The proposed private cryptocurrency ban has sent shivers down the spine of many investors. The government argues that there are too many risks associated with cryptocurrencies, but some netizens have expressed their doubts about the government’s intent. They believe that the proposed crypto ban is just a ploy to gain control over the market. Meanwhile, some netizens have taken to social media to share memes about this issue to show how they feel.
While some netizens bemoaned the proposed ban on private cryptocurrencies, others have posted sarcastic memes.
With the government preparing to introduce a new Bill that will ban “all private cryptocurrencies in India” with “certain exceptions”, investors are in a panic.
In the upcoming winter session in the Parliament, the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, will be introduced.
The Bill aims to “create a regulatory framework for the creation of a digital currency to be issued by the RBI”.
Furthermore, the bill aims to ban all private cryptocurrencies in India. However, there are exceptions to encourage the “underlying technology of cryptocurrency and its uses”.
The CEO and Founder of Coin Switch Kuber, Ashish Singhal, urged people not to lose their cool.“I’m aware of the frenzy caused by recent news around #Crypto. I urge you to remain calm &, like always, DYOR before arriving at a rushed conclusion. Recent conversations w/ the Govt point towards a progressive approach & there is no concrete statement made which claims otherwise,” tweeted Singhal.
The co-founder of Zerodha and True Beacon, Nikhil Kamath, raised a question regarding the fate of currencies already in circulation.
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Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
