Having done a lot to curtail crypto, India seems to be moving forward with measures that may boost cryptocurrency companies rather than dissuade investors and stifle innovation.
A new law, will seek to get rid of the pesky underbelly of cryptocurrencies, which is their use by criminals to scam netizens, according to Cashaa crypto exchange CEO and founder Kumar Gaurav.
Basically, right now the Parliament of India is focusing on private currencies, such as Monero, which the Reserve Bank of India wants to deal with so that criminal operations are nipped in the bud, rather than given a free reign.
This approach is actually a reassuring change from the previous gung-ho approach Indian regulators had against crypto, which was often “let's ban it all” in summation.
However, Gaurav, a proponent of cryptocurrencies himself, has explained that the latest move is a step in the right direction.
No Way to Ban Crypto in India
Put simply, Gaurav argues, there is no way for governments to ban crypto, and trying to do so would just waste effort, time and energy.
Speaking to CoinTelegraph, he explained that the government has the powers to suspend crypto trading and most operations, but the latest move is an attempt to stamp out scams that involve cryptocurrencies.
The bullish trend on Bitcoin that has been going for a second month now makes Indians particularly susceptible to falling victims to fomo trends and promotions, ie Fear of Missing Out scams.
Of course, any concentrated effort in India to have a showdown with illegitimate crypto operators and scammers will take a lot of political capital. Worse, it will actually require action, which authorities may not be fully prepared to take.
However, with the help of the legitimate crypto sector, India's officials find themselves in a position with teeth against the spreading of fraudulent crypto organizations.
If you are keen to spend your cryptocurrencies legitimately, though, we recommend visiting 1xBit, FortuneJack and BitStarz.
