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India Should Work To Regulate Cryptocurrencies Rather Than Considering A Ban.
2021-02-01 | Selina Mathew
"They can certainly ban the legitimate use of crypto which can only make it difficult for a standard one that doesn't know it to urge involved in it," added Gaurav. “However, what we understand is that the Indian government is trying to clamp down on scams that are running beneath the name of Bitcoin."He explained:
“We are positive that the govt will come up with regulations and policies which will put control on the scams and let the innovation within the industry [...] grow and thrive.”India’s government has had a sophisticated relationship with cryptocurrency. The country’s supreme court effectively overturned a blanket ban on crypto that the RBI had imposed on cryptocurrency businesses for nearly two years. Though India’s parliament has largely not taken a firm position on regulating virtual currency since that point, reports from August suggested that the administration was working towards banning cryptocurrencies. The proposed legislation, the Cryptocurrency, and Regulation of Official Digital Currency Bill, is being considered within the Rajya Sabha as a part of its budget session. The Bharatiya Janata Party of the National Democratic Alliance currently controls both houses of the country's bicameral legislature.
