Opinion

Crypto Ban? Where is the ban?

Crypto Ban, where is the ban

CoinDCX has always stood affirmed in its stance of welcoming definitive crypto regulations which will help in setting up a direction for the entire crypto ecosystem in India. We are proud to be a part of this proliferating industry and we understand the importance of an underlying framework which will help the crypto-based startups, investors, traders, and all the other contributors in the crypto economy to take decisive steps in accelerating its expansion. This is why CoinDCX has implemented stringent KYC, AML, and security practices as we understand their need in setting up a legislation-friendly infrastructure.

CoinDCX witnessed a confusion in the crypto community in the past few days. The reason behind this confusion was found to be an article reported by a few media channels on June 12, 2020. This article stated the following:

India is looking to introduce a law to ban cryptocurrencies, as the government sees a legal framework as being more effective than a circular from the Reserve Bank of India (RBI) in this regard.  It is also being reported that the note will be sent to the cabinet after consultations and subsequently to the Parliament.

This article stranded the crypto community on a podium of dilemmas as according to few interviews, the article introduced negativity in the space. The article spoke of an alleged bill to outlaw believers in crypto. However, no evidence has been produced by any participating parties which claim this additional array of rumor to have any substance. The report added that the government sees a legal framework as being more effective than a circular from the Reserve Bank of India (RBI) in this regard. However, further details of this draft are not available as well.

For any bill to become a law in India, it has to pass multiple layers of approvals and clearances from various ministerial offices, parliamentary houses, and president’s office after it has been proposed by a committee to any ministry. Even after all these steps are concretized any day in the future,  we at CoinDCX are confident that as a community we have the wherewithal to challenge the bill and come victorious. Even if there is a remote chance, we are ready to fight it out in the Supreme Court as we did in the past. We have the systems and processes in place to handle all eventuality.

CoinDCX has witnessed exponential growth in its numbers –  both traders and trading volumes since the Supreme Court quashed the banking ban in March this year imposed by RBI. CoinDCX has launched India’s biggest crypto adoption program – the #TryCrypto initiative with a vision of onboarding 50 million Indians to the crypto industry. We are confident in progressing further in this vision as we achieved the first milestone back in April 2020. CoinDCX’s growth despite the Covid-19 situation is keeping us on a global map. CoinDCX is the only Indian cryptocurrency exchange in top exchange rankings in Coinmarketcap. We assure you that we will be continuing to take steps in the right direction and increasing our share in the $250 Billion global crypto market.

With this, we would also like to state that if there are any discussions commencing with the regulatory and legislative bodies regarding cryptocurrencies, we see this as a positive sign. We see this as a legitimate activity in our dream of strong crypto regulations and only productive discussions on cryptos will lay down the foundations of strong crypto regulations in India.

The Crypto industry is among the fewest industries in India that are hiring extensively today and receiving foreign investments from globally renowned investors. The industry is witnessing one of the best booming eras and is able to contribute its growth in India’s numbers during stringent lockdown periods. We are moving with an unshakeable belief that the progress of the crypto industry in India is going to be a significant contributor in India’s vision of bringing a digital revolution within its boundaries and create an Atmnribhar Bharat, keeping India in the forefront by producing best innovations in the field of global finance and technology.

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