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India Plans Lasting Ban on Crypto; Crypto Leaders Are Still Optimistic!

Written By 
June 12, 2020
India Plans Lasting Ban on Crypto India Plans Lasting Ban on Crypto

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India is seemingly planning to come up with a law to ban cryptocurrencies. The government thinks that the legal framework can be more effective than the circular that is passed by the Reserve Bank of India. (RBI). A government official stated in the press release that there is notice circulated by India’s finance ministry for the “inter-ministerial consultations” on this matter.

The urge of the draft circulated was in context to the decision taken by the supreme court on March 4, 2020, to put an end to the notice circulated by the RBI that the banks should not provide any cryptocurrency services to the people. According to the experts, the notice will be forwarded to the Parliament, and if this works on similar lines based on the proposal made previously, the law will invade the investors dealing in the crypto exchanges and entities who are investing in virtual currency.

The crypto biggies from India took it to twitter talking about this news that is making round in the market. Kashif Raza, the Co-founder of Crypto Kanoon, tweeted about this recent move by the government. He said that the government is working on introducing a Bill in the Parliament for the Crypto ban. He stated that he would come up with a video talking about the details of this decision taken by the government.

On the lines of the same, the well-known crypto influencer Shalini, popularly known as the Desi Crypto Hodlr, also tweeted the news talking about being confident of winning this battle. She wants to encourage people that they should support crypto education and further build a stronger community.

All the crypto influencers and investors are really skeptical now about the final decision. They all believe that our Prime Minister, Narendra Modi, will definitely not make a decision that will stop the already growing financial sector. They feel that the government and the crypto industries should come together and communicate on the ground level and come up with a decision that doesn’t disturb the growth of Blockchain and Cryptocurrencies in India.

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The Founder and CEO of WazirX India, Nischal Shetty, also took it to Twitter to share his views about the decision. Many crypto enthusiasts have queries after the government has come up with this plan, and Shetty is taking the help of twitter to solve the dilemmas.

He urges people to keep a note of a few things here, that it’s yet not the final decision, and there will be a committee formed which will further work on this. The industries will be consulted, and parliamentary approval must be required before coming to the final decision.

Shetty believes that our honorable Prime Minister will take up a wise decision for sure. With another tweet, Shetty urges people to be smart and understand that the article has merged two things together so that the readers believe that the old draft is pushed ahead for further discussion. He is trying to tell people that these are two separate things, and they are not co-related.

On the lines of the governments’ final decision where crypto enthusiasts seem extremely skeptical about the Parliament’s decision, the investors are concerned about the loss of the thriving opportunity for investors and job seekers after the lockdown period. A lot of them have tweeted that they are gradually losing hope in India. To which, Shetty, retweeted assuring that he believes that our Prime Minister will not break our dreams. He believes that India has been progressing in the right direction, and even this time, the leaders will ensure that India further leads to becoming the leader in the crypto space.

Nischal Shetty seems to be having an optimistic approach on perceiving this situation. In a tweet, he says that a lot of other countries are working on regulations as well, so here we should not keep our focus on the negativity of the move.

He believes that our ministers and higher authorities are very understanding when it comes to innovations, and till now, they have been doing a commendable job. Since he has previously shared views with a few of them, he believes that the Indian government will come up with a positive crypto regulation.

He believes that banning is not a solution, and India won’t come up with such a solution in this case.

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As of now, we are completely unaware of future prospects. Will crypto be banned in India? Or will there be a revised regulation for crypto investments? We don’t know, for the final decision, we will have to leave it on Parliament. As much as the crypto biggies are optimistic, even we should hope for the best. There’s possibly no reason to panic. Not just you and me, the entire crypto community has their own doubts and dilemmas regarding the decision. Let’s wait for the verdict!

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Ruchi BrahmbhattbyRuchi Brahmbhatt
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