Recently, China has announced an authoritarian blanket ban over cryptocurrencies in its country. Just after the news spread among media platforms like wildfire, China’s neighboring country – India started mulling over the advantages that can be sought from this crypto crackdown.
Experts suggest that this action is most likely an initiative to remove cryptocurrency market competitors of their central bank-issued digital currency – digital Yuan.
Indian Financial Experts Comment on China Cryptocurrency Ban in Respect with India
As per a report by Mint,
As per Kapil Rathi, founder, Cross Tower, “China forcing out such innovation and advancement is to India’s benefit, and the country should now embrace this new technology with open arms. Crypto can make India a global leader in this new technology,” he reiterates that China’s cryptocurrency ban might be a beneficial opportunity for India.
Nischal Shetty, CEO, WazirX, said: “Crypto has great potential to create more opportunities and contribute to our $5 trillion economy vision. Countries around the world are working towards crypto positive regulations and I’m confident that India will not take a regressive approach that could push us behind decades.”
“It is sad to see that about 20% of the world’s population won’t have access to free transactions on the internet. On the other side, the crypto being completely on the internet, it would be next to impossible for China to enforce such a ban,” said Sathvik Vishwanath, co-founder, and CEO, Unocoin.
“This news (China ban) has led to a drop in crypto prices around the world, including India, which is a common occurrence after any news, which creates fear, uncertainty, and doubt (FUD). However, I don’t see any long-term impact of this on the Indian crypto ecosystem.” Nischal Shetty said.
Although India faced a major loss in the crypto market as an investor panicked post-China’s crypto ban, these are temporary circumstances. However, we have yet to witness the regulator’s stance upon this. Will they take the advice of the experts and deviate from being completely autocratic?