Ray Dalio Envisions Crypto Prohibition As A Concern For Crypto Investors Globally
Currently, the Indian crypto space faces new challenges with the government considering banning cryptocurrencies within the region. Most Asian countries’ traders did not expect the government to eradicate the investment class since many crypto enthusiasts are Indian natives.
The Indian crypto community worries about the bill’s passing because its ruling party controls the Parliament, showing that it is likely for the ban to happen eventually. India is one of those countries considering its central currency issuance. Many people believe that its CBDC could be the major reason for its efforts in banning privately-owned cryptos.
India creates crypto regulatory bill
The bill, which the government called the Cryptocurrency And Regulation Of Digital Currency, contains parts where India would no longer accommodate other digital currencies, save the central one, which it is planning to create. The country’s central bank would issue the digital currencies after their official launching.
Country’s like China show incredible efforts in creating a central currency for the citizenry. The country influenced many other developed and developing countries into considering the benefits and demerits which the central currency gives. The Asian country publicly announced that the digital Yuan would assure faster cross-border settlements when other countries consider adopting it.
India seems not to appreciate the presence of privately-owned cryptos because its central bank banned trading some years ago, but fortunately, a supreme court lifted the ban through a ruling last year. Experts implied that the government named nongovernmental issued cryptos as privately-owned, including Bitcoin and others in the public blockchain.
Still, some analysts explained that the government failed to prepare a clear regulatory framework to help traders know affected assets. India’s proposal is causing an uproar on social media, both within and outside the country. Some see the country’s regulation as having the ability to influence other countries to make similar decisions.
Indian and international investors voiced displeasure against crypto prohibition
While the country hopes to promote its official digital currency usage, banning other cryptocurrencies could be a step in the wrong direction. A crypto community member explained that the new ban would make both Indian and international investors nervous.
When founders created Bitcoin, Manny understood that its success would cause the current problems, which many traders face with new regulations. Many nations proposed having an adequate regulation for the platform to prevent criminals from using it for illicit and malign purposes.
Even Ray Dalio recently spoke on Bitcoin’s unexpected success, which is likely to attract government prohibition. Sources claim that the bill’s announcement could be behind the sudden Bitcoin price drop, which quickly recovered right after. WazirX’s CEO, Nischal Shetty, criticized the Indian government for banning cryptocurrencies to promote its own digital currency’s use.
Shetty felt the lawmakers rushed the bill, and he advises the country to thoroughly think proposals through before attempting to pass it into law. The exchange owner opined that rushed regulations could significantly affect the country’s growth, while analyzed laws would promote technological advancement.
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