Cryptocurrency

Russian Ministry Slams Bill to Ban Crypto: Will India Follow Suit?

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The world is standing still this year, every other day we come across something that makes us question, what else are we going to witness this year? And yesterday it was yet another day where the crypto community in India was left in doubt when the finance ministry of India proposed a bill in the parliament to ban crypto. As of now, we are all skeptical about what is going to be the final verdict. Well, talking about the verdict, we have Russia who has taken a step and slammed the bill for the crypto ban. 

The Ministry of Economic Development of Russia has passed on a letter to the Duma State, which is the lower house of the Federal Assembly of Russia, criticized the bill that asks to ban cryptocurrency in the country. The letter sent by the ministry throws light on the idea of “creation of mechanisms for the controlled circulation of cryptocurrencies.”

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Since the Indian government also seems to have a plan to introduce a law to ban cryptocurrency, a lot of crypto enthusiasts are panicking about their investments and future prospects. On the contrary, the big names in the crypto industry seem to have an optimistic approach and are hoping for the best. Nischal Shetty, the CEO of WazirX, seems to believe in the Indian government immensely.

After the Russian ministry declared to slam the crypto bill, Shetty believes that that’s exactly how the Indian ministry is going to deal with this matter. He thinks that there can be some people who don’t want India to move ahead in technology, but its quite evident that one cannot unsee them. Shetty believes that the Russian ministry has made the right move, and even the Indian government will make a wise decision. 

The Co-Founder of Crypto Kanoon, Kashif Raza, also released a detailed video on the decoding about the bill passed by the Indian government based on the article released by the Economic Times.

Raza states that the release of this article is not something that we need to panic about. The fact that the news is making rounds in the market is definitely something that creates a little hustle in our minds. But that’s not the final decision yet, and definitely, the government is supposedly going to take the right steps.

This new proposal has created a little fear in the Indian crypto community. The crypto enthusiasts were seen quite excited for the past 3 months as a lot of new startups were coming into existence after the government announced crypto adoption. This bill can be something to worry about for businesses and individuals who have been avidly investing in the crypto space. But since things are yet to be decided, there are many more clarifications to be made by the government. All we can do is hope for the best. 

Ruchi Brahmbhatt

Ruchi is an Independent Artist and a Graduate in English Literature with substantial experience as an IELTS coach. Being young and energetic, emerging technologies attract her to the core- blockchain and crypto being the most recent ones. She has also been a regular contributor of news pieces and insightful articles related to these innovative arenas. Ruchi’s other interests include human rights, art and architecture, technology, health, and social networking.

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