TL;DR Breakdown
- Indian entrepreneur, Raj Chowdry, says the incoming ban will affect India’s economy.
- Amid the crisis, India pushes for its central bank-issued currency, the digital Rupee.
Indian crypto experts speak out over crypto ban
Amid the controversy in India over the looming ban concerning cryptocurrency, Industry experts have spoken up about the collateral damage it could cause. Raj Chowdry, HashCash CEO, revealed that the ban could lead to a severe devaluation of the Rupee. Industry stakeholders also revealed that non-crypto companies could be affected by the ban.
In February, an anonymous top government official hinted at a blanket ban in India. The crypto ban, if implemented, will give crypto hodlers about 3 to 6 months to dispose of their holdings. However, on the 16th March, the country’s minister for finance noted that the ban may not be as far-reaching as initially rumored.
The finance minister, Nirmala Sitharaman revealed that the government will not completely ban cryptocurrency. She said that the government is ready to support Fintech companies noting that it will allow for crypto and blockchain experiments. However, the absence of a conclusive decision by the government has thrown stakeholders into confusion.
Crypto ban will affect Indian’s economy – Indian entrepreneur
Raj Chowdry revealed that banning crypto in the country is like rejecting the USD. He noted that India would suffer a currency devaluation if the law is enacted. The crypto industry stakeholders also revealed that the coming ban would also affect companies that are building decentralized apps on the blockchain.
According to an Indian news outlet, the impending ban has driven more people to invest in cryptocurrency. The increasing awareness of the decentralized nature of Bitcoin was a contributing factor, reveals the report. Also, the investments of institutions like Tesla and Visa in Bitcoin has caused even more people to consider Bitcoin investment.
In what appears to be a fuzzy crypto situation in India, Coinbase has decided to “establish a business presence” in the country. The company revealed its plans to hire engineers and developers acknowledging that the country has “world-class talents.” While Indian crypto leaders are calling for regulation as opposed to a ban, the country is pushing for its CBDC.
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