Unocoin founder on truth behind rumours about Crypto ban in India

Amidst the Winter parliament session around, Unocoin founder presents his views on the rumours spreading about the Crypto ban in India.

By · Nov 25, 2020 . 5min read

Unocoin founder Crypto ban in India news

Crypto in India is often inconclusive owing to the lack of regulations in the nation. Nevertheless, the Indian government is keen on establishing regulations to manage cryptocurrency. Furthermore, amidst the government attempting to figure out the regulations, rumours keep emitting about the possible ban of crypto in India. However, the Co-founder, and CEO of Unocoin, Sathvik Vishwanath, in an interview with Forkast.News, states that India would not inflict a crypto ban in this significant market. 

Unocoin founder states that there is no truth to Crypto ban rumours in India.

Unocoin Founder says that a new ban is dubious. The report by the government-formed panel advising crypto ban has to commence the discussion, which can occur only when a parliament session is in operation. He states that there is no truth behind the ban as it erupted every six months. For the uninformed, the Parliament in India has three annual sessions. It involves a Budget session, a Monsoon session, and a Winter session. The Budget session runs from January to March. 

The monsoon session occurs in September. Moreover, the Winter session lasts from November to December. The Winter session this year has also been deferred owing to the coronavirus outbreak. Thus, every six months, one can hear rumours erupting about the crypto ban. However, the rumours were ambiguous in the past two sessions. Earlier, in a Monsoon session, there were reports that the Indian government is preparing a bill that would completely ban the trade in cryptocurrencies. It stated the federal cabinet would study the bill thereafter moving it to parliament.

Meanwhile, Unocoin’s founder states that the exchange is garnering hundreds of new customers every day. Earlier, Unocoin raised an undisclosed amount of funding in a Series A round led by venture capitalist Tim Draper with participation from XBTO Ventures, 2020 Ventures, and other crypto investors from the industry. Tim Draper predicts India’s cryptocurrency industry will have a clear and constitutional future. 

Conclusively, we are unclear if the Indian government will ban crypto. However, one thing is apparent that crypto adoption is optimistically increasing in India.

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