Stakeholders in the company Buy U Coin have come together for a single purpose – to introduce solid legislation that would regulate the bitcoin industry of India.
Will India Have a Change of Heart?
As it turns out, India is once again considering a bitcoin ban. While the asset has never been officially banned in the past, the country has come close once or twice to initiating such a plan, and the nation was quick to ensure all its financial institutions were not permitted to do business with crypto and blockchain companies. Those that did would face serious financial penalties given that crypto was not a trustworthy industry according to those in charge of monetary policy.
But then, the country’s Supreme Court got involved and deemed this ban unconstitutional. It was decided that banks should be permitted to service crypto companies, and the conditions were quickly reversed. Thus, bitcoin trading became a big thing within India’s borders.
But sadly, it seems like those who are against bitcoin and crypto are working hard once again to ensure they get their way. Buy U Coin and its patrons have deemed crypto a necessary part of the ever-changing and growing financial markets. They claim that India cannot survive another crypto ban, and that instilling one would potentially reduce the country’s capacity to do business with others and put it behind technologically.
The idea is to introduce as solid regulation as possible so that legislators do not have to worry about which direction the industry takes. The idea of creating such a framework was first introduced by the Supreme Court of India once it worked to reduce the initial ban. Shivam Thakral – CEO and co-founder of Buy U Coin – explained in a statement:
This is the first milestone of a long journey for making cryptocurrency accessible to the masses. This draft of the sandbox is driven by the inputs from crypto experts and industry insiders. This will not only help government to make laws but will also guide the startups and budding entrepreneurs to enter in this blooming industry.
The company has worked hard to establish a current draft of legislation that could potentially pull BTC and its altcoin counterparts out of the doldrums and place them in good graces with financial figures throughout the country. Many industry experts believe that should India be an “anti-crypto” state, things will not go well for the country financially, and India is thus at risk of lagging behind.
A Ban Is a Very Bad Idea
Charles Bovaird – vice president of Quantum Economics – revealed in a discussion:
Banning crypto trading would cause India to fall behind other nations that allow it. By lobbying the Indian authorities, industry participants can implement the much-needed crypto regulations.
Madhu Nayakkankuppam – an ex head at Goldman Sachs – agreed, saying that the idea is to regulate crypto, not halt it outright.