The Indian administration is at it again. Despite the ongoing trouble surrounding the new agricultural reforms proposed by the prime minister, the policymakers are targeting the Cryptocurrency market.
This is in light of credible reports claiming the nation’s central financial regulatory body is giving concerned parties between 3 months to 6 months to sort out the transition.
Indian Government has Always Had Reservations Towards the Cryptocurrency Market
Frankly, this is not the first sign of trouble for the Cryptocurrency market in the populous Asian nation. A while ago, there was a ruling by the nation’s Supreme Court protecting the interest of shareholders in the Cryptocurrency market.
However, it is becoming increasingly noticeable that the legislative body is not ready to back down in the fight against the use of these sorts of virtual currencies in the nation.
A panel was recently set up to investigate the way forward and stakeholders in the Cryptocurrency market were optimistic that the outcome will be regulatory laws rather than the decision to outrightly halt the market.
Well, the truth is that optimism is not yielding anything positive at the moment.
Possible Reasons for the Proposed Ban on Cryptocurrency Transactions
As explained by a financial analyst based in the United States, “the honest truth is that India is a conservative nation and always has reservations towards things like this. This can be seen in how it has responded to the issue of legalizing gambling activities in the nation. Rather than come up with viable ways to regulate such industries and improve the fiscal state of the nation, their lawmakers hold on to conservative beliefs that do no good to the nation”.
This financial analyst – Manuel Lunfun; remained optimistic that the nation will chart a new course for the sake of advancement despite the possibility of the bill being signed into law.
Also, the administration has come to realize that some of these cryptocurrency platforms are explored for illegitimate business transactions.