Is Ban on Cryptocurrency a Step in The Right Direction? Here’s What India Thinks

New Delhi: As the Modi government looks to introduce a new bill to ban private cryptocurrencies such as bitcoin and have its own official digital currency, industry leaders are in panic mode and are urging the government to engage them in the decision-making process. Voicing their concerns, many digital currency trading platforms, have said an outright ban will be counterproductive and regulation is a better way of curbing illegal activity using cryptocurrencies. Also Read – Cryptocurrency Ban: India Plans to Introduce New Law Prohibiting All ‘Private Cryptocurrencies’

While no concrete decision has been made, we assessed the mood of the nation and asked Indians whether banning cryptocurrencies altogether is a step in the right direction. Recently, Rohit Chadda, CEO of Digital Publishing at Zee Group, conducted a Twitter poll asking users, whether the government move is justified. He asked in a tweet, ”With #IndiaWantsCrypto trending. Do you think the government’s proposal on the ban of private #cryptocurrency in India is justified?”

The final results are now here and a majority of Indians think that the ban is not fair. A whopping 84 percent of users said no, while only 16 % think that the government’s decision is justified.

Have a look:

With #IndiaWantsCrypto trending. Do you think the government’s proposal on the ban of private #cryptocurrency in India is justified? #Bitcoin #bitcoinindia #budget2021 @Unocoin @WazirXIndia @zebpay

— Rohit Chadda (@_rohitchadda) February 1, 2021

Notably, The Cryptocurrency and Regulation of Official Digital Currency Bill 2021 would prohibit cryptocurrencies in India and provide a framework for creating an official digital currency to be issued by the Reserve Bank of India (RBI). The RBI had previously prohibited crypto trading for almost two years before that ban was overturned by the Supreme Court in March 2020.

Notably, governments around the world have been looking into ways to regulate cryptocurrencies but no major economy has taken the drastic step of placing a blanket ban on owning them.