India’s stance on cryptocurrency is still vague – the country counts the highest news bulletins in terms of crypto regulations. Why? Due to an ongoing case on crypto v/s RBI. Although India proposes the controversial ten yeas jail bill, there seems nothing officially declared in the form of law/rules yet.
While the country has restricted the banking doors for crypto enthusiasts and traders to trade cryptocurrencies, the community quickly jumped to peer-to-peer trading platforms. As such, Indians are now majorly relying on country-based P2P exchanges such as WazirX, Bitbns, CoinDCX, and many others to buy, sell and trade cryptocurrencies.
Also, it’s worth noting that there’s no other strong judgment on crypto v/s RBI case from the Supreme Court of the country yet. Besides all such roadblocks, India’s enthusiasts and leaders are continually striving to attain the favorable crypto regulations in India via a campaign dubbed ‘IndiaWantsCrypto.’
India’s crypto ban is highly unfortunate – Former Coinbase CTO
Despite Indian crypto champions, the former CTO of Coinbase Balaji Srinivasan is the latest figure in the crypto industry to shed lights on India’s current situations. By quoting an opinion article that defines India has banned Crypto, Balaji Srinivasan says, India’s crypto ban is highly unfortunate.
By acknowledging the struggle of crypto companies of India, Balaji says; “the only solution for India crypto entrepreneurs appears to be emigration.”
Voice vs exit. Sometimes voice does not resolve quick enough
— Jean Amiouny (@aiouy) September 27, 2019
Clarifying his opinion of whether Exit or Voice, Balaji explained exist also strengthens Voice. Moreover, in his series of Tweets, he highlights that Singapore is probably that one location where India crypto entrepreneurs can migrate.
The fact that Indian entrepreneurs are willing to migrate and vote with their feet/wallet against India’s crypto ban will catalyze change over the long run. Many will probably set up in Singapore which is nearby.
Nevertheless, he also compared the banning of crypto with banning of the Internet. He says, if India would’ve banned internet in the 90s, it would lose out many people that are currently capturing the rise of crypto.
We have an EQUAL CHANCE in Crypto today – WazirX founder
Balaji isn’t the first high profile influencer in crypto industry who criticizes India’s possible move of banning cryptocurrency, American billionaire and Venture capitalist Tim Draper slammed Indian’s Modi government for bitcoin stance. While Balaji believes India’s crypto ban is highly unfortunate, Tim Draper said the crypto ban would set India back by 40 years.
Furthermore, Balaji states that current crypto economy is the global quality of opportunity, which suits the unique strengths of Indians. However, he also adds that many Indians are good at software, but the govt’s tough stance on crypto is just a barricade for them.
Now we have a financial system with true global equality of opportunity, which suits the unique strengths of Indians (a lot of whom are good at software!)…and the response is to ban it.
— Balaji S. Srinivasan (@balajis) September 27, 2019
Balaji’s views appeared to be an encouraging move for Indian crypto enthusiasts. While many Indians admire his opinion towards crypto legality in India, the founder, and CEO of India’s crypto exchange WazirX, Nischal Shetty took to Twitter and pointed out the cons of the crypto ban for whole India. He tweeted;
One of the most accomplished & experienced person in Crypto @balajis has views that entire Indian community resonates with.
We have an EQUAL CHANCE in Crypto today. It would be a huge setback for India if we don’t participate 🇮🇳
— Nischal (WazirX) ⚡️ (@NischalShetty) September 28, 2019
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