India is now going through a very important phase in the global cryptocurrency landscape. According to the latest reports, the government has decided to ban crypto as a payment method and regulate it as an asset. However, not all government officials seem to be happy with this move. Many feel that a total ban on crypto is the only way forward. Drawing inspiration from China, some conservative politicians feel a need for a total cryptocurrency ban in India. However, the government did not go that way primarily because of the huge crypto market in India. Indian crypto start-ups have rapidly gained unicorn status and continue to grow impressively.
One government official who has been vocally anti-crypto for a long time now is Reserve Bank of India governor Shatikanta Das. Mr. Das is vehemently against the idea of legalizing crypto trading in the country. He feels that doing so can pose a major threat to the economic stability of the country. On top of that, he accused crypto exchanges of luring investors into investing in cryptocurrency. Many crypto exchanges in India incentivized users to sign up for their platform. Shatikanta Das believes that this is a ploy on the part of the exchanges to mislead unaware investors.
Institutional heads across the world are repeatedly speaking against crypto. From the Central Bank of England to the Reserve Bank of India, institutional authorities are against the idea of incorporating crypto within the existing monetary system. With more pro-crypto executives holding positions of power, this situation will change soon.