Charlie Shrem, an early Bitcoin adopter, entrepreneur, and educator, recently met with a member of the Indian Parliament to discuss India’s stand on crypto.
Reportedly, Indian lawmakers have proposed a blanket ban on cryptocurrencies. However, the proposal has been met with much criticism from the 5 million crypto-enthusiasts in the country. Moreover, until now, the lawmakers in the country have largely avoided making official statements on the topic as well.
Charlie Shrem has gotten in touch with Rajeev Chandrasekhar, a Member of the Upper House of the Indian Parliament and member of the Committee on Finance of India. He said that the meeting with the politician went “very well.” He tweeted,
The Indian government and RBI is not interested in stifling the crypto industry. They have made some rough moves but are looking forward to working with industry groups now.
The Indian central bank, the RBI (Reserve Bank of India) has restricted the crypto business in India by prohibiting banking services to exchanges. Moreover, the authorities also have a negative view of them. Recently, Koinex, one of the largest platform in the country closed down citing excessive scrutiny.
However, the recent G20 meeting laid down the guidelines for virtual assets service providers around the world. Hence, India as a member, can be expected to follow them as well.
Moreover, India’s proposal for a ban could affect the country’s development adversely. Tim Draper, billionaire Venture Capitalist earlier noted that “it will set India back by 40 years’ if they go through with the ban. However, even that was met with criticism from the Indian political leaders.
This is probably the first time Indian crypto-enthusiasts could be hearing positive views on crypto from a political leader. Charlie mentioned that MP Rajeev Chandrasekhar also “wants to get involved.”
The entire podcast of the interview will be released on September 10th, 2019. With the RBI vs. Crypto case continues to dangle in the Supreme Court, crypto-enthusiasts in India will be eagerly looking to it.
Do you think that India would regulate cryptocurrencies instead of banning it? Please share our views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com