The Architect of India's Crypto Bill 📝Says India is Misinterpreting the Private Crypto Ban

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The Architect of India's Crypto Bill 📝Says India is Misinterpreting the Private Crypto Ban

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Some days back there was absolute chaos in the Indian crypto market, with almost every cryptocurrency on India's premier crypto exchange WazirX in red. 

The main culprit behind such a bloodbath was the infamous crypto bill, which “seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology and its uses.”

But Subhash Ghai, the creator of the previous crypto bill said in an interview to a local television that people in India are mistaken by believing that the bill intends to ban private cryptocurrencies.

Ghai also pointed out the issues in recognizing cryptocurrencies as assets. He said, "You don’t classify the wheat that you produce, you don’t classify the clothes you produce, as assets. That is too much oversimplification to treat this as an asset."

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