Indian crypto industry is looming constantly as there is too much fuss about the new crypto laws.
Some two months ago, the Indian Government announced having prepared a crypto regulation that it sought to implement soon. Since that day, there are rumors that the crypto industry will be completely shut down in India. However, the Indian Government has denied such rumors, however, its actions speak to the contrary.
Many individuals who are part of the Indian Government issued several statements. But most of the time, their statement did not co-relate with each other and in fact contradicted each other. But the overall sufferer in the whole situation is the Indian crypto industry which was otherwise seeing a drastic change. A change that was beneficial for the country as well as for the crypto investors of India as well.
Furthermore, the Indian Government also sought to amend its Companies Act as well as taxation laws for bringing them in conformity with the crypto industry. While many disagreed but the Government is bent upon introducing the law one way or the other.
Now recently, Anurag Thakur, who is the Finance Minister of the State, also issued a statement concerning the crypto industry. In his statement, Thakur totally denied that the Government has any plan for shutting down the crypto industry and crypto trading. The Minister said that the Indian Government has always encouraged innovation.
He went on to state that the Government policies concerning crypto have been in consonance with the wider interests of the public. The Government has considered the interests of all stakeholders concerned i.e. crypto investors, said Thakur. He also ensured that the crypto industry will be surprised when the law will be passed. For instance, he mentioned that the Indian Government has deliberated upon open-mindedly and therefore there is no room for rumors.
But even then, the Minister was found concerned about the issue of volatility. He stated that the major issue being faced by the Government is the instability in the value of crypto assets. He said that the issue is out of control by the Indian Government as digital assets are exclusively privately issued assets.
Thakur further told that for the implementation of the law in letter and spirit, the Government has constituted an implementation committee. This committee will oversee whether or not the policies laid down by the government are implemented or complied upon by concerned quarters. He also told that the implementation committee has resumed its proceedings and has been working vigorously. He stated that various Government Secretaries who are members of the committee have already submitted their reports.
But still the Indian crypto industry is fearing that the Government will stick to its main ambition. Before the preparation of the law, it was stated by the Government that crypto trading, including Bitcoin trading, will be banned. In fact, no private cryptocurrencies would be allowed to trade in the Indian markets, stated the Government.