1.5 minute read
- Talk of a major crypto ban in India has got to the industry on edge.
- The world of cryptocurrency and blockchain in India has been through a lot the past few years with the reserve bank of India blanket banning the asset a few years ago only to reverse it recently.
Talk of a major crypto ban in India has got to the industry on edge. The world of cryptocurrency and blockchain in India has been through a lot the past few years with the reserve bank of India blanket banning the asset a few years ago only to reverse it recently.
Now with more talk suggesting that the bank might go back on their reversal, the future of crypto in the nation is very uncertain.
A major crypto exchange in India, BuyUCoin has developed a framework in order to regulate cryptocurrency in the nation that would help all Indian cryptocurrency stakeholders without having to ban the asset in the country.
The framework has been described as a draft set of community-driven rules which will be presented to the Indian government at the start of next month. In March, the Supreme Court struck down the reserve bank of India circular banning banks and other financial institutions from dealing with crypto-related businesses. A new bill is set to come into action though by the government to ban the trade of cryptocurrency during the monsoon session, according to a report from Bloomberg.
To add to this, an Indian blockchain-focused law company, crypto Kanoon has also discussed the potential crypto ban comparing it to the country's restrictions on derivatives training in the 50s. As a result of this, there were lasting effects on the financial industry.
A Crypto ban in India would have very negative effects on the future of the cryptocurrency industry in the nation.
© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.