As we take heed on the status of cryptocurrencies around the globe, the picture is somewhat clear. But when we look at India, the regulatory authorities and laws doesn’t seem to comply with the fervour of crypto assets.
Well! This can be clearly observed from the events which reflected the fate of cryptocurrencies till now in this nation.
In July this year, the Reserve Bank of India; nation’s highest financial authority’s ban on these assets earned limelight. This made many cryptocurrency exchanges shuts shop and large number of investors stepping back! Yeah! For real.
And now the news of allegedly shutting down of cryptocurrency ATMs by the national regulatory authorities is flooding everywhere!
Well! It’s an utter fake news. India’s famed agencies are simply gaining TRP out of it.
Unocoin; a cryptocurrency exchange platform in an effort to incentivize its users installed a machine (a money-wending machine out of a sort) at Kemp fort mall in Bengaluru.
As Unocoin has already been saying from the very beginning that the purpose of setting out the machine has one clear motive, ‘For Unocoin users to deposit and withdraw INR 1000 at a time and INR 10,000 in a day’.
It literally never has anything to do with the cryptocurrencies (in general) or with any other public (apart from Unocoin’s users)! and how, without any clear research or simply put, in insanity, media platforms have been shouting something else.
“The ATM machine was set for the Unocoin’s users to deposit and withdraw cryptocurrencies such as Bitcoin, Ethereum, Litecoin and XRP”. All in vain!
Unocoin’s co-founder, Harish BV who was put behind bars as soon as the news (fake) gained hype along with some material thingies such as 3 credit cards, 5 debit cards, passport, 2 laptops, mobile, Unocoin’s 5 seals, a crypto device and 1.8 Lakh INR brought in custody.
And, on this past Wednesday, it’s another co-founder; Sathvik Vishwanath got arrested for a seven-day custody.
Another big hype which is in the air is, ‘Unocoin’s co-founders; Harish and Sathvik are being charged (or arrested) for different grounds. The arrest doesn’t relate to anything conflicting with the authorities (in the context of cryptocurrencies) literally’.
The current charges made under the FIR statement gives an utter opposite picture.
In all this collision of timely banning the cryptocurrencies, exchanges being shut down and prices reaching a downhill; nobody is thinking about the investors, users and frequent buyers!
India is in itself is being quite doubtful about the fate of crypto assets in the nation! With no real framework for regulations, the nation is insanely coming up with the restriction as and when. Thus, somehow, giving a clear idea to the world that the nation isn’t capable or say ready to bring surprising decentralised applications which clings with these crypto assets to the mainframe. Or, what else it can be!
And if one looks into the matter from a different angle, one will see that at one end the nation is rolling out hurdles for crypto assets to thrive and on the other end, not ready to clarify the status!
Well! This is really something which the concerned regulatory authorities should think over. And come up with a plan to either legitimise or may be state otherwise in the context of cryptocurrencies.
Because not only the fate of exchange, investors, entrepreneurs is depended upon it, but even, the affirmative approach of India to the world frame in the context of cryptocurrencies is at stake!
Government must think twice before coming up with its next big restriction! As a lot is at stake!
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