The Government of India Aims to Crackdown on Crypto Scams with Banning Proposal

Following the recent banning proposal filed at the Indian Parliament, the CEO of one of the Indian crypto-exchanges has finally shared his thoughts. Kumar Gaurav who is the CEO and founder of Cashaa, a cryptocurrency exchange has shared his opinion about the recent crypto-ban proposal filed by the Indian government.

According to Gaurav, the recent bill proposed by the government of India is not an attempt made by the government to ban cryptocurrencies. The main purpose behind the proposal of the new bill is the prevention of the scams that are emerging due to cryptocurrencies.

Apart from the scams, the government of India is also very cautious about the illicit activities that may start taking place through the crypto-platform. This is the reason why the government wants to put a stop to all these activities and the best way is to ban cryptocurrencies.

It was recently announced that the bill to ban private cryptocurrencies has already been listed at the Parliament. The bill was listed for consideration on January 28, 2021, and may take months to reach the final verdict on the proposal.

In addition to the proposal of banning cryptocurrencies, the bill also suggests that a framework for a digital fiat rupee must be designed and launched. The process of setting up the framework and launching the digital fiat rupee will be executed by the Reserve Bank of India (RBI).

It was also announced by the central bank of India that it will be considering and looking into the possibilities of launching digital fiat currency in the country.

However, it has been clarified in the bill that certain exceptions will be provided to the cryptocurrency industry to promote the technology and its uses in the country.

The CEO of Cashaa (Gaurav) stated that there is no way any government of the world can manage to ban the use of cryptocurrencies. The main reason behind this is that the cryptocurrency industry is unregulated and decentralized in nature. Therefore, no government has any authority or control over the industry and cannot control what the users do with it.

However, Gaurav did mention that he is a bit confused about the term that was used by the Indian Parliament. He stated that he is not sure exactly what the Indian Parliament meant when they said private cryptocurrencies.

He stated that the government has and can ban the legitimate utilization of cryptocurrencies. He also added that doing so would only make things more difficult for the people who are new the cryptocurrencies but are involved in it.

Gaurav stated that all he is able to make from the situation is that by doing this, the government of India is trying to crack down and tackle the scams that are taking place in the name of Bitcoin (BTC).

Leave a Reply