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Interview: ‘Indian Crypto-Currency Industry Is Too Big To Be Banned,’ Says Neeraj Khandelwal of CoinDCX

Despite panic and speculation, people are still buying Bitcoins and other crypto-currencies a month after the government announced it would ban crypto-currencies in the country, says Neeraj Khandelwal, co-founder and chief technology officer, CoinDCX a leading crypto-currency exchange. In an interview with MediaNama, Khandelwal said that an outright ban on the industry and on crypto-investing would not go far to stop the growing acceptance and interest in crypto-currencies in the country. A month ago, the government announced that it would introduce The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, which will ban “private” crypto-currencies while at the same time providing the Reserve Bank of India (RBI) with the requisite legal powers to develop a central bank-backed digital currency (CBDC), according to the official Lok Sabha Bulletin Part II for the Budget Session 2021 of Parliament. Finance Minister Nirmala Sitharaman told Parliament at the time of the Union Budget that as per the government’s previous position, it does not consider crypto-currencies as legal tender and will take all measures to eliminate the use of these crypto-assets in financing illegal activities or as part of the payments system. Anurag Thakur, the Minister of State for Finance told Parliament on the same day that Bill is being finalised and would be sent to the Cabinet soon, and thereafter introduced to Parliament. While the government wants to promote the use of blockchain across various use-cases, it has decided to enter the global race of digital currencies or CBDCs while at the same…

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Reports on banking, payments, fintech and crypto-curencies. Additional reporting on media regulations, data protection and other areas.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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