Indian cryptocurrency industry: Indian government may not completely ban or restrict the use of cryptocurrency

According to Crypto Globe, committees of various government departments, including the Ministry of Economic Affairs (DEA), the Central Direct Taxation (CBDT), the Central Indirect Tax and Customs Service (CBIC), and the Investor Education Protection Foundation (IEPFA). It is believed that the issuance, sale, purchase of all types of cryptocurrencies should be completely banned, and all cryptocurrency exchanges should be closed. The main reason for the ban is the fear that cryptocurrencies are used for illegal activities such as money laundering and terrorism. In response, some members of the Indian encryption and IT industry believe that due to the decentralized nature of cryptocurrencies, the government may not be able to completely ban or restrict its use. In addition, the prohibition of digital assets based on blockchain may not be in the best interests of the country. For example, Nischal Shetty, CEO of the exchange WazirX, said, “Cryptographic currencies can be traded in a peer-to-peer manner. Since cryptocurrency transactions can be done without the need for intermediaries, there is currently no government that has the technology to monitor these transactions. ”