Chances of Indian Crypto Ban Low Compared to 2019, Says Crypto Veteran

[SRShanuka2020]

Chances of Indian Crypto Ban Low Compared to 2019, Says Crypto Veteran

News about the Indian Ministry of Finance circulating a “note” for inter-ministerial consultations of cryptocurrency regulations spurred panic within the Indian crypto community. Worries about the 2019 draft bill proposing a blanket ban of cryptocurrencies and possible 10 years sentences for crypto users had kicked in once again.

In an interview with Cointelegraph, Ashish Singhal, the founder and CEO of Indian cryptocurrency exchange CoinSwitch, said that the chances of the government placing a blanket ban on digital currencies has reduced considerably as compared to 2019.

Singhal said that in 2019, when the draft bill was proposed, the possibility of a ban seemed high due to the lack of support for cryptos from the central bank, the Reserve Bank of India. To add to that, there was a crypto banking ban already in place and things looked quite uncertain, he added.

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[bigcash2011]

I think it is time for crypto adoption and not bans as most of the govts and institutions all around the world have now accepted the fact that crypto is here to stay and it is efficient in many ways and is better than traditional finance and payments sector so i am positive in couple more years crypto will be everywhere.

[Senin]

A few years ago, when little was known about cryptocurrency, some governments introduced a ban on cryptocurrency circulation.  There were about a dozen such states.  Recently, however, I have not even heard of such cases.  On the contrary, intergovernmental organizations have become positive about cryptocurrency and are only trying to regulate their circulation.  The benefits of using its digitized currencies has generated additional interest in the decentralized cryptocurrency of both citizens and governments of various states.  Against this background, one can hardly expect the introduction of a complete ban on cryptocurrency in India.