Although the Covid-19 crisis is the worst crisis of them all being faced by the Indian nation, yet it ain’t the one and only crisis. The other crisis with which India nation is faced with that of its crypto industry.
On two occasions, the Indian crypto industry came into the global limelight in the past but a Government ban changed its course. For almost two odd years, the Indian crypto industry suffered non-operation of any business activity because of the ban. However, the ban was lifted in the year 2019 and only Supreme Court’s judgment made it happen.
Since April-May, 2019, the Indian crypto industry has been working day and night. Until two months ago, again there was the rebirth of the crypto ban debate once again. Again, the threat is from the Government and, at the receiving end, are the country’s citizens, particularly crypto investors.
When the Indian Government lifted the crypto trading ban in India, crypto’s global economy was surging at a continuous pace. Soon after the ban, the Indian crypto industry was not only revived but was so pumped up that it covered days’ journey in few hours. The number of crypto investors in India, particularly Delhi and Bombay, rose 10x i.e. tenfold. This number continued to climb further up to date.
In August 2019, it was recorded that India has one million crypto investors. As of now, the country is holding more than 12 million crypto customers. However, currently, the industry is once again under serious pressure as there is talk about crypto trade banning.
Members of the ruling party as well as several Federal and Provincial Ministers too have spoken against crypto trading. While the majority of them did not rule out the possibility of banning crypto as well.
Government Officials have been saying that crypto trading should not be banned but regulated, even if it requires suspension of any activities. However, Indian Central Bank’s head was of the view that the present economic crunch is because of crypto trading. He advised that crypto trading should not only be suspended entirely but also it should be permanently banned in the country.
Against Indian Central Bank’s head and Federal/Financial Ministers, there was one ex-Federal Finance Minister who came in aid of the Indian crypto industry. The Ex-Minister is Subhash Chandra Garg who had resigned from the Ministry in mid-2019. He is the same person under whose auspices the committee was formed which had in fact drafted the notorious Indian crypto regulation.
Garg was of the view that when he constituted the committee, the Indian crypto trading industry was directly competing with the Indian Rupee. Now he has come to believe that there is enough room for crypto trading in India’s financial industry. He is of the opinion that the Indian Rupee, as well as for cryptocurrencies, can manage to live together. He said that both could work towards an ultimate goal i.e. strengthening the national economy.
