India’s crypto-community breathed a sigh of relief when India’s Minister of State for Finance, Anurag Singh Thakur, said that cryptocurrencies were not prohibited in India, in response to a question in India’s parliament. However, a lack of clarity and regulations still pose the biggest hurdles for cryptocurrency exchanges, and the larger crypto-community in the country. One such Indian cryptocurrency exchange is Bitbns.
CEO of the exchange, Gaurav Dahake, got a lot of support from the community after he said that the community was adversely affected by lingering rumors, in an interview with CoinCrunch India. As the market reacts to these sentiments and the general uncertainty, a lot of people quit trading. But, if the market looks bullish, even a ban might not stop people from trading as they would find a way out of it, noted Dahake.
As for regulations, Dahake believes that investment protection plays an important role in protecting users from Ponzi schemes. Such regulations might also help retail investors who have started to enter the market, enabling them to be a part of the next ‘big thing.’
However, when it comes to speculations and rumors of banning crypto, Dahake believes that it would be ‘extremely difficult’ to do so. He cited the example of the government trying to ban porn websites, a ban that did not last even a day. So, when it comes to crypto, it would be difficult, Dahake said. The CEO also thinks that this could be a trick played by the government to discourage people from joining the community, before regulations come into place.
“India is a part of G20 and they have kind of had a verbal agreeing in terms of following the FATF regulations. So, if that kind of comes into place, there is no question that a ban could be implemented.”
The CEO expects positive news from the government’s end.