India houses thousands of crypto-enthusiasts scattered across the nation. Nischal Shetty of WazirX alongside numerous other blockchain-based entrepreneurs raised their voices against the ban proposed by the Committee led by Subhash Garg. Prior to this, the late Arun Jaitley had also expressed a critical approach towards cryptocurrencies and warned out dire consequences if digital currencies are recognized as legal tender on Indian soil.
The presence of such irregularities has forced major exchanges to shut shop and cause many organizations to migrate overseas [Eg: ZebPay]. The Chairman of the State Bank of India was present at the IMF gatherings which were held in Washington D.C. with the Finance Minister keenly observing his comments. Nirmala’s ignorant comments on the declining Indian economy had drawn flak from investors.
Russia’s largest oil company Rosneft has switched off US dollars in a move to avoid sanctions.
More and more companies will continue to do this as the US continues to weaponize it’s currency.
Eventually a currency that resists censorship by any country will become the default.
— Pomp 🌪 (@APompliano) October 26, 2019
Rajnish Kumar was interviewed by the PTI as well. According to him, the phenomenon commonly known as “digitization” is gripping the entire world, and India cannot afford to fall behind. Instead of a ban or a black market flourishing, Rajnish wishes financial figures within our nation push for the introduction of proper regulation.
The central bank i.e. the Reserve Bank of India is yet to withdraw its unfair restriction on banks being linked to crypto-exchanges and various agencies. The hearing tied to this fiasco will resume in November this year. The proposed ball i.e. the poorly-researched draft bill will be showcased in front of the members of the parliament as the next session swings by.
Do you believe that Narendra Modi has the capacity to adopt a pro-blockchain outlook and actively promote the usage of virtual currencies?