- In the draft bill, people found engaging in activities relating to cryptocurrencies would face jail time.
- “Crypto is a massive driver of inequality, Nouriel Roubini.
India’s cryptocurrency businesses and enthusiasts face massive setbacks if the proposed draft bill on imposing a total ban on cryptocurrencies sails through. The inter-ministerial committee (IMC) in a report and a draft bill encouraged outlawing of private digital currencies like Bitcoin. Moreover, people found engaging in activities relating to cryptocurrencies would face jail time. On the contrary, did not ban digital currencies backed by the stated and controlled by the central bank.
Also Read: Bitcoin will hit $42,000 by end of 2019: Pantera Capital CEO Dan Morehead reaffirms
While this would be a major setback for the cryptocurrency space in the country, the Noble Prize winner and economist Nouriel Roubini is commonly known as Dr. Doom for his outspoken dislike for Bitcoin and other cryptocurrencies showered the Indian government with praises for saving the Indian people from thousands of “shitcoins.” He adds that crypto is the mastermind of inequality where ‘whales’ get richer at the expense of everyone else.
“Good news for 1.4 bil Indians whose savings will not be suckered into 1000s of shitcoins that already lost 99% of their value from peak. Crypto is a massive driver of inequality: sleazy criminal whales getting rich at expense of retail suckers. Inequality in crypto worse than NK!”
Of course, not all people agree with Roubini, in fact, most people disagree with him. For example, Eric Brouwer a follower of his on Twitter replied to him saying:
“A ban is disproportionate! #crypto presents risks but it needs regulation rather than censorship. An appropriate regulatory framework can ensure consumer protection while at the same time foster innovation. With sufficient protection, consumers can make informed investments.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Solana price sustains recovery rally despite falling daily active addresses
Solana price shows strong bullish momentum, which has seen the Ethereum killer break out from a descending parallel channel. Strangely, the daily active addresses on-chain metric fails to mirror this optimism, which is unorthodox considering the two parameters conventionally to go hand in hand.
ImmutableX price rallies by 40% in 24 hours, but whale activity remains weak
ImmutableX price rise astonished the market as the altcoin led the crypto market rally on Tuesday. The altcoin hit a 45-day high and, managed to flip many of the resistance levels into support floors. The reason behind the rally is unknown, but the whales seem to be active once again.
US House Committee passes bill to prevent issuance of CBDC
The United States is a landmine of regulatory trouble for the crypto space, but the technology behind it was being pursued for adoption. However, the application of this technology is also being objected to by many, attempting to end things before they even begin.
Optimism price outlook as network sells 116 million OP tokens
Optimism network has revealed plans to start selling 116 million OP tokens in a private sale immediately. At current rates, these tokens are valued at approximately $162.4 million but the transfer is not expected to impact market price.
Bitcoin: BTC contemplates crash in September
Bitcoin price remains unfazed by the US CPI announcement on September 13 and continues to move in a range. The weekly chart, however, shows a potential short-term recovery rally that could set the stage for a steep correction.