Crypto Crackdown | RBI's Effective Ban On Cryptocurrencies? | CNBC TV18



please subscribe and don't forget to press the bell icon to get notified whenever we upload a new video so to start with what is your sense on what would happen now and also what is the indian percentage of the global trade that India holds right now and would that or not have an impact on the international trade from this so in case of India we have a larger investor base then our trader base Indians don't necessarily trade a lot of cryptocurrency but a lot of Indians are invested in cryptocurrency are taken savings they're looking at as a long-term asset and I mean right now the numbers would be millions also you know potential people who hold cryptocurrency know I mean we appreciate that government wants to come up with rules and policies to regulate and we understand government's concerns but at the same time you also have to look at the human side of the story value you've got millions of potential people holding on to some kind of cryptocurrency and if I do not have ability to transact with the cryptocurrency essentially this becomes a dead acid for everybody who trip recurrently within India because they cannot make any transaction with these crypto currencies so how are you know how is this going to impact these people and how much money is invested and what kind of economic impact the situation could have is something that needs to be analyzed mr. Pina you want to you know comment on the point that was just being made there this is now virtually a dead asset you said you wouldn't go as far as to say it's a band but official is saying that it now becomes a dead asset what do people who have already invested do yes that's a fair point because the the in fact I have been heard to say many times that the gun a government regulatory body can't just resort to cautionary notes more so when so many investors are getting into the market from 2013 till date several millions as we shall just mentioned have gotten to the market the reason why I said it doesn't amount to a complete badness with the RBI has not stopped either in verses from investing all from exchanges from functioning or from investors from exiting even the exit clause provided in the circular is for the entity is regulated by RBI to exit within a specific period of time so given that there is an option available to investors the three options which we discussed earlier also shereena which is that they may either seek to exit they may move their two currencies to alternate jurisdictions or they can wait and watch now with the wait and watch what is likely to happen is that they may run the risk of their positions getting diluted further I would not say that the statement of the Finance Minister in February and rbis action today is an indicator of where the government committee is likely to go but it is definitely not that bright that you would assume it would go completely in favor of allowing everything and anything utopian that the cryptocurrency market would have wanted so given that I would definitely say that investors should exercise very very stringent caution yeah mister peeny all the three options that you put out exit I believe is going to be very difficult to do now moving jurisdiction out is something that doesn't sound very legit so we shall if if it if you were you had an option to do one of these three what is the easiest way out to get the money back I mean the funny situation is you know a friend of mine called me today said this is literally the monetization of the pro currency in India why because you're essentially left with an asset which you cannot monetize and if you going to monetize it outside India it might be deemed illegal so if you start with an asset which you can't sell for a check payment to another friend or through an exchange and you cannot collect that cash and if you want to collect that cash in your bank record your bank account could potentially be seized it creates a huge conundrum for most people holding onto cryptocurrencies you

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