One of the fastest developing countries from Asia “India” has finally started overtaking headlines in the cryptocurrency industry. The main reason behind the latest headlines is the feud that is currently going on between the Indian regulators and the cryptocurrency firms in the country.
It was back in 2019 when cryptocurrency technology had started emerging in India. When it happened, the government of India reacted to the rise of the crypto sector in the country in a very uncommon manner.
The Indian Government caused a lot of confusion among the crypto-firms in the country as from time to time, it kept announcing that it was going to ban the cryptocurrencies in the country.
Finally, as the cryptocurrency business started picking up in the country towards the end of 2020, the Reserve Bank of India (RBI) has dealt yet another blow to the entire crypto-sector.
It was just a few weeks back when the Reserve Bank of India (RBI) had proposed a new ruling at the Indian Parliament. The RBI proposed to completely ban cryptocurrencies in the country and demanded approval to introduce a framework for digital currency (digital-rupee).
It was later revealed that the parliament will be considering the new proposal and will be giving the final verdict by May 2021. However, it was revealed by one of the former finance ministers, requesting to keep his identity anonymous that the decision will be to ban cryptocurrencies entirely.
It was also revealed that it has already been decided that the crypto-users in the country will be given a time period of 3-6 months to liquidate their crypto-holdings until they are fully banned.
Although the above has not yet been made official, the rumors have raised a lot of concerns over the possible decision. There are many cryptocurrency exchange firms in the country that have demanded the Indian parliament to be straightforward.
They are demanding to reveal their true intentions around the cryptocurrency sector and what would it be its position in the coming years.
The recent developments and possible ban on cryptocurrencies have even forced the former Chief Technology Officer (CTO) at Coinbase to share his views about the matter.
As per him, the ban being implemented by the Indian government would be similar to depriving people of internet service. If the government bans cryptocurrencies, then the country would be kicking away a market that can generate it trillion dollar worth of revenues and profits.
The former Coinbase CTO, Balaji Srinivasan shared his views around the crypto-ban in India during an interview at CapTable. He stated that banning cryptocurrencies in India would drive all the crypto-revenue from the country over to other markets in Asia.