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US News Assumption of Zebpay CEO is true: India's government refrains from Krypto Ban

05:25  08 december  2021
05:25  08 december  2021 Source:   finanzen.net

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Avinash Shekhar – Chief Executive Officer of the cryptocurrency exchange Zebpay – predicted that the Indian lawmakers are more likely to impose tough rules on the digital assets than prohibit their usage. The exec added that regulation in the sector is necessary as it could bring many innovators and multibillion-dollar companies. Earlier this week, the government once again showed its intentions to crack down on the asset class. Similar to China, India ’ s proposed bill aimed to ban the usage of private tokens in favor of its own state-controlled CBDC

India is set to propose a new cryptocurrency bill in parliament, and investors are trying to make sense of what this might mean for the future of virtual coins in South Asia's largest economy. Lawmakers may ultimately opt to impose tough regulations on the crypto market instead of an outright ban on private coins, according to a top executive at Zebpay , one of India ' s largest crypto exchanges. "My belief is that we will have some kind of coherent regulation, but on the tougher side," said Avinash Shekhar, co- CEO of Zebpay , told CNBC's "Squawk Box Asia" on Thursday. A parliamentary bulletin dated Nov.

after a ban on crypto currencies in India, the government was constantly deciding on a strict regulation of cyberdeals.

Thomas Lohnes/Getty Images © Provided by Finanzen.net Thomas Lohnes / Getty Images

• Announced Krypto Prohibition caused in India for price breakdowns

• Zebpay co-CEO suspected in November regulation, instead of ban

• Proposed government's bill should regulate private crypto currencies and not Forbid

possible crypto ban caused panic in India

that the Indian government had announced last month to prepare a largable prohibition of crypto feeds, provided Crypto owners for a touch of panic, reports n-TV. Many of the investors probably worried that they can not exchange their digital coins in the state currency Rupie . The result was that the course of the Bitcoin at the India-popular crypt beading Wazirx enrolled in no time by approximately 15 percent. But other crypto currencies such as EtherEm also temporarily recorded price breaks. However, international crypt bodies, which are not directly connected to the Indian market, showed no comparable price fluctuations, so N-TV.

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Zebpay is returning to India more than a year after closing down local crypto exchange operations due to the banking ban imposed by the central bank, the Reserve Bank of India (RBI). Under a new leadership team, the exchange has also revealed a number of upcoming new services, including a The exchange’ s CEO is Rahul Pagidipati, the announcement continues. “With a new CFO, CMO, and Chief Strategy Officer , we’ve got a new vision to become one of the most trusted, innovative blockchain service companies in the world.” The company closed down its Indian exchange operation

India ’ s government has outlined plans that could see a new bill propose the banning of crypto in the country Avinash Shekhar, the co- CEO of India -based crypto exchange Zebpay , says it’s possible lawmakers could choose to pass tough rules on private coins r. The Indian crypto space has recently dominated talk in the broader cryptocurrency industry, with plans for a new bill looking to ban crypto assets seeing investors unsure of what awaits them in one of the largest crypto markets in the world. While lawmakers may ultimately go with the government ’s plans as per a parliamentary bulletin

Zebpay went in November of regulations instead of banned

one of the senior employees of Zebpay, one of the largest crypto stocks in India, but already explained in November that he does not believe in a ban on crypto currencies, but that the government merely a strict regulation would enforce. "I believe that we will have a kind of coherent regulation, but on the harder side," says Avinash Shekhar, co-CEO from Zebpay. Although a parliamentary bulletin is that one work on a law, which forbid the most private crypto currencies and create a framework for creating an official digital currency, Shekhar explains to CNBC that the attitude of the Indian government to crypto feeds in recent months changed. "There were many positive vibrations from the government. We met about two weeks ago with the Parliament's Financial Committee. The Embassy [...] that we receive from the government is that they seek a kind of regulation - one Strict regulation, but no complete ban. ", says the co-CEO from ZebPay.

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India ’ s government has outlined plans that could see a new bill propose the banning of crypto in the country. Avinash Shekhar, the co- CEO of India -based crypto exchange Zebpay , says it’s possible lawmakers could choose to pass tough rules on private coins rather than settle on a bill that would lead to a blanket ban . The Indian crypto space has recently dominated talk in the broader cryptocurrency industry, with plans for a new bill looking to ban crypto assets seeing investors unsure of what awaits them in one of the largest crypto markets in the world.

Last year, Indian cryptocurrency exchange Zebpay officially commenced operations from ‘Blockchain Island’, Malta. The company had been a major player in the Indian market, once boasting an estimated five to six million investors on its platform. But problems arose when the country’ s government and the RBI sanctioned a mass crackdown on crypto exchanges and trading sites and it “ Governments and regulators around the world are waking up to the potential of blockchain-based technologies. But Malta stands out with its progressive regulations for this emerging sector,” said Zebpay CEO Ajeet Khurana.

Thus, the crypto industry in India is to be controlled

as it turned out now Shekhar has kept right with its adoption to regulate instead of a ban. As the Indian intelligence service NDTV reports, the government's proposed bill provides regulation of private crypto currencies instead of prohibiting them. This information should emerge from a cabinet note, which the government itself has circulated, explains NDTV. - bitcoin action with plus 500 - that's how it works. 72% of private investor accounts lose money when using this provider CFDS . You should carefully check if you can afford to take the high risk of losing your money. - According to note, five points should be treated in the design. On the one hand, it shows that crypto currencies in India are not recognized as a legal currency, but treated as Krypto assets. These crypto assets should be traded on existing Krypto stock market platforms controlled by the Securities and Exchange Board of India (SEBI). Those who already have crypto currencies must register them at a deadline and subordinate the Krypto stock market platforms. Furthermore, the virtual currency proposed by the Reserve Bank of India is not intended to be included in the new Krypto legislation. However, the central bank should be responsible for clarifying questions related to crypto currencies. Violations of the conversion regulations can be punished with an imprisonment and a fine of up to 20 million rupees. In addition, the law of preventing money laundering should be adapted to deter those who could abuse the assets for terrorist activities.

E. Schmal / Editorial Finanzen.net

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