- Crypto ban in India rumors is looming in the country again.
- Unocoin founder says rumors are bad for business.
- And earlier RBi crypto ban in India was quashed by the court.
The potential news of the crypto ban in India to be quashed soon sends forth a wave of unanswered questions across the Indian digital market and disrupts the crypto field now and then. With Unocoin, an old player of the crypto market, adding hundreds of clients to its network daily, its Co-Founder Sathvik Vishwanath deems the ban merely speculation and news that spreads bi-yearly coinciding with the parliament session uptake.
He furthers that the news does little to the business but overall slows down the growth of the industry. While recently an Indian Bitcoin trader was forced to commit suicide after killing his wife and two children.
Crypto ban in India
In a bid to diminish crypto trade, the Reserve Bank of India had notified financial institutions not to cater to cryptocurrency-based firms and clients. However, the supreme court had canceled the notice confirming the country’s open outlook towards crypto dealings.
Vishwanath highlighted the critical need for acknowledging cryptocurrencies as a digital commodity. The vague classification and lack of information on whether it is a currency, commodity, or asset, or equity keeps business users confused about what rules apply to it from a taxation perspective.
The absence of clarity and standardized regulations are ongoing issues with the trade, and Vishwanath believes it plays a role in hindering its consistent growth in the region. To work around it, many crypto owners have registered their firms abroad as a means to solidify business strength, says Vishwanath.
Recognizing the market potential within the region, Vishwanath informed a monthly $300 – $500 crypto trade constantly being witnessed and predicts a stark increase as more people are educated about this field’s know-hows.
Approximately 0.3 percent of India’s population is said to understand digital trade, and Vishwanath sees it’s potential going up 5 percent. The brokerage intends to add more digital products to its lineup as and when the market demands. As per Vishwanath’s experience, 2020 has seen a major shift in focus on digital trade and has witnessed up to 500 customers signing up daily. He predicts strong investment opportunities within the field.