Modi re-elected as Prime Minister of India, industry concerns about cryptocurrency regulation intensified

According to recent media reports, the re-election of Indian Prime Minister Modi has sparked speculation that the new government may continue the negative stance of the previous government on issues such as bitcoin. On June 2, this concern reached its peak after the news that the cryptocurrency regulation report was about to be submitted to the Ministry of Finance was confirmed. Investor Aayush Goyal said: "This is currently the biggest concern for Indian crypto investors. People are discussing this issue and are under pressure. Everyone hopes there will be no comprehensive ban." Founder of cryptocurrency exchange WazirX Nischal Shetty, CEO, said: "Everyone is confused about this. This is obvious. There are all kinds of signals. Although many people are afraid, some people believe that as a progressive financial country, India will not take a sudden This is forbidden. However, no one knows (results).” Still others worry that the ban may be futile, but it will lead to illegal activities.