Bitcoin again in bad shape in India
What started out as a rumor, is now basically real. Indian courts recently lifted the ban on cryptocurrencies in the country, however, the government of India has considered another law. According to a report from MoneyControl, the government is planning to introduce new legislation to ban cryptocurrency trading.
There was an opinion in the government that prohibition through a law would be more binding, clearly defining the illegality of trade. “We forwarded a note to related ministries for interministerial discussions,” a government official told Moneycontrol on condition of anonymity.
The official revealed that the government was already holding consultations with the Ministry of Law, Ministry of Information and Technology and the RBI for the structure of a law that would formally end cryptocurrency trading in India.
Once approved, the law will be presented to the cabinet for approval. The latter is expected as soon as Parliament resumes the session.
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Undisturbed local cryptocurrency scenario
Despite the news, local cryptocurrency entrepreneurs remain unperturbed. In fact, WiscirX’s Nischal Shetty suggested that buying cryptocurrencies during “FUD” periods has historically proved to be a good sign
If you stacked Satoshis every time there was Crypto FUD, you would be really rich today.
Focus on the innovation, ignore the FUD.
Let’s decentralize the world ✌️
– Nischal (WazirX) ⚡️ (@NischalShetty) August 4, 2020
How BTCManager previously reportedin March 2020, the Supreme Court overturned a Reserve Bank of India circular banning banks and financial institutions from providing cryptocurrency-related services. He said that citizens have the right to create a new cryptocurrency and exchange industry, in addition to the fundamental right to trade.
Corporate companies have also joined the crypto movement. Last month, TCS, one of India’s largest IT consulting companies, said he would launch soon a cryptocurrency trading unit, which would allow citizens exposure to Bitcoin and other cryptos.
In addition, blockchain technology remains a large part of the narrative. Prime Minister Narendra Modi said earlier this year that the technology will receive billions of dollars in the private space as they realize its potential.