The Indian government may change its attitude and will not completely ban cryptocurrencies

The Indian government’s attitude towards cryptocurrencies is not friendly. In the past few years, Indian regulators have tried to pass legislation to completely ban cryptocurrencies in India.

Even privately holding or trading cryptocurrency is illegal, and various cryptocurrency exchanges in India are naturally driven out of the country or completely closed.

However, recently the founder of a cryptocurrency exchange said that the Indian government may not completely ban cryptocurrencies, and instead seek more stringent and effective regulatory measures.

Of course, the Indian government’s ban on cryptocurrency is mainly because it is worried that cryptocurrency will compete with the Indian fiat currency rupee, and the Indian people are very averse to the higher devaluation of the rupee.

The founders of the cryptocurrency exchange Mudrex stated that they had recently met with the Finance Committee of the Indian Parliament and obtained certain changes in the attitude of Indian government officials.

The founder said that the Indian government has a lot of positive atmospheres. The news or feeling we got from the government is that they are seeking some kind of regulatory measures.

The Indian government may prefer to find measures that can strictly supervise cryptocurrencies, but it is not a complete ban on cryptocurrencies, which depends on the follow-up discussions of the regulator.

The Indian government is worried that cryptocurrencies such as Bitcoin will become fiat currency competitors and that the large fluctuations of cryptocurrencies will cause investors to incur huge losses.

Via: financialexpress