Namaste Tribe! There have been some recent media reports claiming that the Indian government may ban crypto. It’s very important for us at WazirX to ensure that our users are always safe, secured and informed.

Before we begin, I want you to know that there is no official government announcement about this. Which means, you are not going to jail for crypto trading.

What should I know about the article?

1. The “crypto ban” articles are just news in the media. There is no official Government announcement confirming this.
2. According to the document screenshots shared by the author: There would be jail-term if cryptocurrency is held/used for activities mentioned in clauses (e), (g) and/or (h) of sub-section (1) of Section 8. However, “Section 8”, which specifies the illegal activities has NOT been shared. So, we don’t know the true nature of the draft.
3. Our Finance Minister was a part of the recent G20 meeting held in Japan. In this meeting, it was discussed that crypto assets do not pose any threat to global financial stability. A snippet from the meeting minutes quoted below 👇

Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy. While crypto-assets do not pose a threat to global financial stability at this point, we remain vigilant to risks, including those related to consumer and investor protection, anti-money laundering (AML) and countering the financing of terrorism (CFT). We reaffirm our commitment to applying the recently amended FATF Standards to virtual assets and related providers for AML and CFT. We look forward to the adoption of the FATF Interpretive Note and Guidance by the FATF at its plenary later this month. We welcome IOSCO’s work on crypto-asset trading platforms related to consumer and investor protection and market integrity. We welcome the FSB’s directory of crypto-asset regulators, and its report on work underway, regulatory approaches and potential gaps relating to crypto-assets. We ask the FSB and standard setting bodies to monitor risks and consider work on additional multilateral responses as needed. We also welcome the FSB report on decentralized financial technologies, and the possible implications for financial stability, regulation and governance, and how regulators can enhance the dialogue with a wider group of stakeholders. We also continue to step up efforts to enhance cyber resilience, and welcome progress on the FSB’s initiative to identify effective practices for response to and recovery from cyber incidents.

Source: http://www.g20.utoronto.ca/2019/2019-g20-finance-fukuoka.html

But what if the draft bill news is true?

Even if this news about the draft is true, here’s what will happen before it becomes a law:

Step 1: The draft will need to be presented in parliament
Step 2: It will need to be passed by majority

Remember that nothing will change for crypto in India until there is any official Government announcement about the same. So, there’s no need for you to panic right now. WazirX will ensure that you are always informed.

The entire crypto community is working hard on ensuring that crypto gets positively regulated in India.

Are my funds on WazirX safe if there is a crypto ban in India?

Your funds are absolutely safe on WazirX.

I’d like to mention that WazirX is now an international exchange (our company is registered outside India). There is no need to worry about your existing crypto holdings on WazirX. You can freely trade, hold and deposit crypto.

Please do not panic sell your assets. Stick to your trading strategies.

As an Indian citizen, what can I do for positive crypto regulation in India?

1. Join the #IndiaWantsCrypto campaign so that our lawmakers understand that majority of Indians are in favour of positive crypto regulations
2. If you have access to your elected representatives in parliament, please take up the cause of crypto with them and see if they can help
3. Write blog posts, make videos talking about the need for positive crypto regulations

You can take a look at Blockchain Lawyer’s video:

The time to act is now.

While we await our government’s announcement, it is extremely important that we — as a community — fight for financial freedom in India, and make our voices heard loud and clear. Together, we can help bring about positive crypto regulations in India.

I’ll be having a Q&A session live on YouTube on 12th June, Wednesday at 7pm IST. See you!

Jai Hind 🇮🇳

*Above content is migrated from medium to wazirx blog