Will India Ban Crypto Again? Exchange Executives Shed Light on the Dilemma

2020-6-18 22:26

The cryptocurrency community in India has been rumbled following rumors of a note being circulated by the Finance ministry regarding another crypto ban.

As ZyCrypto reported, the government in India is looking to introduce a new law that will see the ban of cryptocurrencies.

This circular has reportedly been associated with a previous bill proposed by the inter-ministerial committee (IMC) to ban cryptocurrencies back in Feb 2019.

The new note comes months after the Supreme Court in India struck down the 2018 circular that had been issued by the Reserve Bank of India (RBI), prohibiting banks from engaging in crypto-related payments. While news of the likely ban has teased the cryptocurrency community, many crypto-related companies are still optimistic about the future.

Crypto regulation leaning on the positive side

Nischal Shetty, the CEO of Wazirx, a local cryptocurrency exchange in India, emphasized that the two documents pointed out in the report are different. He stated that “I don’t think there’s anything to worry about the note as of now.” Stressing that there is a slim chance the government would stop a booming sector. Shetty further added that he believes India will follow the footsteps of developed countries like Japan, the USA, Australia, and the United Kingdom when it comes to cryptocurrency regulations.

While commenting on the matter, Sathvik Vishwanath, Unocoin CEO, explained:

“Given that the supreme court did hear all aspects of crypto within India and abroad and have taken a stance to support the industry, the old report may be considered outdated. The industry players will be invited to intervene while forming the regulation for crypto from the information that we have.”

India’s dilemma

It seems India is at a crossroads when it comes to banning cryptocurrencies. On the one hand, the nature of cryptocurrencies will make it very hard for authorities to enforce the ban. On the other, a ban will cause the country to miss out on potential revenue that could be gained when cryptocurrencies become mainstream. 

Notably, the news, despite creating panic in the community, has not affected the cryptocurrency market.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Babes and Nerds (BAN) íà Currencies.ru

$ 0 (+0.00%)
Îáúåì 24H $0
Èçìåíåèÿ 24h: 0.00 %, 7d: 0.00 %
Cåãîäíÿ L: $0 - H: $0
Êàïèòàëèçàöèÿ $0 Rank 99999
Äîñòóïíî / Âñåãî 0 BAN

ban india crypto zycrypto reported government regarding

Èñòî÷íèê: zycrypto.com

ban india → Ðåçóëüòàòîâ: 126


India’s Proposed Blanket Bitcoin Ban Will Set The Economy Back As Blockchain Devs And Traders Leave

Being too tough on innovation can be a cause for brain drain. At least that is what some crypto specialists in India believe right now. As the government continues its plans to ban cryptocurrencies locally, India is starting to see its first big signs of brain drain happening in the country. A complete blanket ban […]

2019-9-17 23:11


Bitcoin Sadist Roubini Cheers India’s Planned Cryptocurrency Ban

Economist and Bitcoin critic Nouriel ‘Dr. Doom’ Roubini has hailed a proposed ban on cryptocurrencies in India calling it ‘good news’. According to the New York University economics professor, an actual ban on crypto in the world’s second-most populous nation will save ‘retail suckers’ in the country from investing in ‘shitcoins’.

2019-7-24 14:59


Ôîòî:

India Unlikely to Issue Blanket Ban on Cryptocurrency

Government officials in India have indicated that the government may adopt a more measured approach to regulating the cryptocurrency market.   We Don’t Want to Ban Cryptocurrencies Altogether In yet another twist to the unending saga of India’s stance on cryptocurrency market, recent comments from government officials indicate that the country may not ban virtual currencies entirely.

2018-7-11 17:00


India’s Cryptocurrency Banking Ban May Be a Bust

After much waiting and speculation on the July 5 deadline, India may forgo banning investment in cryptocurrency after all. Indian Ban May Be a Bust The three-month time span from the Reserve Bank of India’s initial announcement that all RBI regulated entities must cease any crypto related activities, including both individuals and firms, was filled with speculation.

2018-7-11 15:00


How to buy Bitcoin in India after RBI ban

One of the major fall-outs of RBI’s April-5 circular has been the cease of rupee deposit and withdrawal on the country’s biggest digital exchange platform. Zebpay, shortly after urging its users to withdraw money on July 4, issued a statement saying, “we are disabling the rupee deposit and withdrawal options owing to the bank account The post How to buy Bitcoin in India after RBI ban appeared first on ItsBlockchain.

2018-7-8 14:14


South Asian Banking Ban dealine around the corner, causing Zebpay exchange to stop.

One of India’s largest exchanges Zebpay announced it was freezing Indian rupee deposits and withdrawals July 4, a day before a controversial bank ban on cryptocurrency businesses comes into effect. “INR deposits and withdrawals have been paused in the Zebpay app until banks allow us again,” an update to the original warning reads. On Tuesday,

2018-7-5 21:00


WazirX CEO Says “All Eyes on July 20 Now” After RBI Cryptocurrency Ban Supreme Court Decision

All eyes were on the Supreme Court of India as it judged the awaited hearing of Internet and Mobile Association of India (IMAI) vs Reserve Bank of India (RBI) on the decision about the decision that the RBI took to forbidden banks on providing services for cryptocurrency traders. According to the decision of the Supreme […]

2018-7-4 11:12


Ôîòî:

Court Says India’s Crypto Trade Bank Account Boycott Will Continue

India’s highest court has declined to end a ban enacted by the national central bank that bars the country’s crypto exchanges from doing business with regulated financial firms. Bloomberg reported Tuesday that the Indian Supreme Court, led by Chief Justice Dipak Misra, said that the Reserve Bank of India’s (RBI) prohibition on providing services to crypto-related

2018-7-3 21:52


Ôîòî:

Indian Supreme Court attended Crypto Petition but Upholds RBI Ban – Will get effective in 2 days.

Regulation The Indian Supreme Court heard one petition against the crypto banking ban by the country’s central bank today. Japan Confirms Entrance Into the Crypto Space No Stay Granted by Supreme Court The Supreme Court of India heard one petition against the crypto banking ban imposed by the Reserve Bank of India (RBI) on Tuesday,

2018-7-3 19:04


äàëüøå åùå 77 íîâîñòåé →

Ïàðòíåðû Currencies.ru

Àíàëîã Notcoin - Blum - Èãðàé è çàðàáàòûâàé Ìîíåòû



Ðåêëàìà íà Currencies.ru

Ñàìîå ñâåæåå íà Currencies.ru

Is India planning to ban cryptocurrency?

India is on the brink of a pivotal decision regarding cryptocurrencies as the government deliberates a potential ban on private digital currencies. The focus is now shifting towards the development of a Central Bank Digital Currency (CBDC) – the digital rupee.

India weighs crypto ban as it pushes for digital rupee adoption

Regulators in India are considering banning cryptocurrencies like Bitcoin and Ether and are instead, promoting the use of the digital rupee. On Oct. 22, local media outlet the Hindustan Times cited two officials familiar with the matter who claimed that…