India has been making headlines recently after the world’s largest democracy announced the formation of a committee for pursuing the “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019.”
While the Indian crypto community raised several concerns, the dismissal of the community’s plea gave birth to an uncertain future for cryptocurrencies in India. This debate was initially sparked in the mid-2018 when the Reserve Bank of India (RBI) released a statement directing all financial entities to “stop dealing with individuals and businesses dabbling in virtual currencies.” Subsequently, Zebpay, India’s biggest cryptocurrency exchange was forced out of the country.
In a recent interaction with Mickey Media, Zebpay CEO Ajeet Khurana insisted that the ban was hyped by the media. He said,
“I have talked to all of the top stakeholders in the Ministry of Finance, the central bank, the securities regulator and despite them having a certain amount misgiving around crypto I have never heard them talk of banning it.”
Lending credibility to his comments, Khurana added that the people responsible for placing a ban on cryptocurrencies “have never said they will ban it.” In the interview, the popular Indian crypto influencer also conceded that pulling Zebpay operations out of India was “one of the worst decisions he’s ever been forced to make.”
Like Khurana, other players in India have also proposed their support for a cryptocurrency regime in the country. WazirX’s Nischal Shetty is one of them. Shetty was in the news recently after he shared the #IndiaWantsCrypto campaign on Twitter. Shetty had this to say about the status of cryptocurrencies in India,
“Other countries try to understand crypto but we have banking ban without research.”
While an official ban on cryptocurrencies has not yet been implemented, the Indian community continues to remain optimistic about the government’s final decision.
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Economist Stephen Moore joins project touted to be ‘world’s first decentralized crypto central bank’
Stephen Moore, former member of the Wall Street Journal editorial board and popular economist, recently attempted to join the Federal Reserve. Alas, he was denied the opportunity. Now, the economist is back in the news again.
According to a report by Fox Business, Moore has joined a group of entrepreneurs who plan to kick-start their very own ‘Federal entity’ named “Decentral,” which incidentally will be labelled as the “the world’s decentralized central bank.”
Sam Kazemian, CEO of Decentral, said that the endeavor’s major objective was to create a new type of central bank that would stabilize virtual assets such as Bitcoin and its counterparts. The bank would work on the same lines as the Federal Reserve does for the U.S economy. Decentral plans to carry forward responsibilities in terms of regulating the supply of cryptocurrencies in the market, in the same manner. Apparently, Decentral will also issue its own crypto tokens in the exchange for other digital assets, with the valuation of the token tied to a stable assessment method.
While Moore has been hired as a Chief Economist, it was reported that his role within the company is still “unclear.” Moore said,
“I am really excited about doing this. I hope it makes me rich.”
Moore also drew comparisons between Facebook’s recently unveiled Libra and Decentral’s offer. He stated that the Decentral crypto would offer a payment method that would be pegged to a stable currency and it would present major uniformity and reliability in the digital asset space, which is often divided among other major cryptos.
Moore added that his employment with a cryptocurrency-backed entity did not create a wedge between his work as an economist. In the current scenario, cryptocurrencies have a huge role to play in the economy, in a way not contradictory to Federal Reserve policies, he added.
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