The alleged bill banning cryptocurrency trading has attracted quite a lot of attention, both in India as well as across the world.
Recently, John McAfee, (before going underground again) reacting to the alleged bill said, “India announces it plans to ban all crypto. Banning mosquitoes after a rain in the summer would stand a better chance of being enforceable.”
For the uninitiated, a portion of the proposed draft which was uploaded on Twitter by Indian blockchain lawyer, Varun Sethi stated, “No person shall mine, generate, hold, sell, deal in, issue, transfer, dispose of or use cryptocurrency in the territory of India. Nothing in this Act shall apply to any person using technology or processes underlying any cryptocurrency for the purpose of experiment or research, including imparting of instructions to pupils provided that no cryptocurrency shall be used for making or receiving payment in such activity.”
However Nischal Shetty, the founder of WazirX, replied to McAfee’s tweet saying, “1. It’s a rough draft, not final 2. We’ve been running #IndiaWantsCrypto and it’s gathering a lot of support. I’m sure our Government will involve the community and not implement these draconian suggestions as laid out in the draft bill.”
1. It's a rough draft, not final
2. We've been running #IndiaWantsCrypto and it's gathering a lot of support. I'm sure our Government will involve the community and not implement these draconian suggestions as laid out in the draft billhttps://t.co/9EFU4ESV28
— Nischal (WazirX) ⚡️ (@NischalShetty) July 17, 2019
A user said, “India has a tax enforcement problem and thinks crypo is the problem (not true). All countries need to put in the effort and go after employers, audit small business’, do basic police work and arrest criminals. Stop being lazy by punishing everyone by banning all freedoms/privacy.”
On Tuesday, Sethi said, “Even if the document doing the rounds, is penned by the government, it is still a draft of the proposed bill. Chances are that, it might not even go through,” while adding that it was difficult to verify the source of the document.
While things look a little bleak at the moment, there is no reason to give up hope yet.
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