As the world goes through the global digitization of finances, many countries enter the race of cryptocurrencies. While Bitcoin’s net value has had a gigantic leap of $8,790.51 U.S. dollars while Tetherium, Litecoin, and Cardano are also in a tight race. In these dire times, the Indian government might be taking a step back from the race and on the verge of banning private cryptocurrencies from their region.
The issues raised in regards to cryptocurrencies are always in regards to the lack of means to regulate and have any governmental control over them.
Countries are only now beginning to understand the inevitability of cryptocurrencies having large stakeholders and understanding the need to have laws and regulations to make sure that these practices do not stay unchecked.
The lack of uniform international in regards to them is also a growing concern among many countries. To avoid any risks of fraud, laundering, market errors, the Indian government is deciding to build a safety net for the Indian investors.
In such a case, the Indian Government has been making plans to launch an official cryptocurrency specifically for their country. There are rumors that the Indian government might be planning to pass a previous bill from 2018 that could ban private cryptocurrencies in the nation. The bill also had some exceptions of private cryptocurrencies that would not be banned.
An Indian investigator stated how instead of participating in a trillion-dollar industry that could be used to strengthen their country’s internal affairs, India is making the choice to ban it altogether.
Many companies have expressed concern after the news of the potential ban broke out. Some of them expressed their discontent with how no consultations were made with them.
One particular bitcoin trading company has issued a statement on how government should particularly define what cryptocurrencies are and what the government means by “private cryptocurrencies”. He also stated that private cryptocurrencies do not need to be banned and continue to prevail along with the national digital cryptocurrency.
Another cryptocurrency trading platform’s chairman criticized the government’s decision and called it immature. He stated how there are no private cryptocurrencies existing. That goes against the very definition of cryptocurrencies.
Reported By: Uzair Ahmed