Published
3 years ago on
September 24, 2020
Quick Take
1 minute read
- The government in India is allegedly getting ready to introduce a new law that would prevent the public from getting involved with crypto trading in the future.
- Brad Garlinghouse has just suggested that this decision to ban trading of cryptocurrency would cripple the industry.
The government in India is allegedly getting ready to introduce a new law that would prevent the public from getting involved with crypto trading in the future.
The Chief Executive Officer of the San Francisco-based blockchain initiative Ripple, Brad Garlinghouse has just suggested that this decision to ban trading of cryptocurrency would cripple the industry.
Going off a report by Bloomberg, the federal cabinet in the nation is looking into a new bill before it is sent to Parliament for debate. According to sources, they have said that India is getting interested in the blockchain but when it comes to cryptocurrency, they are completely against it.
Regulations are already in place in the country and this wouldn’t be the first time India is said to be getting ready to completely ban digital assets in the nation. Interestingly though, cryptocurrency is becoming very popular in India so banning it completely could have a negative impact from the public.
The last time a ban was introduced in India was in 2018 which restricted commercial banks from being involved with cryptocurrency companies in any way shape or form.
This meant that in March this year, it was a massive milestone for the reserve bank of India to go back on this ban.
Going back to Garlinghouse though.
Last week, he took to Twitter to give his opinion in regards to this decision to ban the trading consequences in India. He specifically highlighted that he is very disappointed with the indecisiveness India has when it comes to cryptocurrency as he further went on to suggest that cryptocurrency would be a key part in serving the larger unbanked population of the nation.
You can see the tweet here:
Disappointing to see India flip flop on crypto, hamstringing a nascent industry which could serve one of the biggest populations of unbanked/underbanked citizens. https://t.co/ffMUIQOnA7
— Brad Garlinghouse (@bgarlinghouse) September 16, 2020
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!
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