Govt Regulation Is Good: Five Crypto Startups React To India's Crypto Bill Noise

When news of India's proposed crypto bill seeking the ban of ¡®private cryptocurrency¡¯ broke out last night, there was a ton of confusion and chaos for crypto investors, scared about the future of their hard-earned investments, which brought the value of Bitcoin, Ethereum and other cryptos down.

Also Read: Investors Resort To Panic Selling After Govt Tables Bill To Ban 'Private' Cryptocurrency

Reuters

Also Read: Private Cryptocurrency: What Does It Mean? Types Of Private Cryptocurrencies

However, few experts from the crypto space have made statements that talk about why we mustn't panic-selling because of this.

Shivam Thakral, CEO of BuyUcoin is of the belief that the new regulations being laid out by the Indian government could actually work in our favour, ¡°We are highly optimistic about the introduction of the crypto bill in the upcoming session of the parliament. We expect the bill to accommodate the aspirations of Indian crypto owners, Indian crypto entrepreneurs, and investors who have put their faith in India¡¯s crypto growth story.¡±

ET: Shivam Thakral/BuyUCoin

Also Read: How India's 'Ban' On Cryptocurrency Will Affect You, If You Have Money In Bitcoin Or Ethereum

He added, ¡°The crypto bill should be flexible enough for young blockchain projects to flourish and we strongly believe that there is a very strong case for a standard process for new cryptocurrencies before they get listed on any exchange in India for trading. I think popular crypto-assets like bitcoin, Ethereum will be pre-approved by the regulators for getting listed on the exchange. We also request the government to give immediate clarity on the taxation and filing of crypto assets.

When the news broke out last night, Ashish Singhal, founder and CEO of CoinSwitch Kuber, tweeted, advising users to do their own research before making any haste decisions.

I'm aware of the frenzy caused by recent news around #Crypto. I urge you to remain calm &, like always, DYOR before arriving at a rushed conclusion. Recent conversations w/ the Govt point towards a progressive approach & there is no concrete statement made which claims otherwise.

¡ª Ashish Singhal (CoinSwitch Kuber) (@ashish343) November 23, 2021

Sharan Nair, Business Officer at CoinSwitch Kuber also suggested investors keep their calm while asking people to stop tweeting/retweeting irresponsibly, which is impacting the novice investor.

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¡ª Sharan Nair (CoinSwitch Kuber) (@NairSharan) November 24, 2021

Ashish Singhal/ Twitter

Also Read: India To Soon Ban Mining, Holding And Trading Cryptocurrency With New Law

Later, in a statement, Singhal revealed how he is hopeful that the government will keep the industry stakeholders in mind while drafting the new regulations, ¡°Our discussions over the last few weeks indicate there is broad agreement on ensuring customers are protected, financial system stability is reinforced and India is able to take advantage of the crypto technology revolution. The crypto industry is hopeful that the government will involve the industry stakeholders while drafting the bill. At CoinSwitch Kuber, we shall follow the directions provided by the government.¡±

When the news about the proposed bill broke out, Siddharth Menon, co-founder and COO of WazirX also urged crypto investors to not panic and stay calm amidst the uncertainty.

There is uncertainty with regulations.

The proposed bill bears the same description that was supposed to be discussed in March.

Look at the markets from Feb, it recovered well from it too. I would suggest don't panic, wait till the complete information is out. pic.twitter.com/qStU4zBlbx

¡ª Siddharth ( WazirX ) (@BuddhaSource) November 23, 2021

Jay Hao, CEO of crypto exchange OKEx highlighted how India is home to the highest number of crypto owners globally and how the government needs to take a nuanced approach to ensure its smooth functioning, ¡°With the positive outcome of the cryptocurrency bill, India will embark on an exciting journey of becoming the global leader in crypto, Defi, and NFTs. India is home to the highest number of crypto owners in the world and the onus lies on the government to protect the interest of a large number of crypto investors in the country. I strongly believe that the global crypto community will be watching closely, the developments around India¡¯s crypto bill.¡±

Avinash Shekhar/ Twitter

Also Read: Google Bans Fake Crypto Trading, Mining Apps From Play Store

Avinash Shekhar, Co-CEO, ZebPay also showed optimism towards the upcoming regulations, ¡°We¡¯re awaiting further details on the bill that is going to be presented in the winter session of the Parliament. There have been many positive steps taken by the government to learn and understand crypto and its impact on all stakeholders- investors, exchanges, policymakers. So, we¡¯re looking forward to a crypto bill that takes into consideration all the inputs from those discussions.¡±

Did you make any investments in cryptocurrency? What was your reaction after you heard about the proposed regulation? Tell us in the comments below and keep reading Indiatimes.com for the latest science and technology news