The Indian government did not be regarding the cryptocurrency-related draft statement during the winter meeting of Parliament as had been previously planned.
The draft statement titled, “Prohibition of Cryptocurrency & Regulation of Official Digital Currency Bill 2019” ended up not being included in the conference plan issued in India’s lower house of legislature, Lok Sabha, on Nov. 14, 2019. India’s potential banning on crypto has been widely criticized by investors in this industry. Last October, billionaire venture capitalist Tim Draper called on Prime Minister Narendra Modi to have him suggest a reconsideration of their antagonistic position on crypto. The famed Bitcoin bull contended that India was making itself susceptible to corruption by attempting to ban crypto.
Since this statement was made public, the Indian crypto community has been tirelessly fighting for the administration to reconsider these recommendations, emphasizing that their statement is not beneficial. It was also supported by local crypto exchange Coindcx. The conversation reported that the purpose of this gathering was to get as many significant stakeholders in the crypto industry together to create a stronger global community. The blockchain industry has definitely taken India’s crypto competence to the global stage with supporters including spokespeople from Crypto Kanoon, Matic system, Marlin rule, Woodstock stock, Cashaa, Hard Fork, as well as the best exchanges including Wazirx and Delta.
Regulators around the world have been gradually increasing their oversight of the cryptocurrency space, with Japanese regulators suspending two cryptocurrency exchanges recently and the U.S. Securities and Exchange Commission informing crypto exchanges that such businesses must register with it. The SEC also released a series of subpoenas to crypto-based corporations. Positive crypto regulations in India would help create jobs for millions of Indians. In addition, millions of youth in India want to see positive crypto moves by their government as they urge the current business minister to provide constructive rules on crypto and blockchain.
The Indian authorities previously told the supreme court that the nation’s cryptocurrency statement, “Prohibition of Cryptocurrency & Regulation of Official Digital Currency bill 2019″ may be presented in this winter season. However, it seems that this was not be the case as was outlined in the plan issued by Lok Sabha, the lower house of india’s legislature.
The Indian crypto system has gone through a series of uncertain events as of late which have caused investors to re-evaluate their decisions to put their hard-earned wealth into the uncertain yet lucrative sector of cryptocurrency. The Indian Government, through RBI, has partly revealed its stance on the legitimate potential of crypto by proclaiming that these banks shall not offer services to crypto participants.
This request by RBI acted as a large blow to the fast-growing blockchain industry in India. Before this material was permeated, news of the nation’s largest theft of Bitcoins emerged from the well known crypto exchange, Coinsecure. In the objection given to the cybercrime cell, the exchange alleged that its own Chief Strategy Officer was partly responsible for the theft which resulted in the loss of nearly 438 bitcoins worth Rs. 19 Crores. Ironically, the purported land on which the RBI had endorsed its crackdown on crypto commerce was interconnected with user security. And the quick presence of this Coinsecure insider work seemed to have demonstrated the concern from the government about consumer security, even though the exchange had suggested a payment plan for the investors who lost their bitcoins.
Since the IMC news and draft statement were made public on July 22, 2019, the Indian crypto community has been attempting to persuade the authorities to analyze the draft statement. Some think that this statement is flawed in some countries, from the definition of cryptocurrency to the ban recommendations. However, the community has gained support from a number of leading business groups, for example… the National Association of Software and Services Companies (NASSCOM) and the Internet & Mobile Association of India (IAMAI) which also think that censoring is not the solution.
This has all given Indian crypto investors a very difficult time over the past few years as the Indian government has not laid out clear rules regarding their decision on regulations in India. There have been many delays in setting the framework for cryptocurrency. Hopefully, we can expect some sort of decision from the Indian government relatively soon that will provide relief to Indian crypto lovers and supporters.