With investors in India keenly awaiting word from the Government regarding the status of cryptocurrencies in the country, many investors and crypto exchanges are planning on moving their funds offshore. But that may not be the wisest choice.
In an exclusive interview with Blockchain expert and author Rohas Nagpal, The Coin Republic endeavoured to explore the subject in-depth. Rohas Nagpal comes from a cybersecurity background where he worked for about 20 years. In 2013 Nagpal shifted to the blockchain domain and had worked extensively in blockchain and crypto since then. Moreover, Nagpal also authored ‘The Future Money Playbook’, which provides in-depth education about various finance models on how Cryptocurrency works, illustrating its various nodes like Stable Coins, DeFi, and more.
The following are some of the excerpts from the interview conducted by our community manager, Abhiruk Bhattacharyya.
Abhiruk: Why is there much panic in the Indian Market after the Indian Government has declared a 3 to 6-month time window for crypto investors to liquidate their investments?
Rohas: These are false speculations made by the Indian Media. The Indian Government has not given any specific time frame, and it is just another speculation made by Indian Broadcast Media. At present, the law is not even presented in Parliament, and absolutely no one holds a copy of the Bill. Furthermore, it is too early for exchanges and investors to make a decision.
Abhiruk: How Big Is The Difference Between Regulation and Banning Cryptocurrencies?
Rohas: The Indian Government may ban Cryptocurrency according to speculations, whereas the complete Bill talks about cryptocurrency regulation! Because nobody has seen the Bill, there is no clear idea what the Government means. However, Bill’s name starts with the word banning, so there exist higher chances that Cryptocurrency may ban in India.
Regulations are a set of rules that people need to follow. Whereas, Ban is legally prohibiting something. For implementing regulations, the Government will have to figure out the regulator, and in India, Cryptocurrency neither fits into RBI nor SEBI. Because of a lack of governing bodies regarding crypto, the Indian Government first needs to create a regulating body that will enforce such regulations. It is going to be challenging since cryptocurrencies operate with privacy and hence will be difficult to regulate.
Abhiruk: What is your advice to Indian investors at the moment?
Rohas: Investors need to be wary of speculations and should wait for the official confirmation from the Government of India before making any decisions. Also, the term “private cryptocurrencies” used in the announcement of the Bill may not refer to crypto’s like Bitcoins and Ethereum
Moving funds out of the country is early, and investors should not make a rushed decision. Moreover, when the Government introduces a law, it will provide a sufficient time window for investors and crypto exchanges to liquidate their funds. Any hurried decision can lead to losses at the moment.
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