The opinions on Bitcoin and cryptocurrency are very different all over the world. Some people see it as a great tool to disrupt finance. Others see it as a real threat or something that should be banned. Former Indian Economy Secretary Shaktikanta Das would rather see this new form of money banned altogether.
It is evident Bitcoin will face a major uphill battle in India. This has been a known problem for quite some time now. A lot of legislators want to see this cryptocurrency banned outright. Even though it is evident this is not a plausible course of action, it remains to be seen how things unfold in this regard. Banning cryptocurrency is by default impossible. All a government can do is make life difficult for service providers.
Shaktikanta Das Publicly Opposes Bitcoin
If Shaktikanta Das is to be believed, cryptocurrency will be banned soon. More specifically, he wants to see it banned because it is impossible to regulate. This opinion by Shaktikanta Das is quite telling for the sentiment among the “old guard” in the financial industry. These people are unwilling to see the benefit of this new form of money. Regulating cryptocurrency isn’t possible, yet banning it is never the answer either.
While it is good to see Shaktikanta Das acknowledge regulation is impossible, the government will still try to introduce it. As of right now, regulatory measures are being drafted in India. This has been going on for quite some time now. No one knows for sure how things will play out in this regard. The overall sentiment doesn’t seem to be all that favorable as of right now. Then again, the outcome may surprise us all in the end.
A ban on cryptocurrency in India would be rather catastrophic. The year 2018 hasn’t been too great for most cryptocurrencies so far. Another major blow like this one will probably send all markets in another downward spiral. While the comments by Shaktikanta Das are not positive either, his opinion is effectively irrelevant. After all, he is a former Indian Economy Secretary, and not the current one. Whether or not his words carry any weight, remains to be determined.
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