

The world of cryptocurrencies has grown so well, and some citizens are certain the Indian Government will revisit their ban and impose laws for its regulation. 

The Founder of CoinDX, Sumit Gupta, is also optimistic the Government will change their position. He was one of the few who openly disagreed with the ban. 

CoinDX is a Singaporean based company created in 2018 to cater for crypto and crypto-related services. 

Sumit Gupta has made moves to make the Government change their position. He had taken his plea to the Supreme Court demanding the decision by the RBI be reconsidered. 

He also spoke to some well-meaning individuals, including Subhash Chandra Garg, who was part of the team that came up with the bill to ban the trading of cryptocurrencies. 

Sumit Gupta further points out that there are ways that the government can regulate the activities around cryptocurrencies. Following all of this, he is optimistic the ban will be lifted soon. 

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