The Indian Ministry of Finance is said to have issued a memorandum urging a ban on Indian cryptocurrencies after the Supreme Court lifted the ban in March 2020. According to Indian cryptographic influencers, the government should consult stakeholders in the cryptographic community before making a decision.
The Indian crypt scene takes a 360-degree turn
In terms of takeovers, the cryptocurrency industry has experienced a significant upward trend. While these digital devices have been legalized in some countries, some other governments say it is a currency that paves the way for illegal activities. However, the cryptocurrency situation in many other nations remains uncertain.
India, a country of more than one billion people, has been able to push cryptocurrency usage rates to new highs. While the situation of digital devices in the country has been precarious for many years, last July Subhash Chandra Garg, the country’s former finance secretary, drafted a law urging a ban on cryptocurrencies that would prohibit Indian citizens from mining, selling or buying cryptocurrencies in any way. or use. Citizens who violated the law had to be fined 25 billion in prison and sentenced to 10 years in prison.
On March 4, 2020, the day the Indian cryptographic community expected the country’s Supreme Court to overturn India’s Reserve Bank’s ban on cryptocurrencies. While the SC deepened the RBI’s ban, which it described as “unconstitutional,” the country was pleased with the legalization of cryptocurrencies.
The latest report, states that the Indian Ministry of Finance is once again feeding a ban on cryptocurrencies. A government official has revealed that the proposal will only be submitted to Parliament after it has been reviewed by the Union Council of Ministers. The official said
“The list has been moved (by the Ministry of Finance) to inter-ministerial negotiations.”
While the cryptographic community is once again subject to uncertainty, the conspicuous faces of Indian cryptography are investigating the matter. Nischal Shetty, founder of Binance’s acquired platform, WazirX, told CoinGape that the current status of the case remains ambiguous as the community waits to access the information in the note. Shetty suggested that the Indian Ministry of Finance also work on the old encryption account, or work on issuing an updated invoice.
“Currently, the Indian Internet and Mobile Association (IAMAI) is working on a code of conduct for cryptocurrency companies in India. We are ready with the draft version and are working to update the guidelines to reflect the technological changes that have taken place in recent years. ”
Furthermore, he concluded that the government should use cryptocurrencies rather, as merchants can be tracked on more accounts to identify criminals than to ban cryptographic businesses. Fighting crime and promoting innovation must go hand in hand, Shetty said.
CoinDCX co-founder and CEO also spoke about the latest update to CoinGape. Gupta suggested that the cryptographic community look at the news with an objective lens, rather than spreading false information and causing panic. He further stated
“We are confident that we believe that the Government of India will consult with stakeholders in the Indian cryptographic community and listen to our views before any decision is made. Smart and meaningful cryptographic standards are the right way to go and CoinDCX as well as the Indian cryptographic community are ready to foster an open and transparent dialogue with the government to show why cryptography has a future in India. ”
The green signal of the Supreme Court towards cryptocurrencies has emerged on a number of stock exchanges in the country. However, the latest news could jeopardize the fate of these cryptocurrencies. Commenting on the same, Gupta highlighted the fact that the Supreme Court’s lifting of the ban on cryptocurrencies has strengthened the Indian economy as well as the Indian cryptocurrency. He added
“As a result, cryptocurrencies have flourished and we have seen record-breaking trading volumes and user acceptance of cryptocurrencies
decision, proving its strength as an asset class in protecting the assets of Indian investors. ”
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