On June first week, Bloomberg Quint published an article which stated that the Indian government plans to create serious repercussions for dealing in cryptocurrency. The shocking part was that people could be jailed for 10 years for buying, selling, trading, and even mining cryptocurrency.
This news sent the entire cryptocurrency community in a shock with influencers and thoughts leaders condemning the thought of such a bill being considered. Many influencers believe due to this bill, India will see a surge of privacy tokens such as Monero and Zcash.
Binance CEO took to Twitter to affirm this statement. Barry Silbert, founder of Grayscale investment – biggest Bitcoin fund in the world, thinks that the ban would have an opposite effect and actually drive adoption in India.
India’s DApp fest is currently the biggest event happening this year. Moreover, the event is taking place just after the news of India “banning” cryptocurrency took over. It is hoped that a huge amount of discussion will take place regarding the situation of cryptocurrency in India.
Cryptocurrency leaders from India would be gathering on 14th June at The Lalit Ashok in Bengaluru. One of the discussion topics would be to a blockchain-friendly regulation report by Blockchained India that was prepared by bringing together the voice of India through nationwide road shows during the month of March & April.
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