Discussions by the government of India banning crypto have reemerged after the Economic Times article of a notice circulated by the Ministry of Finance surrounding the ban on cryptocurrency. However, the story remains unverified and the news media just pointed to an unidentified government official as the source of the article. Nevertheless, several citizens correlated the bill with the bill sent to the Ministry last year by an inter-ministerial committee recommending a moratorium on cryptocurrencies.
Unocoin CEO Sathvik Vishwanath clarified to the news. Bitcoin.com on Tuesday that "The motion of the note will be the next procedural step after the audit was submitted by the committee in the middle of last year." highlighting that "This is also the crucial step towards the regulation of crypto in India," he said:
A general ban is unlikely ... Since the Supreme Court has heard all aspects of crypto in India and abroad and has taken a stance in support of the industry, the old report may be considered outdated. Through the knowledge that we have, the players in the industry should be encouraged to participate when establishing a crypto law.
Wazirx CEO Niskal Shetty firmly claims that the Indian government would not prohibit cryptocurrencies.
He said to news. Bitcoin.com on Tuesday, "I 'm positive that India is not going to take a regressive stance on crypto by putting a blanket ban on it. When it comes to regulation, I 'm sure that India will follow the footsteps of developed countries like Japan, the United States, the United Kingdom, Australia, and more that have embraced crypto.
Pointing out that "the news focused on a notice will not explain if the finance ministry plans to operate on the old repressive crypto bill or if they are preparing to focus on introducing a new bill," he said, "I don't think there is much to fear regarding the bill as of now."
Source: Bitcoin.com
