Experts fear that a 'ban' on crypto in India will only drive investors to the grey market
India’s decision to introduce its proposed regulation for the crypto industry next week has led to some fear, uncertainty, and doubt (FUD) in the market. While experts believe that a blanket ban on cryptocurrencies is unlikely, it is not impossible — albeit, not advisable.
Our Managing Partner, RAJAT PRAKASH & Partner Siddharth Mahajan in conversation with Business Insider India told that "Over the years, the user base of Indians holding or trading cryptocurrencies has increased exponentially, hence any blanket ban could lead to increase in the use of the non-legal channels by people to invest in crypto and government losses on a potential revenue".
“A ban is certainly possible, but enforcement of that could prove to be troublesome and difficult to enforce."