The Indian cryptocurrency landscape is at its most uncertain stage now. The winter session of the parliament will put an end to all speculations and give conclusive answers about the new regulation once and for all. However, the Indian government has come up with various flawed bills over the last few years, which have caused substantial social unrest. Nischal Shetty, CEO of Indian cryptocurrency exchange WazirX, hopes that the cryptocurrency bill will not face the same problems.
The problems of regulating crypto in India are many, yet it is achievable, according to Shetty. However, there is still confusion about the exact proceedings of the bill. Shetty believes that barring foreign exchanges from registering in India will be a bad move. However, all crypto exchanges wanting to operate in the country will have to follow the directions of the government.
When sources revealed that the government was going to ban ‘private cryptocurrencies’, it immediately led to panic selling on many Indian exchanges, including WazirX. As a result, Bitcoin’s price fell by almost 5%. However, Indian Finance Secretary Subhash Garg had previously clarified that the phrase was being misinterpreted and that cryptocurrencies won’t be banned in India.
Nischal Shetty also believes the same. The chances of India banning crypto are very slim. However, that does not mean that there can’t be strict regulations. Whether India wants to encourage the sector or suppress it will be revealed in the upcoming bill. For now, Indian investors and entrepreneurs are hoping for the best.