Here’s why a Bitcoin and crypto ban in India is unlikely

Spread the love

After the Supreme Court’s ruling to quash the ban on cryptocurrencies in India, activity in the crypto space has grown significantly, however, some rumors have still emerged about the uncertainty regarding the legal status for Bitcoin and cryptocurrencies in the country.

However, as Sathvik Vishwanath, CEO of Unocoin stated in a recent interview spoke about the legislation around crypto in the country, he said,

“In all likelihood, it will be a ‘no’ as of this time because of our influence. The industry has done this influence and the media has done this influence on why it should be there in India — to not lose the opportunities.”

Interestingly, the crypto industry has flourished in India after the ban was revoked in March, as data from Coin Dance confirms.

Source: Coin Dance

Weekly trading volumes surged as more players entered the crypto space. As crypto businesses continue to thrive, there will be a need to carefully consider the effects that a lasting ban on crypto could have on the country.

In line with this thought, Vishwanath stated that once this legislation becomes annulled, there will be a need for a new committee to be formed again to determine how the present law of the land will apply to crypto and offer a more balanced view.

RECOMMENDED READ:  US Representatives Add Digital Currencies to the 2021 Defense Bill

Regulatory sandboxes are being increasingly considered by many countries, in order to determine how best to regulate cryptocurrencies.

In Hong Kong, for instance, the SFC (Securities and Futures Commission) has established a sandbox that allows an opportunity for both regulators and the industry to see how transactions work in concert with each other.

Even countries such as Kyrgyzstan and South Africa have recently issued draft laws on crypto regulation, that invite the public to submit their own recommendations towards regulatory proposals.

However, there are no specific guidelines on this in India just yet, and as such, many retail investors are reluctant to enter this space because of the ongoing rumors of an impending ban.

Regulatory clarity could provide much-needed legitimacy, safety, and security for the average retail investor.

 340 Interactions,  2 today

READ ALSO:
Why is XRP seeing such a massive rally because Ripple is only worth $3 billion on the secondary market?

Ripple is currently valued at $2 to $3 billion, but its XRP assets are worth around $70 billion. The equity Read more

Reddit reminisces about the now-defunct ‘Bitcoin faucet’ website that gave away 19,700 BTC for free.

It might seem unbelievable today, but in 2010, software developer Gavin Andresen set out on a quest to distribute free Read more

The price of Solana (SOL) is rising as airdrops draw new subscribers to the network.

This month, the price of Solana has increased by more than 50% as new ventures perform airdrops on the SOL Read more

Filecoin, IOTA, Enjin coin Price Movement Analysis for 11th April, 2021

The altcoin industry has been adjusting to the Bitcoin market's boom, and the valuation of most cryptocurrencies has risen in Read more

Algorand, Bitcoin Cash, FTX Token Price Movement Analysis for 11th April, 2021

Algorand wasn't yet able to ascend above its horizontal channel. If the bulls can prevent a collapse in the coming Read more

Cardano, Bitcoin SV, Compound Price Movement Analysis for 11th April, 2021

Cardano observed a pattern of declining exchange rate, indicating that the market was likely in a delivery process. However, in Read more

Why retail Bitcoin traders should foresee a price increase

Big Bitcoin wallet inflows indicate a bullish pattern turnaround in the coming week. The price is currently about $60000; but, Read more

Where are ADA, ETH,  DOT, and UNI price movements heading?

Based on price action in March and the first ten days of April, a pattern has appeared on the price Read more

Why this researcher believes the ‘hyperbitcoinization’ is not far from reality

Despite minor corrections over the last week, the Bitcoin price has been rallying higher, with the king coin once again Read more

Bitcoin Price Movement Analysis for 11th April, 2021

Is Bitcoin nearing its peak? It's unlikely. Many on-chain measurements revealed that, although Bitcoin was highly bullish, it had not Read more

Leave a Reply

Contact Us