Crypto Currency Ban In India Soon?

– atop focus then now in what has come as a big setback for cryptocurrency users or even enthusiasts the Indian governments in termina serial panel has recommended a ban of private crypto currencies like Bitcoin in India the panel has suggested to criminalize all commercial dealings as far as private cryptocurrencies are concerned the in term intimacy of our committee headed by Economic Affairs Secretary Subash Chandra Garth submitted the proposal this week besides guard the panel included members from the Ministry of electronics and even the information technology now markets regulator Securities and Exchange Board of India semi was also on the board and also had representation from the Reserve Bank of India now the panel has suggested that India must consider introducing an official virtual currency or the digital rupee talks about which have been going on for a while now this to replace private crypto currencies such as Bitcoin now the banning of cryptocurrency and regulation of official digital currency bill 2019 will now be reviewed by the central government after consulting various regulatory authorities remember the government in the past has also made its dislike for crypto currencies clear this comes proposal comes on the back of the move where the government and the RBI have been moving to curtail crypto currency exchanges for a while now now the RBI remember in July 2018 had set an electric Court in India though there are no clear laws governing virtual currencies RBI guidelines there for the bar non banking entities from setting up ATMs they're forbidden from issuing prepaid virtual currency calls these rules effectively close the doors on BTM switches Bitcoin ATMs being set up in India in code now if you cut to July of this year the drafters banning cryptocurrency and regulation of official digital currency bill 2019 was reportedly proposing a 10-year long term prison term for people who might generate wholesale transfer this posed issue or even deal in crypto currencies now what really is happening the guard panel now has recommended penalty and imprisonment for those who directly or indirectly mined generate whole seal deal or transfer dispose of cryptocurrency the report categorically states that private cryptocurrencies have not been recognized as legal tender in any jurisdiction meanwhile the cryptocurrency community also took to social media to garner support against these draft proposals so what does this really mean for the cryptocurrency users for the road ahead for India is this going to be a final shut down as far as crypto is concerned in India will this put back India from where we really started let's just discuss this with two people who know Bitcoin better than a lot of other people initially CEO of Vizier X and even Nimisha sanguis CEO of coin tranche or now joining us on the show gentlemen good to have you on India had initially let me begin with you mean you have had conversations before regarding how India continues to have this back and forth as far as the crypto is concerned not the first time that we sing a run in either with the Reserve Bank of India or as far as the Indian government is concerned do you think this really takes us back from where we started see I think you know news or information from the government so you know report has been submitted it's a good you know initiative and it's a good start for all of us to now be able to respond to water committee things so I think we are you know one step ahead than where we were before but the only thing is it's not something that has been you know the report is not something really built in the right direction so we need to now as a community ensure that the government takes our input and you know revisits this report that has been submitted and makes it better so that Krypton India really gains you know the right kind of I would say regulations sure Rob you know nemi's let me bring you in also at this point of time but what do you really think continues to be the moon's contention as far as the indian government or even the Reserve Bank of India is concerned as far as Krypton India go you know you've always had talks of in the Indian government saying that bank tripped over it we should talk about our own virtual or a digital droopy do you think it's a lack of a clear policy that continues to have this back and forth between the two bodies everything I think that the lack of clear policy is because it's hard to determine where they will they are going to fit took two currencies you cannot actually fit crypto currencies or crypto assets into one bucket right you cannot just call it a digital or virtual currency it is there are certain tokens which are equivalent to your airline miles so the way they need to look at it is to how to segregate these two kings or assets as we call it and then start from there but instead if you are going to put everything in the in one bucket you are going to come up with saying that you know this is a threat to the Indian rupee a fiat currency then you will you are going to ban it and when it comes to digital rupee or the virtual currency that is backed by the government I don't think there is a need for it we are doing pretty well with the ups and PM's and wallets of the world that we have in India so that's not needed at all sure okay okay let me just go back a little and you know we had this conversation last month as well in July this year there was a draft of a banning of crypto currency and regulation off official digital currency bill 2019 and that had an extreme view which reportedly proposed a ten years longer prison term for the people who are dealing with cryptocurrency that had generated a lot of negative sentiment as far as the cryptocurrency industry was really concerned or people who were enthusiastic as far as the crypto space was concerned or do you think if these proposals error rates remember they're only in the proposal stage but even if these proposals they continue to come at the rate at which they're coming do you think you know the sense of enthusiasm or optimism that has been generated over the last few years as far as crypto is concerned that will be taken away see how I would say you know the enthusiasm for you know it's a new technology