Bitcoin, Crypto currency, Blockchain

India: Is a Bitcoin-spell of the solution, or a Push for Monero, ZCash and Dash?

59e8f930c99d2a0463f22be9cc3032a3 - India: Is a Bitcoin-spell of the solution, or a Push for Monero, ZCash and Dash?

India: Is a Bitcoin-spell of the solution, or a Push for Monero, ZCash and Dash?

Home News India: Is a Bitcoin-spell of the solution, or a Push for Monero, ZCash and Dash?

Of
Marcel Knobloch –
09.06.2019

As we already reported yesterday, is a complete crypto ban in India in the space, according to which all persons trading in crypto-currencies, with a prison sentence of up to 10 years can be proven. This step will lead according to one expert, however, exactly the opposite effect.

A new report has revealed that some government bodies in the country, a total ban of “sale, purchase and issue of all types” of crypto, including Bitcoin, leading to a prison sentence of up to 10 years in prison for the intended use of this digital asset class. In contrast, the Reserve Bank of India (RBI), which rejected the country’s Central Bank, the demand for such a bill. Nevertheless, some of the leading politicians of the country, expect that the RBI could convert by their signature of this requirement in national law.

This should be implemented, represents a prominent venture capitalist, the view that this would trigger the opposite effect, and the interest in Bitcoin and co. would further increase. The bill would not meet the desired objective. An open response to the Reserve Bank of India to the Blockchain lawyer Varun Sethi denies any knowledge of such a bill and describes that she has not received any communication from the Central government about this law. It does not say that it is in favour of such a ban. However, the RBI avoided further questions by the lawyer, including the question of whether the draft law could be adopted without the support of the RBI.

Until today, India has not supported the emerging financial technology and measures taken to prevent the growth of the industry. An outright ban of digital currencies, however, was not the subject of the current discussion. In view of the rejection of the RBI, the report can be regarded only as a rumor, until the Indian government has issued such a bill.

Barry Silbert, founder of Digital Currency group, executes it clear that a ban would drive the citizens of the country only strengthened in the Bitcoin trade.

Bitcoin is decentralized, so that no one has control over the digital Asset held, no government of this world. Therefore, it is not surprising that governments and banks recognize the potential risk that crypto-represent currencies for their own function. However, a recent report by the ECB to certify that Bitcoin, Ethereum, XRP, and Bitcoin Cash as valuable Assets to apply, in any way the current financial system threaten.

The CEO of Binance, Changpeng Zhao, describes that this development would support the use of so-called Privacy Coins like Monero, ZCash and Dash strongly (freely translated):

This bill in India will drive the acceptance of privacy coins really move forward.

The above-mentioned crypto-currencies to support anonymous transactions on the Blockchain (almost) can not be traced, between which the sender and recipient of the digital Asset is moved. Therefore, XMR, ZEC and DASH are also popular among users, the high value on data protection and privacy place. It remains to be seen, the direction in which the current debate in India, as well as the immediate consequences developed.

Featured Image: RuthChoi| Shutterstock

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