India: Government Panel Not In Favour Of Banning Cryptocurrency
A panel setup by the Indian government to research into cryptocurrencies doesn't seem to be in favour of banning it according to the tweet by Economic Times.
Frankly, regulation is what India needs to grow it's cryptocurrency sector. The clampdown on cryptocurrencies have been due to several ponzi scams taking place and RBI's mandate has certainly thwarted many new ponzi scams from taking place.
However, it has also shrunk the market size for cryptocurrency in India by a large amount. This is mostly due to the FUD associated with such a move. However, with regulation we're likely to see a growth in this sector.
At this point though things are still uncertain. Economic Times is a major daily in the country and we're not sure of their source. But the fact is that government is likely to loose out by not regulating this market.
While I'm not a big fan of government regulating everything, having certain parameters in place for smooth and legal operations of cryptocurrency exchanges will benefit everyone. Many naive investors have jumped on the Bitcoin bandwagon by believing ponzi scheme peddlers selling get-quick-rich schemes.
Regulations might allow exchanges to continue their marketing efforts and also allow them to educate their customers on the correct ways of speculating in cryptocurrencies.
I look forward to some solid updates on this matter in the weeks to come. Stay tuned.
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