India can’t decide if it loves or hates crypto
India will introduce a crypto bill in the winter session
What is the problem?
In the last week, several authorities have called for regulation on cryptocurrencies. Jayant Sinha, the chairman of the parliamentary committee on finance on cryptocurrenciestold CNB TV18that while exchanges have claimed to have self-regulatory practices, they have to prevent money laundering through digital currency.
Speaking at Sydney Dialogue, an event about emerging technologies, PM Narendra Modi cautioned about the misuse of cryptocurrencies.
All hope is not lost though. A report fromNews18suggested that government doesn’t plan to put a blanket ban on cryptocurrencies — but just wants to put some guardrails in place.
What does this mean for cryptocurrency investors?
Apart from local exchanges, foreign companies like Coinbase and Kraken, will need to wrap up their operations from the country if the bill is passed. India’s central bank has been against cryptocurrencies for the last few years, issuingcirculars to banksto stop dealing with crypto businesses.
After the parliament’s winter schedule was announced, several investors started selling their coins. Cryptocurrency exchanges have urged people to stop panicking as there’s no final law in place.
Ashish Singhal, Founder & CEO, CoinSwitch Kuber, a company backed by a16z, said investors shouldn’t make rushed decisions:
Nischal Shetty of WazirXtweetedthat law markers understand the market with more than 15 million cryptocurrency owners in the country, so there’s no need to panic.
India’s crypto industry has been thrown into a frenzy many times as the space is unregulated and there’s been a fear of a sudden shutdown. If there’s no blanket bank on cryptocurrency, this proposed bill will hopefully provide much-needed stability and a framework for exchanges and investors.
Story byIvan Mehta
Ivan covers Big Tech, India, policy, AI, security, platforms, and apps for TNW. That’s one heck of a mixed bag. He likes to say “Bleh.“Ivan covers Big Tech, India, policy, AI, security, platforms, and apps for TNW. That’s one heck of a mixed bag. He likes to say “Bleh.”
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