The OKEx CEO claims that India will not launch a ban on crypto as they opened their doors of the new platform in India amidst speculation that another crypto ban could be incoming. This scenario is highly unlikely because the first day of trading was amazing and brought huge success so let’s find out more in the cryptocurrency news sites today.
The exchange launched a peer to peer trading platform in India and enabled users in the country to purchase crypto assets with Indian rupees. However, this came at a time when there are rumors of an ongoing crypto ban discussions. Jay Hao, OKEx CEO claims that this won’t happen:
“We are paying close attention to the situation however it is our belief that the Indian government will not impose an outright ban on cryptocurrencies. In talking with our Indian partners, we found that the government is more receptive to cryptocurrencies than it was before.”
Hao stated that India is quite tech-savvy but the IT industry makes up for a huge amount of the GDP of the country. The Indian government understands the potential of blockchain technology after they saw how it thrived since the Supreme Court overturn the RBI ban on the banks that are working with the crypto firms. These events are good signs that a ban won’t likely follow. As a reminder, the Reserve Bank of India ordered all financial institutions to stop their crypto-related activities which resulted in the country’s exchanges shutting down.
However, earlier this year, the Supreme Court of India overturned the crypto ban which allowed banks to handle crypto transactions from traders and exchanges. Even on that very day, some experts warned that the ban could be pushed down again as the rumors from a ministry that works on it emerged. Outright banning crypto will lead to a huge job loss in times of an economic struggle which will put the country in a huge disadvantage:
“What we did come across in our research is that there is still a lack of regulatory clarity in India and a high amount of crypto-related scams [… which have] been putting the brakes on the growth of the crypto scene here. […] The government wants to protect investors from this and we believe that we will start to see a series of regulations coming out to protect them rather than a blanket ban. These will be welcomed by legitimate crypto businesses in India and open the doors to more entrants in what could be the biggest crypto market in the world.”
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