India’s government plans to introduce a new bill that will effectively ban all cryptocurrencies in the country. If it comes into force, citizens who use crypto would be facing fines of up to 250 million Indian rupees (around $3,3 million) or up to ten years in prison, Economic Times reported today.
According to ET’s high ranking sources who are close to the government, this new effort was primarily caused by The Reserve Bank of India (RBI) standing down after the Supreme Court ruled it couldn't ban crypto traders and crypto-related firms from accessing banking services.
Now, the Indian government is reportedly seeking to enforce a blanket ban on Bitcoin, believing that the RBI’s previous circular was not effective enough.
Indian youth dont want crypto to be banned in India as many people started their businesses of crytpo trading platforms.
Shetty explained that “With the bank ban in India it was important to surface the importance of India adopting crypto,” elaborating, “To do that, educating the government and the masses is a first step. This campaign’s objective is to spread awareness so that our government takes the right step towards crypto.”
His series of tweets began with the message: “Please bring positive regulations in crypto and over 5 million crypto Indians will be thankful to you. Youth of India have found a new way to make wealth & this is especially important when there are not enough jobs for everyone.” Among the Twitter accounts he regularly tags are those for the country’s Minister of Finance and Corporate Affairs, Arun Jaitley, and Narendra Modi, the Prime Minister of India.
RISE OF CRYTPO IN INDIA!
Wazirx published its January performance report on Wednesday, claiming that it has consistently reached 50 BTC in daily trading volume. This announcement follows another on Jan. 23 which states that “Within 6 months of P2P launch, we’ve crossed Rs. 100 crores [~$14 million] worth of P2P trades.”
Another local crypto exchange, Instashift, is also seeing positive growth. Marketing officer Jacob Mani revealed to news.Bitcoin.com that his exchange’s Indian trading volume “is increasing day by day slowly with a lot of buyer and seller activity.” He added: “In the past two weeks, there were two days when [the number of] sellers were quite more than buyers. So, there is promising market activity in India.” Instashift operates in 45 countries including India.
