• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
      • Non Gamstop Casinos
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best crypto casino
Breaking News: BREAKING: Terra Founder Do Kwon's Extradition To The US Approved
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
      • Non Gamstop Casinos
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best crypto casino
Bitcoinist.com
No Result
View All Result
Breaking News: BREAKING: Terra Founder Do Kwon's Extradition To The US Approved
bitcoin and cryptocurrency ban India

India Bitcoin Ban Recommendation Based on Flawed Arguments

Osato Avan-Nomayo by Osato Avan-Nomayo
4 years ago
in Bitcoin Regulation, Altcoin News, Altcoins, Bitcoin, News, News teaser
0

WazirX founder Nischal Shetty believes that the recent IMC (Inter-Ministerial Committee) report put forward by the Indian government calling for a complete bitcoin and crypto ban in India drew its conclusion from inaccurate assumptions.


Indian Authorities Don’t Know What Crypto is

Tweeting on Tuesday (July 23, 2019), the bitcoin exchange founder described the report by the inter-ministerial committee (IMC) calling for a crypto ban in India as being flawed.

1/ The Crypto report is FLAWED right from the beginning. It wrongly states that every crypto is a "currency" & goes on to formulate suggestions on that flawed assumption

Report wants to criminalise the youth,Innovators,investors

Dear @nsitharaman @narendramodi #IndiaWantsCrypto

— Nischal (WazirX) ⚡️ (@NischalShetty) July 23, 2019

For Shetty, members of the committee drew on flawed assumptions in coming up with their conclusions.

For one, the IMC characterized cryptos as being “private currencies” — a classification meant to put the entire asset class in direct conflict with the Indian rupee. Lawmakers in the country have even called for a crypto ban as a way of preserving rupee monopoly.

Other jurisdictions like the U.S. have seen it fit to classify cryptos as commodities making them an investment asset.

The WazirX chief believes the decision isn’t a mistake. Rather, it is an attempt to criminalize digital innovation.

Shetty advised the government to form a standing committee on cryptos — a recommendation also present in the IMC report. The WazirX founder also warned that going forward with the crypto ban would have devastating consequences for the country.

Banking Cabal Behind Crypto Ban Push

Shetty’s accusation of a crypto ban decision being based on flawed logic isn’t a new development in India. Back in 2018, several crypto stakeholders accused the central bank of not conducting thorough research before banning banks from offering services to crypto exchanges.

Now, there are reports that the Reserve Bank of India (RBI) — the country’s central bank, was the major driving force behind the IMC’s recommendation for a crypto ban.

The WazirX CEO has previously berated the RBI for being obtuse about cryptos.

What Happens if India Goes Through with Bitcoin Ban?

On the subject of the consequences of a possible total crypto ban in India, Twitter user ‘DesiCryptoHodlr’ is of the opinion that the entire industry would feel the effects of such an action.

World is about to lose

5,000,000 Crypto Investors
12,500 Blockchain Developers
25 Exchanges, employing 100s
7.4% of all Binance visitors
Nation with leading #Bitcoin tweets

If India bans Crypto, it affects everyone

Don't let it happen, step in, join our fight #IndiaWantsCrypto

— Shalini⚡ (@DesiCryptoHodlr) July 23, 2019

More exchanges would shut down, likely putting hundreds of people of jobs. The fear of prosecution and prison sentences could also see a massive brain drain out of the country.

However, whether the entire industry would feel the effect is debatable. China’s crypto trading and ICO ban did little to slow the progress of the emerging market. It stands to reason that India’s ban wouldn’t negatively impact the industry as much.

Do you think the Indian government will cave to the pressure from stakeholders or move ahead to ban bitcoin and cryptos entirely? Let us know in the comments below.


Images via Twitter @NischalShetty and @DesiCryptoHodlr.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Osato Avan-Nomayo

Osato Avan-Nomayo

When I am not knee-deep in cryptocurrency-related news, I am either attempting to beat my scrabble high score or internally debating an existential dilemma.

Related Posts

Dogecoin

Dogecoin Influencer Issues Alert On Scam Tokens Targeting The Community

1 hour ago
Shiba Inu

Shiba Inu Lead Dev Confirms Over $1.2 Million Worth Of SHIB To Be Burned – Details

3 hours ago
AI

Europe Unveils World’s First AI Regulations – How This Intersects With The Crypto Industry

7 hours ago
DOGE

DOGE Founder Calls Out Senator Warren For Anti-Crypto Stance, Elon Musk Agrees

1 day ago
Bitcoin ‘Targeting $50,000’ In The Next Few Days, These Analysts Say

Bitcoin ‘Targeting $50,000’ In The Next Few Days, These Analysts Say

1 day ago
Bitcoin ETF

Bitcoin ETF: Catalyst Or Controversy In The Crypto Universe?

2 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
Inmerion
Inmerion

Press Releases

  • Shiba Inu burn rate increases, Dogecoin rises while...

    49 mins ago
  • If You Missed THORChain and Terra Classic, Here’s the...

    2 hours ago
  • 5 Must-Have Coins That Cover Crypto’s Market, from...

    8 hours ago
  • Solana (SOL) Pump Missed? Experts Indicate Retik Finance...

    11 hours ago
  • Shiba Inu (SHIB) burn rate nears ATH and Retik Finance...

    11 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
      • Non Gamstop Casinos
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best crypto casino

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.