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Ban or No Ban? Conflicting Reports Coming Out of India on Crypto Regulation

Ban or No Ban: Conflicting Reports on Crypto Regulation Coming Out of India

Ever since the Indian government listed a cryptocurrency bill to be taken up in parliament during the upcoming session that starts next week, much debate has transpired about whether the government will ban cryptocurrencies, such as bitcoin and ether.

Crypto Regulator Is Coming, but There Are Conflicting Accounts about What Is Inside It

Indian crypto legislation is near. The Indian government has listed a cryptocurrency bill to be taken up in Lok Sabha, the lower house of India’s parliament, for the winter session which starts on Monday, Nov. 29.

The bill titled “The Cryptocurrency and Regulation of Official Digital Currency Bill 2021” seeks to “prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.”

Much debate has transpired about whether the Indian government will ban cryptocurrencies such as bitcoin (BTC) and ether (ETH).

The crypto bill has not been made publicly and the government has not issued any statements about it. Many publications and industry insiders speculated on the matter and quoted various sources.

Kumar Gaurav is the CEO of cryptocurrency banking platform Cashaa. He tweeted Wednesday:

I just got off with a call with a few high-level officials from MOF [Ministry of Finance]. Although there is not a complete ban, the directive is to regulate crypto according to FATF guidelines.

Gaurav stated that crypto will be a class of assets regulated by Securities and Exchange Board of India. Crypto exchanges will have to apply for licenses from this regulator. He wrote, “All positive notes.”

AvinashShekhar, coCEO of Indian cryptocurrency exchange Zebpay told CNBC’s “Squawk box Asia” that Thursday:

My belief is that we will have some kind of coherent regulation, but on the tougher side.

Shekhar said: “There have been a lot of positive vibes coming from the government. Two weeks ago, we met with the finance committee of Parliament…. We are receiving the message from the government that they want some form of regulation. But not a complete ban .”

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Tanvi Rahna, CEO at Policy 4.0 commented that “Yes, it is expected that the government would pass legislation in this session.” However, it may not be a complete legislation … It is expected that some basic coins such as BTC, ETH etc could be allowed in some form.”

Some media outlets reported that the government plans to ban all cryptocurrency and only regulate central bank digital currencies. This will be done by the Reserve Bank of India (RBI).

Priyanka chaturvedi is a Rajya Sabha member. She commented on the news that the Indian government was planning to ban cryptocurrency via Twitter:

If true, this is a recipe for disaster India doesn’t need. Banning all crypto currencies private is effectively killing the space and robbing India from creating an ecosystem for Fintech.

The Blockchain and Crypto Assets Council (BACC) of the Internet and Mobile Association of India (IAMAI), issued a statement Thursday asserting that “a blanket ban on cryptocurrencies will encourage non-state players thereby leading to more unlawful usage of such currencies.”

Last Wednesday, the Indian Prime Minister NarendraModi called on all democratic countries to cooperate on cryptocurrency. He said that it should not be in “wrong hands” and that this could lead to “spoiled youth.” The Indian Parliamentary Standing Committee on Finance also met with representatives of the crypto industry.

Do you think India will ban cryptocurrencies like bitcoin? Comment below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or related to the use or reliance of any content, goods, or services in this article.

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Bitbot’s presale frenzy grows as $1.1M is raised: Can $BITBOT claim a 100x gain?

Bitbot has generated FOMO due to its self-custodial features. The project runs a $100,000 airdrop with $1,000 rewards. $BITBOT carries a 100x potential amid presale frenzy and unique strengths. Crypto trading on Telegram bots gathered phase in 2023. This came after the launch of popular tokens such as Banana Gun and Unibot. Both saw unprecedented…


bitbot crypto trading bot website homepage
  • Bitbot has generated FOMO due to its self-custodial features.
  • The project runs a $100,000 airdrop with $1,000 rewards.
  • $BITBOT carries a 100x potential amid presale frenzy and unique strengths.

Crypto trading on Telegram bots gathered phase in 2023. This came after the launch of popular tokens such as Banana Gun and Unibot. Both saw unprecedented gains, cementing the status of Telegram bots as an unstoppable crypto phenomenon. Bitbot launches when this frenzy is still alive while guaranteeing added security advantages. This has created a frenzy for the token, with the presale raising more than $1.16 million through stage 6. Consequently, Bitbot has been labelled a 100x token amid its self-custodial features. Let’s investigate more about this token.

Bitbot generates FOMO: What is its unique value proposition?

The key to Bitbot’s popularity is intense speculation. This is the first Telegram trading bot project offering self-custodial features. But what does this mean?

Trading on Telegram trading bots has been beset with controversy. The exploits of leading projects such as Unibot and Banana Gun showed how less protected investors are. This has been caused by the fact that these projects are custodial. They hold users’ private keys and assets, exposing them to potential losses if their accounts are compromised.

With self-custodial features, Bitbot allows users complete control over their assets. Users control their private keys, meaning no one can steal their assets if the platforms are exploited. This is an advantage to users seeking greater control and peace of mind when trading on Telegram trading bots. 

Owing to the self-custodial features, Bitbot has generated a frenzy that the token could explode when listed. Similar price trends have been recorded in other Telegram trading bots launched earlier. As such, Bitbot’s superior strengths could fuel higher price movements and return more to investors.

In addition to being self-custodial, the project is attractive with its enhanced security mechanisms. The wallet is secured by KnightSafe security protocols for institutional-grade reinforcement. There are other safety enhancements, such as anti-rug features. 

The all-around protections have created an expectation that $BITBOT is a huge potential token. The frenzy is underlined by the rapid presale and token predictions, which are as high as 100x. 

Bitbot: Profitable token with up to $100K airdrops and 50% revenue shares

The number of followers on Bitbot’s socials has grown rapidly, thanks to profitable offers. An example is Twitter, which has over 114,000 followers. The attraction has been due to the profitable opportunities posted on the platforms. The notable one is the $100,000 airdrop that has attracted fans. 

The competition is open to all fans globally. Winners stand a chance to walk away with $1,000 worth of Bitbot tokens from a $100,000 prize pool.

The prelaunch offer is ongoing, with users needing to act on Bitbot to win odds. One just needs to participate in Bitbot, share about the project, subscribe to its mailing list, and more. Winners will be rewarded right before the project kicks off. 

Bitbot is also a source of long-term passive income generation. Token holders get a share of 50% of transaction fee revenue generated from the platform. Aside from enjoying seamless trading through an app, one grows their investment over time. The unique advantage over rivals makes Bitbot a very attractive trading platform. This generates value for the token, unlocking its future potential.

Can $BITBOT rise by 100x?

Telegram trading bots represent the future of trading, and statistics back this up. The sector has witnessed over $13.6 million in cumulative trading volumes. This is an advantage to the Bitbot token, debuting when a market frenzy unfolds. As such, the debut could be met with wild price movements.

Whether $BITBOT can rise 100x is speculative. However, rival tokens, which carry lesser superior features, have risen by approximately similar margins. As such, $BITBOT carries the potential to claim a 100x gain. A robust presale and speculation cement the token’s status as a potential big gainer.

To purchase $BITBOT while on presale, investors can visit the project’s website page.


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