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    Why criminalising cryptocurrencies will set India back

    Why criminalising cryptocurrencies will set India back

    Criminalising or even the use of such language to refer to cryptocurrencies will put off some of the brightest minds from India in the crypto revolution. 
     
    Hello world is a program developers run to check if a newly installed programming language is working alright. Startups and tech companies are continuously launching new software to run the real world. This column will attempt to be the "Hello World" for the real world.
     
    India’s outlook towards cryptocurrency is being eagerly watched by the world of finance. Yesterday, a report that cited senior government sources said that India is likely to ban cryptocurrencies and criminalise possession, mining, and trading of cryptocurrency.
     
    Only a couple of days ago, Finance Minister Nirmala Sitaraman had said that India will not shut off all options when it comes to cryptocurrency. There seems to be an openness to embrace blockchain but a fair bit of skepticism when it comes to cryptocurrencies.
     
    "My view on this is that of course the Supreme Court had commented on cryptocurrency and while the RBI may take a call on official cryptocurrency but from our side, we are very clear that we are not shutting off all options," Sitaraman said at a conference.
     
    The mixed signals we’re seeing could mean that the government is yet to take a firm stance on cryptocurrencies.
     
    As of now, the government is preparing a cabinet note on cryptocurrencies. The story so for is that India’s central bank had banned cryptocurrency trading in 2018. And in March 2020, the Supreme Court said that the ban was unconstitutional. This meant crypto trading was back in full swing.
     
    In February 2021, nearly $2.3 billion worth of cryptocurrencies were traded on WazirX, India’s largest cryptocurrency exchange. It was at $1.4 billion a month ago and at $500 million in December 2020. Most of this is likely driven by speculation since you still can’t buy bread or most tangible goods with cryptocurrency.
     
    source : moneycontrol

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