Ripple’s CEO Brad Garlinghouse has tweeted about the efforts of the Indian government to ban crypto trading. In his September 16 tweet, he said that he is completely disappointed by the flip-flop of Indian government regarding crypto that will be harmful for the cryptocurrency industry. Along with this, he also mentioned that India is having a huge unbanked and underbanked population.
Disappointing to see India flip flop on crypto, hamstringing a nascent industry which could serve one of the biggest populations of unbanked/underbanked citizens. https://t.co/ffMUIQOnA7
— Brad Garlinghouse (@bgarlinghouse) September 16, 2020
Indian Government Drafting Bill To Ban Crypto Trading
Recently, it was reported that the federal cabinet of India is drafting a bill to ban crypto trading across the country. It has been seen that Indian government was maintaining quite a strict stand for cryptocurrencies. A few years back, the Reserve Bank of India (RBI) introduced a banking ban on crypto exchanges. However, this ban was lifted by the Supreme Court of India on March 04, 2020.
Ever since this ban was lifted, it is noticed that crypto exchanges in India have seen a huge increase in trading volume. However, if this proposed bill is passed, this whole progress in the sector will go completely futile.
Encouraging Blockchain Technology But Not Crypto
Even though the government of the country is planning to ban crypto trading, it is developing quite a favourable environment for blockchain technology. In this new proposed law, blockchain is on the top priority when it comes to supply chain management, land registration and many others.
The importance of blockchain technology has been mentioned by the Indian Prime Minister Narendra Modi as well. In his speech during the India Ideas Summit, he talked about the importance of blockchain technology, 5G, big data and many other things. He mentioned that for the first time it is recorded that rural internet users are more than the urban internet users across the country. These cutting-edge technologies are simply going to increase and develop a lot of opportunities.