India introduces law to ban cryptocurrency trading
India, Asia’s third-biggest economy, has set the local crypto industry reeling as the government tends to ban crypto trading. Recently, the crypto space has been filled with good news, as new investors are coming on board. And the markets have also experienced strengthening fundamentals. But the regulations in India has threatened to take the market backward, seemingly following China’s on-and-off policies.
There is already an alleged bill on its way to the parliament. However, just like China, they are not shutting its borders against blockchain innovation, but trading of digital currencies will pause until further notice.
Two years ago, crypto exchanges and industry bodies came together and filed a complaint against the central bank’s crypto ruling. In March 2020, their efforts paid off, as the Supreme Court lifted the ban on the crypto community in India.
Now, it seems they will face similar trouble once again. And the ban on crypto trading could also the progress so far. Although we are yet to garner responses from major India-based exchanges, the bad news is all over the global crypto community.
Popular cryptopreneur responds to the India crypto ban
Ripple CEO, Brad Garlinghouse, has shown his disappointment with India’s plans to ban cryptocurrency trading in the country. He adds that India is one of the countries with a large number of unbanked and underbanked individuals. India’s reluctance towards the crypto industry seems counterproductive, considering that the country already has a financial inclusion problem, which crypto can fix.
However, despite the ban on crypto trading, the new law still prioritizes blockchain innovations in supply chain management and educational certificates. During the India Ideas Summit, Indian Prime Minister, Narendra Mori, also recognized the opportunities in blockchain and IoT. In other words, India will continue to embrace blockchain innovation as long as the ban on crypto trading lasts.