Breaking Bitcoin News

1 BTC = 1 BTC

Latest Article ↗️

Breaking Bitcoin News

1 BTC = 1 BTC

Latest Article ↗️

WazirX CEO: Ban Crypto to Promote Money Laundering

written by

Ban Crypto to Promote Money Laundering

Support free journalists: > send a tip

The Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019 has been drafted and has started circulating in all the relevant departments, that is, the Department of Economic Affairs (DEA), Central Board of Direct Taxes (CBDT), Central Board of Indirect Taxes and Customs (CBIC) and the Investor Education and Protection Fund Authority (IEPFA). All these departments have approved the ban on the “sale, purchase and issuance of all types of cryptocurrencies’.

As reported earlier, the crypto communities in India revolted against this and petitioned to the government for seeking clarification on crypto regulation. In addition, it seems that positive regulation of cryptocurrencies would decrease cases of money laundering. The proper framework of cryptocurrency regulation would perhaps make it subsequently easier to trace and terminate the illegal laundering of money and tax evasion.

Nischal Shetty, the CEO of  WazirXIndia, a platform for crypto exchange, stated that:

Ban crypto to promote money laundering; Regulate crypto to prevent money laundering

As per the bill, usage of virtual currencies would impose an agonizing 10 year jail time. These harsh penalties make it seem that the authorities want to completely remove the concept of digital tokens from India. However, it is still unclear whether this bill will be passed as a law. The outright ban of cryptocurrencies, however, seems unlikely as it will serve as a potential hindrance to the technological progression of India.

WazirX CEO talks about consequence of crypto ban in India

Nischal Shetty has been a staunch supporter of cryptocurrencies through his IndiaWantsCrypto campaign. He has time and again spoken about the importance of the industry to keep up with the technological revolution. He said:

The objective of this campaign is to be heard by our law makers. India needs to be at the forefront of the crypto revolution and by being vocal about it, you and I can make that happen.

BitcoinNews is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow BitcoinNews on Twitter: @BitcoinNewsCom
Telegram Alerts from BitcoinNews: https://t.me/bconews

Image Courtesy: Pixabay

Help spread this article :)

BitcoinNews.com is NOT INVESTMENT ADVICE

Opinions expressed are entirely their own and do not necessarily reflect those of BitcoinNews.com

For informational purposes only. Individuals and entities should not construe any information on this site as investment, financial, legal, tax, accounting or other advice. Information provided does not constitute a recommendation or endorsement by BitcoinNews.com to buy or sell bitcoin, cryptocurrencies or other financial instruments. Forecasts are inherently limited and cannot be relied upon. Do your own research and consult a professional advisor. The opinion of authors do not reflect those of BitcoinNews.com 

   Advertisement

Read More Bitcoin News

   Advertisement