India’s status with cryptocurrency has been chaotic from the very beginning. From its ban by the RBI in 2018 to its subsequent retrieval in March of 2020. The government, the public and the RBI have been in a constant tussle regarding the status of cryptocurrency in the country.
The RBI, governed on behalf of the most prestigious financial institution of the country, has maintained that crypto is not only unsafe but lacks proper definitions to demarcate its distribution in the masses.
It also points out that unless its inherent unregulated nature is tamed down its interaction with the public at large can be harmful to the citizens.
In light of the same, the government is all set to impose stricter rules on cryptocurrency within the country. As India is all set to encounter the new cryptocurrency bill, investors are trying to gauge the future of virtual coins in South Asia’s largest economy.
The Chaos Of The New Crypto Bill
A parliamentary bulletin dated 23 November shows that the Indian Government plans to introduce a ban on most private cryptocurrencies. This led to massive losses in my crypto tokens.
However, if you are to believe Avinash Shekhar, the co-CEO of one of the biggest crypto exchanges in the country, the scenario might be a little different.
I believe that we will have some kind of coherent regulation, but on the tougher side,” said Avinash Shekhar, co-CEO of Zebpay, told CNBC’s “Squawk Box Asia” on Thursday. Shelter explicitly pointed out that he thinks that a complete ban on private cryptocurrency is unlikely.
It is believed that through the proposed ban the government is trying to lay down a framework for RBI’s virtual currency that is also set to roll out.
Shekhar from Zebpay said officials have been talking about tough regulations because “they want to control this and don’t let crypto become a currency, so to say.”
The current status of crypto looks like one huge dilemma to investors with every major shareholder coming up with news stories. All we can do is what is for the bill and until then, sit and speculate. However, it is certainly a ray of hope to know that the government might not be thinking of a complete ban.
The newer regulations also mean that major companies in the country will now try to take part in the crypto market. So maybe it is not all bad, but some brighter things to look forward to as well.
For more such news, stay tuned to Marketcapitalize. We are always here to keep you updated with the crypto world.