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Speculations about an impending cryptocurrency ban always begin to make the rounds the moment Parliament begins its session
According to reports, the government is planning a two-week winter session of parliament from December 21, 2020 to January 2, 2021
It is worth noting that the Indian cryptocurrency market has been buoyant this year, after the Supreme Court in March lifted the Reserve Bank of India’s banking ban on cryptocurrencies.
Dates may not have been announced for the winter session of Parliament, however, startups and founders of Indian cryptocurrencies fear the same. Reason? Speculations about a cryptocurrency ban always start to make the rounds the moment Parliament begins its session.
According to reports, the government is planning a two-week winter session of Parliament from 21 December 2020 to 2 January 2021. However, some media reports have also suggested that this year’s winter session of Parliament may be canceled due to the increase in Covid – 19 cases across the country.
“Whenever a new session is held, there is a possibility that that bill will come to the table, and I think that is where the speculation continues to occur,” Sathvik Vishwanath, CEO of the first cryptocurrency exchange, told Forkast. Indian Unocoin. News.
However, Vishwanath struck an optimistic note by stating that any bill to ban cryptocurrencies in India will not be introduced anytime soon, due to the influence of the Indian crypto industry and the chatter about its potential in the media.
“In all likelihood, it will be a ‘no’ (to the cryptocurrency ban) from now on due to our influence,” Vishwanath said. in a video interview with Forkast.News. “The industry has exercised this influence and the media has exercised this influence as to why [cryptocurrencies] it should be there in India – not to miss the opportunities. “
It is worth noting that the Indian cryptocurrency market has been buoyant this year, after the Supreme Court in March lifted the Reserve Bank of India’s banking ban on cryptocurrencies.
Local crypto exchanges such as WazirX, CoinDCX, and CoinSwitch Kuber, among others, have seen more traction on their platforms, while others like Unocoin has attracted investments from early supporters of Tesla, Skype and Twitter, Draper Associates. Meanwhile, cryptocurrency exchanges based abroad, such as Bitex based in the United Arab Emirates is US-based cryptocurrency giant Coinbase have either started their operations in India or are actively planning to do so in the near future.
While the signs have been encouraging, conversations with industry stakeholders reveal how the prevailing confusion on the regulatory scenario for cryptocurrencies in India is holding back the growth of the sector.
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