2 November 2024
Will There Be A Crypto Ban Again In India
The news of the crypto ban in India can come to an end. The Indian cryptocurrency exchange Unocoin, which is an old player in the crypto industry is gaining hundreds of users daily. As per Unocoin co-founder, Sathvik Vishwanath the news of the crypto ban is nothing but speculations and it spreads bi-yearly coinciding with the parliament session uptake.
He added that such crypto ban news wouldn’t affect business but slow down the growth of the industry. Recently, there was news that a bitcoin trader committed suicide after killing his children and wife.
Previously, the Reserve Bank of India had told financial institutions to not cater to cryptocurrency-based firms and clients but the supreme court overruled and canceled the ban confirming the country’s open outlook towards crypto dealings.
Vishwanath noted the importance of acknowledging cryptocurrencies as a digital commodity. The business users get confused about whether to consider cryptocurrency as currency, commodity, or asset or equity as a taxation point of view.
Vishwanath believes the lack of clarity and standardized regulations are the issues for crypto trade and it plays a major role. Many crypto owners have registered their firms abroad as a means to solidify business strength.
2020 is a year where there is a growth in digital trade and 500 customers signing up daily. He claims to have strong investment opportunities in the crypto industry.
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