The Indian Scene : The Anticipated Ban

bold-n-italics (58)in LAKSHMI • 4 years ago

Budget 2021 had lot of high hopes and anticipation as everyone in India and Crypto players globally expected India to come up with some regulations and approval towards Crypto.

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However this ended with a sad note to the tune when the Budget ended completely silent on the above expected topic.

Currently the Internet is flooded with articles regarding the anticipated Crypto Ban in India.

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A ban on cryptocurrency would open up a large unregulated grey market that the government will not have any sight into, said Nischal Shetty, founder and chief executive of Mumbai-based cryptoexchange WazirX. “The biggest casualty of this ban would be genuine businesses that complied with the government, and investors who declared their holdings.”

Source : Read more at: https://www.bloombergquint.com/business/venture-capitalists-backing-indian-crypto-businesses-keep-the-faith
Copyright © BloombergQuint

The talks about the Intent of Ban has become so high that it seems that the ban is unstoppable.
Some news articles suggest that India would be given a transition period to the crypto investors to shill out their crypto investments before the exercise of the ban.

This is a shame now that we see cryptocurrency performing so well in markets and a lot of companies actually moving their Investments in Bitcoin.

Below are listed a few companies which are holding their reserve assets in bitcoin are:

Grayscale Bitcoin Trust
Microstrategy Inc.
Square Inc.
Coinshares

Apart from this we have also noticed the time when Elon Musk tweeted about Bitcon and Dogecoin, the prices went haywire and every person following Musk became aware of something called Cryptocurrency.

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With all these developments India will be losing a golden opportunity to take part in this economic out-turn.
India had already been left out of the crypto space during the previous ban/

Recently there has been an update that Twitter CEO Jack Dorsey and rapper Jay-Z are creating an endowment to fund Bitcoin development in Africa and India, with a mission to make bitcoin the internet’s currency. The fund will receive an allocation of 500 BTC and will be governed by 3 democratically elected board members. Dorsey has always been a strong Bitcoin enthusiast and aims to increase wider adoption of Bitcoin in less-developed regions of the world.

How will this take place if India proceeds with the Ban?
Is this an Indication that there might actually be no Ban?
Or will this be the trigger to go ahead for Crypto Regulation instead of a Ban?

Guess Only Time will tell.

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