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The ban on Cryptocurrency can affect India significantly
As per a cryptocurrency company which was trying to enter the Indian market this year, the decision by the Reserve Bank of India to ban banks and non-banking financial institutions to have any tie-ups with individuals or organisations that deal in cryptocurrencies can result in millions of dollars of losses for the country.Â
As per a cryptocurrency company which was trying to enter the Indian market this year, the decision by the Reserve Bank of India to ban banks and non-banking financial institutions to have any tie-ups with individuals or organisations that deal in cryptocurrencies can result in millions of dollars of losses for the country.
In an interview, Akash Aggarwal, founder and CEO of Alluma, quoted “I totally agree with the concerns of the RBI, but their approach is somewhat different from what it should be, based on the actions of other regulators around the world.”
“But they have not said cryptocurrency is illegal, or that it is banned in India, or that you cannot trade in cryptocurrencies in India, and they have not told cryptocurrency exchanges to shut down. They are only scared of it touching the fiat currency, and are worried about money laundering and terrorism financing.”
“As per the RBI’s policy, a citizen of India is allowed to remit $250,000, which is ₹1.5 crore, and we are talking about nine million users in India,” continued Mr. Aggarwal. “If people start sending money out of India just to trade cryptocurrencies, is the RBI or the government of India ready to lose those million or billions out of India?”
As quoted by Mr. Aggarwal, Indians will continue trading in this virtual currency although RBI has distanced itself with this digital currency it has still not put a ban on people trading one cryptocurrency for another.
He said that “even if the RBI cuts off the fiat currency supply to the industry, people will trade cryptocurrency to cryptocurrency, which they have not banned,” and mentioned that his company is principally looking to offer this same service after entering the Indian market.
“We will be launching in India, we are looking at the end of Q2, beginning of Q3 of this calendar year,” quoted Mr. Aggarwal. “So that’s the end of June or early July. We will be providing crypto to crypto trading, which is a large market in India. We will be coming out with some features that will seek to get people from trading on global exchanges onto our exchange.”
Source: techgig.com
