Crypto players want to be heard before ban decision

As the government plans to ban “private cryptocurrencies”, digital currency platforms hope that the government will consult them before taking a decision.

"Since the government is considering introducing the bill during this session of the Parliament, we are sure the government will definitely listen to all the stakeholders before taking any decision. We are talking to other stakeholders and will definitely initiate deeper dialogue with the government and showcase how we can actually create a healthy ecosystem in unison," Sumit Gupta, cofounder and CEO of CoinDCX said.

The government is planning to introduce a bill “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021” that will prohibit “all private cryptocurrencies” in India. It will also provide a framework for creating an official digital currency that will be issued by the Reserve Bank of India.

“The digital currency bill to be introduced before the Lok Sabha is a welcome step forward. Its success will depend on the details, particularly the definition of what the bill calls “private cryptocurrencies”. This is not a common term. Bitcoin is not privately owned by anyone. It is a public good, like the internet,” said Rahul Pagidipati, CEO at ZebPay.

According to him, Bitcoin and most crypto assets are more like gold and not an alternative to government-issued legal tender. Crypto assets and digital government currency can coexist and together, they can bring tremendous benefits to the Indian economy.

“We hope the Lok Sabha members and advisors will consult crypto and blockchain companies as they make their decisions. Millions of Indians have already invested in this new asset class. Millions more want the same opportunity to build wealth that investors in other countries already have. We have faith in the government and hope that this bill will move India forwards, not backwards”, he said.