Indian Crypto Traders HashTag #WhatBitcoinBan as Leaders within the Space Disregard Legal FUD


India’s stance on cryptocurrencies has always been a negative one, as the country’s central bank, the Reserve Bank of India (RBI) has previously expressed its distaste for it. Nonetheless, the country’s viewpoints have been covered by news outlets on numerous instances, and it seems like they have been blamed for exaggerating the possible “ban” reports News Bitcoin.

More specifically, news on a bill dubbed, “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019,” has been booming, where many outlets reported the supposed FUD (Fear, Uncertainty, Doubt) felt by traders and leaders within the field.

This apparently is not true and upon seeking crypto exchange operators in India, News Bitcoin was able to gather the following opinions in terms of current performance:

CEO of crypto exchange, Wazirx, Niscal Shetty shared that without something “concrete” disclosed by officials, said news will not be impactful. In particular, he was quoted saying:

“Unless we hear something concrete from our finance department, I don’t think it’s going to affect existing traders […] [Wazrix] saw the highest trading volume in April where we crossed over $11M in trading […] No more FUD is being created by such media news.”

Crypto exchange, Instashift’s Jacob Mani shared:

“The reports about the ban haven’t deterred anyone. Since Koinex had been on maintenance for a few days we have been seeing more volumes. The activities keep on increasing day by day.”

Blockchain Lawyer, Varun Sethi also shared his viewpoints on the reporting of the “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019,” where he highlighted that the bill is out of reach of the Parliament in India, adding that, “The media seems to be cooking up news.”

Media Blowing Things Out Of Proportion Not A First!

News Bitcoin also shared how the creation of said FUD has been common, especially when it comes to India’s stance on cryptocurrencies. An example of this was given where CNBC TV18 was told that a potential guideline needs to be in place for how RBI will deal with cryptocurrencies – viewing them as illegal. However, another media outlet reported that a government representative said:

“There is a general consensus that cryptocurrency cannot be dismissed as completely illegal. It needs to be legalized with strong riders. Deliberations are on. We will have more clarity soon.”

Again, those operating within the space were surprised by such reporting as they were not directly told by officials of some concrete conclusion.

This is not to say that the media has always been out of proportion, RBI has made errors on its part as well. In particular, their overall decision to ban crypto transactions was not backed by any valid findings and this has since forced some crypto firms out of business.

It turns out that RBI’s decision to prevent crypto transactions back in April 2018 was made without having conducted the necessary research. As per Sethi,

“The RBI specifically mentions that it conducted no research or consultation before the implementation of [the] restriction in April. The RBI also responded that no committee was ever formed for analyzing the concept of blockchain before the decision.”

In the meantime, crypto investors and business operators will have to continue their wait, as the country’s case on cryptocurrencies is said to reappear on July 23. Many are expecting it to express how cryptos will be regulated along with any restrictions applied in relation to the RBI.

Bitcoin’s price is $48,542.27 BTC/USD exchange rate today. The real-time BTC market cap of $908.27 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $28.14 Billion and live coin value change of BTC -2.61 in the last 24 hours.

Live Bitcoin (BTC) Price:

1 BTC/USD =$48,542.2669 change ~ -2.61%

Coin Market Cap

$908.27 Billion

24 Hour Volume

$28.14 Billion

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$48.98 K

24 Hour Change

$-1,264.59

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