Ripple CEO, Brad Garlinghouse Slams Proposed Crypto Ban in India

Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.
  • Ripple CEO expresses his disappointment on the Indian Government’s attitude towards the crypto ban
  • One of the twitter users slammed him for giving his remarks on unconfirmed news as India has never banned crypto.
  • India’s stance towards the adoption of cryptocurrency is still unclear and it is strangling the growth of the crypto industry in the country.

Brad Garlinghouse, CEO of Ripple, an enterprise blockchain company and a prominent personality in the cryptocurrency space, criticised the Indian government over its cryptocurrency regulations to ban trading. 

Expressing his disappointment on Twitter on Wednesday, Garlinghouse opined that the constant “flip flop” reaction from the Indian government on crypto is hurting the growth of the industry. He further said that cryptocurrencies can serve millions of its citizens and people from all economic strata. 

However, Brad soon received immediate criticism from Twitter users for his comments. One of the twitter users even slammed him for giving his remarks on unconfirmed news as India has never banned crypto. The Twitter user further added that if he trusts the media like Bloomberg, then he is a sheep. A Twitter user with username XDCone1 indicated that this ban theory is planned propaganda which we have also observed before the 2017 bull run.

Rumors Over Another Crypto Ban

This reaction by Brad Garlinghouse comes on Bloomberg’s recent report mentioning the Indian federal cabinet to discuss the crypto draft bill prepared by the government before presenting it in parliament. India’s stance towards the adoption of cryptocurrency is still unclear and it is strangling the growth of the crypto industry in the country. In 2018, a banking ban on crypto was imposed by the Reserve Bank of India (RBI), which was later revoked by the Supreme Court of India this year on March 4.

The ban will not only affect the investors and traders but also cryptocurrency businesses including exchanges operating in the country. There are 190 million unbanked adults in the country struggling with remittance and money transfers. India is the second developing country after China per number of individuals who don’t have bank accounts or any participation in the financial sector. However, this is mainly attributed to the population of these countries, this is where crypto can play its role in accelerating financial participation.

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