India misinterpreted private crypto ban, says crypto bill creator
Published at : December 06, 2021
The parliamentary discussions around a controversial crypto bill sparked fears around the ban on cryptocurrencies, with no clear indication about the ban’s scope. As Cointelegraph reported, an episode of panic selling among Indian investors followed the announcement. In an interview with local news channel News 18, Garg clarified:
“[The description of the crypto bill] was perhaps a mistake. It is misleading to say that private cryptocurrencies will be banned and to intimate the government about the same.”
He believes that the Indian government should formulate a bill after discussing it with stakeholders and crypto investors. Furthermore, the bill suggests banning private cryptocurrencies without clarifying what the word “private” stands for.
As a result, the crypto community in India self-interpreted two different versions of the bill’s agenda — one that considers banning all non-government issued cryptocurrencies and the other that excludes cryptocurrencies running on public blockchains such as Bitcoin (BTC) and Ether (ETH).
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“[The description of the crypto bill] was perhaps a mistake. It is misleading to say that private cryptocurrencies will be banned and to intimate the government about the same.”
He believes that the Indian government should formulate a bill after discussing it with stakeholders and crypto investors. Furthermore, the bill suggests banning private cryptocurrencies without clarifying what the word “private” stands for.
As a result, the crypto community in India self-interpreted two different versions of the bill’s agenda — one that considers banning all non-government issued cryptocurrencies and the other that excludes cryptocurrencies running on public blockchains such as Bitcoin (BTC) and Ether (ETH).
#shorts #cryptocurrency
cryptocurrency, cryptocurrency btt,cryptocurrency ethereum,cryptocurrency shiba inu,cryptocurrencies,cryptocurrencies 2021,cryptocurrencies falling,cryptocurrencies how it works,cryptocurrencies how to invest,cryptocurrencies dogecoin, cryptocurrencies today, cryptocurrencies novices guide, promising cryptocurrencies 2021, news about cryptocurrencies
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