The Indian government is about to bring a bill, through which private cryptocurrency will be regularized. Nearly 100 million crypto investors in India have been thrown into a state of uncertainty by this news. There is a question in his mind that what will be done in case of crypto currency ban in India. More than 100 million people have invested in crypto in India, which is the highest in the world. After this comes the number of America, where there are 27 million crypto investors.
The daily talked to market experts about this fear of investors.
Government will show the way to investors
Arjun Vijay, co-founder of Giottus cryptocurrency exchange, says, “There is panic among investors after the bill came out. Questions are being raised that if the government bans cryptocurrencies like bitcoin, ethereum, then what will happen to the already existing crypto with the people? A clear answer to this will be known only after the bill comes, but in 2019 also the government had brought a bill related to crypto. It was then said that people who already have cryptocurrencies, the government will tell them where to send them and how to dispose them. So investors should not be in a hurry.
Crypto can be treated like an asset
Siddharth Sogani, Founder and CEO, Cribco Global, said, “The news that came out last night is mostly similar to the February 2021 circular. I don’t think there is anything to worry about.
A private cryptocurrency usually refers to a currency issued by an individual or company. Bitcoin is not a private currency, it is decentralised. It is available on Public Ledger. In my opinion, the regulation will treat bitcoin and other cryptos as assets or commodities.
Investors should not take any decision in haste
Nischal Shetty, co-founder of Wazir X, says that investors should not take any decision in a hurry. A similar situation happened in February this year as well, but later the cryptocurrency market saw a lot of bullishness. There is currently no clear definition regarding cryptocurrencies in our country. So it is too early to say anything about it.
Panic selling causes fall in crypto market
Shetty said that as soon as the news of regulation on crypto came, we saw panic selling in its market. The crypto saw a drop of 10-15%. The Indian market is at a 5-8% premium to the global price. When we see a fall of 15%, then according to the global market this fall will be around 5%.
Complete ban is not easy, regulation is the only way
Siddharth Sogani says, “Cryptocurrencies are being used all over the world. This is the world of the Internet. In such a situation, in a democratic country, it is the right way to regulate it, not to ban it completely. Cryptocurrencies are regulated in the UK, Australia, China, France, Germany, Hong Kong, Italy, Japan, Singapore, South Korea and most states in the US. In such a situation, I hope that cryptocurrencies can be used in India as a commodity or asset. What will be the correct picture, it will be known only after the bill is introduced in Parliament.