The government’s stand on cryptocurrency has confused stakeholders in the industry, as some of the arguments forwarded by them, defeats the very purpose of the currency.
“I think leaders will ask, when no other country has banned cryptocurrencies so far, what justifies India banning it? What makes us different,” said Nischal Shetty, co-founder of crypto exchange WazirX.
He added, hopefully: “The draft bill released in 2019 was very crude in its definition of cryptocurrency, its classification, and other contents. Since it came out, the global regulatory landscape has changed tremendously. It seems that the current version of the bill is still in its early stages right now, but the government of India might be on the path to positive crypto regulations.”