India is on thin ice with its new tough crypto regulation bill which includes a prison sentence of one to ten years for citizens who deal with cryptos. However, such a war may not bring a desirable effect as it was supposed to be.
On the contrary, according to the Head of cryptocurrency exchange Binance, Changpeng Zhao (CZ), India's ultimate ban on crypto may push privacy coin adoption forward.
To 1/5 of the world's population
— CZ Binance (@cz_binance) June 7, 2019
While the Indian government doesn't even specify certain cryptocurrency that may be under the upcoming ban supposing that all cryptocurrencies could be banned in India, Eric Woerth, Head of the Finance Committee of France’s National Assembly, proposed at least banning the cryptocurrencies that allow users to hide their identity like monero (XMR), PIVX (PIVX), deeponion (ONION), zcash (ZEC).
In the meantime, the Reserve Bank of India (RBI) denied any involvement in such a resonant bill. Previously, in January, RBI even released a report stating that cryptocurrencies do not pose a threat.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.