We asked experts about Crypto Ban in India, this is what they said
“The Reserve Bank of India (RBI) has formed a new unit within the central bank to beef up its own intellectual capital in the face of emerging technologies like cryptocurrency, blockchain and artificial intelligence — wrote Economic Times.
India’s Ministry of Finance confirmed that the Indian Supreme Court is expected to issue a comprehensive set of cryptocurrency laws and regulations by September.”
Nelly Orlova, CEO, InnMind | Blockchain Leadership Summit | Consultant to VCs | Startups Advisor | Connecting Startups & Investors:
“I think it is quite a positive sign. For healthy industry development we need clear and more-or-less common regulation in place. Attempts to ban cryptocurrencies (as China did, and India as well this summer) obviously will not remove it from the market. It will only create situations when cryptocurrency holders have to operate in the grey zone or even move to black markets, shift to cash and P2P exchanges. While implementing the proper regulation in crypto finance sector will make these assets work for the benefit of the economy, facilitate tax flow and create a positive impact on the industry development.”
Ben Banerjee, Board Member at InnMind | Investment Advisor | Financial Consulting | Blockchain Leadership Summit | Keynote Speaker:
“It may be correct that like many other Central Banks, RBI has set up an new unit to learn more on this topic. And indeed in September, the Supreme Court of India is planned to come up with its decision on Cryptocurrency ban.
My opinion on this topic is as follows:
Countries like China and India who have banned Cryptocurrencies, indeed had the right intention to protect their citizens from scams and market volatility, stop the outflow of wealth from the country and to bring the black economy under control.
But in the process, they seem to underestimate the positive sides of this currency. For example, if properly used and regulated Cryptocurrency will support PM Modi’s vision to bring economic inclusion and banking facilities to all Indians (including the unbanked ones). In fact the whole technology behind Cryptocurrency just helps simplying the transactional processes and brings transparency which will support wealth creation, further economic growth and increase tax base.
Indian policy makers can learn from Chinese government who seem to have noticed that instead of forcing the Cryptomarket to come under regulation, the ban only helped to drive it overseas.
This India’s Ministry of Finance should seriously consider removing the ban and coming up with strong regulatory laws valid only for this sector. RBI does not want to just go ahead copying and implementing present financial regulations on Crypto transactions, but by forming this new unit, RBI has taken the right steps to create knowledgeable and fact based regulations. And this is an exemplary example of the leadership of present Indian Finance Minister.”
How other countries handle blockchain and crypto regulations? This is one of the hottest topic of the largest Swiss blockchain summit this November.
Stay tuned: http://bit.ly/2nKjCuk