The founder of the world's leading cryptocurrency exchange, Binance, has spoken out against the cryptocurrency ban that will soon be introduced by the Indian government. Speaking to a local news outlet, Changpeng Zhao explained that making the possession of cryptocurrencies illegal will impose an absurd restriction on Indian residents, as the asset itself is more than legitimate.
Limiting the use of crypto is like limiting the internet or cell phones!
Limiting the use of Bitcoin by Indian citizens says it is similar to limiting the use of the Internet and cell phones by citizens of other countries around the world. "Not allowing the use of cryptocurrencies carries much higher risks to the economic development of countries, the government and citizens of those countries."
Changpeng Zhao says that "the best way to compete against the decrease in the value of the country's currency is to make the current fiat currencies more competitive."
The Indian community is a hot situation. For investors and traders, the use of cryptocurrencies will soon be criminalized by the Indian government.
Reuters reported that a senior government official, whose identity has been kept secret, revealed that all cryptocurrency-related activities such as buying, selling or even holding digital assets will be criminalized by the government.
The anonymous source, who has first-hand information on the government's plans, added that cryptocurrency mining activities, as well as the transfer of digital assets to recipients residing in the county or outside the country, are not exempt from the list.
The bill is one of the most severe and extreme projects introduced by the government. And for a developing country like India, that leaves viewers with many unanswered questions.
Something similar is also happening in other parts of the world
The bill comes not long after the Indian community was criticized for banning private digital currencies like Bitcoin and Ethereum as the country establishes a regulatory framework for a national digital currency.
Initially, the crypto-business founders expected a turnaround of events, explaining that investors have yet to start liquidating cash, even though they were told they only had six months to liquidate their businesses.
For now, the government's stance on digital assets is unclear, as the new ban runs counter to a statement by Finance Minister Nsitha Raman, who explained that its end will provide a window of opportunity for researchers to experiment with the digital private, before reaching a definitive conclusion.
The event is similar to the case of Nigeria, whose central bank issued a ban on digital currency earlier this year, before the country's vice president issued a statement against it in favor of digital assets.
From now on, the volume of exchanges may decrease as investors may soon begin the liquidation process. But if investors decide not to, there may still be a glimmer of hope for those who wish buy Bitcoins and other altcoins in India.