Kumar Gaurav, founder and Head of crypto exchange Cashaa, reportedly believed the most recent authoritative attempt for crypto regulation is to avoid illicit activities in the sector, instead of prohibiting crypto. 

Specifically, the authoritative entity will be discussing a bill, aimed at “prohibiting all private cryptocurrencies”, and at the same time establishing a regulatory framework for a digital rupee, generated by the Reserve Bank of India (RBI). 

The central bank reportedly disclosed that it would look into “exploring the possibility” of a digital currency. However, the bill further stated that it will enable for “certain exceptions to promote the underlying technology of cryptocurrency and its uses.”

From Gaurav’s point of view, “there is no way any government” would place prohibition crypto, taking into account its nature as an international and decentralized network. 

“They can certainly ban the legitimate use of crypto which will only make it difficult for a common person who does not understand it to get involved in it. However, what we understand is that the Indian government is trying to crack down on scams that are running in the name of Bitcoin.” Gaurav reportedly remarked. 

“We are positive that the government will come up with regulations and policies that will put control on the scams and let the innovation in the industry […] grow and thrive.”

India’s government and cryptocurrency have reportedly been an up-and-down relationship. The country’s supreme court has reportedly been successful in reverting the blanket prohibition on crypto the RBI had placed on crypto entities for almost 24 months.