Finance Ministry of our country is in crisis right now. We currently have the most incompetent finance minister of the last 20 years. Our government is wannabe anti-corrupt and in this pursuit it has taken some of the worst decisions like Demonetization. Banning cryptocurrencies will be another addition in the long list of hasty bad decisions of our government.
However, I doubt that we gonna see this bill in the Parliament anytime soon. Currently the draft is in staging area and one of the finance ministry official has leaked the news that ministry is thinking about banning the cryptocurrencies. But it would take months until government could give this draft a shape of bill by discussing it with major stakeholders and only then the bill would be presented in Parliament.
I agree this is most shocking news and does now augur well for Crypto ecosystem in India. Cypto industry in India was just getting on its feet after Supreme Court reversed RBIs ban in March this year. There is some hearsay that some decision has to be taken before 30th June 2020 on this due to some guidelines of FATF (Financial Action Task Force). Is this true and also has someone else heard about similar news?
Other than this, it is surprising that Binance invested in WazirX and Coinbase bought some stake in CoinDCX. WazirX and CoinDCX are both India based exchanges having INR pairs. Generally, these big companies have inside information as to in which direction the government policies are expected to move. But then also they invested in these Indian exchanges. Any thoughts...