Indian crypto firms remain optimistic for the bright future, despite rumors of an imminent ban on cryptocurrencies from India. Last week, the Indian Ministry of Finance submitted a proposal to permanently ban digital currencies from the country.
The Indian cryptocurrency industry has begun to experience growth since the Reserve Bank of India ( RBI) has been forced to lift the banking ban by the apex court, giving the government embattled industry a new lifeline. Even so, after three months of a smooth ride, the industry is once again facing the threat of permanent dismantlement.
Indian crypto firms under siege
If the new bill awaiting approval by ministers passes into law, it will end the booming cryptocurrency industry. Notably, the new law will affect crypto-related firms and individuals who own and trade digital currencies.
Regardless, some Indian crypto firms are still optimistic and claim there is no need to panic. The first cryptocurrency firm that comes to mind when talking about the Indian crypto sector is WazirX. WazirX has been making headlines in the media for record-breaking trading volumes, and the recent high-profile acquisition by exchange giants Binance.
According to the CEO and founder of WazirX, Nischal Shetty, the news of a blanket ban are merely rumors. He says:
“While we do not question the credibility of the source, we do know from our own links within the government that India’s crypto sector, in fact, is viewed in a positive light. There is no ban being considered, as far as we know.”
Moreover, the founder and CEO of CoinDCX, Sumit Gupta, commented on the rumors. The crypto firm recently managed to raise $2.5 million in extra funds to venture into several crypto-related investments in India.
Furthermore, Gupta launched CoinDCX’s online crypto and blockchain learning platform to drive adoption. He noted that India is yet to enjoy the best days, and he sees his new initiative introducing digital currencies to at least 50 million people in India. He stated:
“The launch of DCX Learn is a big step toward understanding and embracing crypto. It comes at a time when Indian crypto companies are thriving. So, instead of focussing on rumors, we must do all we can to fast-track financial inclusion in India.”