and totally believed in the show but the problem that I see is that you know innovation is things different of you you know the new generation wants to try something new and it's something that is happening nobody so why should India stop the youth from doing what they see as a future of I would say digital finance and why should Indians not participate in this when rest of the world including the US EU Japan everyone's participating so I think the question is by threatening the youth in fear of the new generation about not using crypto are you this is how we are going to stifle innovation nor are we going to promote it by telling the you that that's the question I was getting to initially you know at a time when the government or even or the younger generation when we are pushing the entire focus on creativity and innovation isn't this hypocritical of sorts to push back a new innovation as far as the currency space is concerned what do you think really has been the problem because you know the you know I don't want to discuss just this proposal because these setbacks have been happening the bigger concern is that since day one when cryptocurrency in India was floated even as an idea there has been a lot of lack of optimistic sentiment from the official authorities and why do you do you have any specific reason or understanding since you deal with this space as to what has been pushing the government away from getting trip to currency in India has been the misunderstanding of what cryptocurrency is if you read the report that has come home thinking of cryptocurrency as being a currency but honestly in India not really used as a currency you wouldn't go out on store and find cryptocurrency as a payment mechanism crypto is more use as an asset or as a utility or as you know I'm saying a security and you know this misunderstanding Indians worried that you know we'll just replace the I know it's not here to replace Guyana it's here as an asset or as the new digital I would say token for a lot of stuff that happens online also you know I think if we can clear this misunderstanding that cryptocurrency means currency it's not currency it's an asset also you know utility that you can use all online on new kinds of protocols and new kinds of love rock scene being big I think that distinction still does not exist the i-i-i-i MC report does not you know it just talks about cryptocurrency currency but it's absolutely incorrect absolutely right name is Shah you know what I want to understand this is for somebody like you and even finish Shula who are enthusiasts who want to take the dream of a trip to as far as India is concerned what are your concerns as of now you know neechal actually started on a very good point he said it doesn't set us back it actually takes a step forward because at least now we know what the issues really are and those can be concealed on this point of time up what really do you think is the bone of contention between the crypto industry as well as the official authorities in India so I think that I would agree with Nestor that at least we have a document now to read and to debate on it and to actually show reach out of the government on exact topics that we want to discuss right but at the end of the day you know it is justified that people are a little afraid and I'm sure that the intention was to discourage crypto investments and which has been the intention since the then finance minister back in December or January 2018 when he made a statement that we want to discourage crypto investments and this is where it is leading to for leap lay person but for someone like me or news channels been in the industry for some time all we want to do is we want to bring awareness to the people and tell them that you know even at this stage it is just a bill it is a proposal you can keep trading crypto currencies all of those things we are trying to do and while in the back end we are working on things how to reach out with the government and you know to tell them that these are the points that you've made which kind of have a counter-argument and this is the counter-argument that we have let's talk about it absolutely sure sure fair enough so similar lines on what initially really start initially I'm gonna give you the last word at this point of time if there are authorities listening to you at this point of time what will be your one point you know address to them and what is that one point and the cryptocurrency wants to put forward as far as the official authorities are concerned because remember a lot really has happened you know you saw Bitcoin ATMs come up in Bengaluru they were shut down at the camp were shunted out then you bring a proposal saying that they could be a jail term so all of that we've seen till now has been negative sentiment and still and instilling some sense of fear do you think for starters we need a change in sentiment if nothing else yeah absolutely you know the first thing I would want to address you know the notion that it is here to replace the INR is incorrect it's not a currency cryptocurrencies are assets the other most important thing is that you know India needs to be right there with the rest of the world which every other country is innovating on we are not so I think that's the second most important thing and I think the third thing that we do is industry participation right now if you see the m04 there's no industry participation no one from the fifth to industry has been approached or I know interacted with so with our industry participation we cannot have a really you know fair bill in the crypto space so if the industry participation is the most important I would want the government involved industry before coming up with some I know any any laws around this sure initial animage both appreciate you joining me here on india and helping us understand and giving some sense of hope at least to the youngsters who are watching who are still dealing with cryptocurrency who still us probably are hoping for a day when we'll be discussing how the government is more optimistic about the crypto space well that jaw really was what's really happening in the crypt of space as far as India is concerned

Leave a Reply

Your email address will not be published. Required fields are marked *