The crypto debate in India has intensified in the last few days following the announcement of a crypto bill that was set to be passed in the Parliament’s winter session. However, ultimately, the bill was withdrawn following last-minute discussions within the government, which came to the conclusion that wider consultations are necessary before the final bill is drafted.
Recently, the Indian prime minister Narendra Modi has also been vocal about cryptocurrencies on multiple public formals. He has consistently called on all the world’s democracies to come together for ensuring that cryptocurrencies aren’t used to undermine democracies. While the government’s stance towards cryptocurrencies has generally been negative, the withdrawal of the bill along with Prime Minister Modi’s neutral tone in his speeches has given renewed optimism to crypto advocates. One of those advocates is Rahul Rathod – the founder of CryptoBiz.
Rathod echoed Modi’s sentiments in an interview recently and stressed the importance of making sure that cryptocurrencies don’t get into the wrong hands. According to Rathod, cryptocurrencies in the wrong hands can spoil the nation’s youth. Rathod is also one of the few crypto advocates who see regulation as a necessary step to take the crypto industry forward and make the masses more aware of cryptocurrencies.
Rathod added that the Indian government will not ban crypto and will only lay down regulations and enforce them. He said that all crypto firms and investors will be benefitted once the regulations come into effect. He added that it’s important to be optimistic about cryptocurrencies’ future in India.