Cryptocurrency companies began to leave India

The bill on the prohibition of cryptocurrencies, which is being approved by the Government of India, has already led to the fact that some cryptocurrency companies are changing their jurisdiction.

Local edition of Economic Times held
a study of the mood in the cryptocurrency industry of India and it turned out that some companies are already changing the country of registration.

The problem is that the bill offers
a complete ban on the use and extraction of cryptocurrencies, as well as imprisonment for breaking the law. Citizens and owners of companies “mining, generating, storing, selling, transferring, issuing or otherwise dealing with cryptocurrencies” can be sentenced to up to 10 years.

“As a startup from India, we always wanted to work from our country, but this bill complicated the work of local cryptocurrency exchanges in India. So now we are an Estonian company and any Indian law prohibiting cryptocurrencies will not work for us, ”said Rahul Jain, an employee of the Bitbns exchange.

According to the founder and CEO of the popular Indian exchange WazirX, Nischal Shetty (Nischal Shetty), this bill destroys the life and fortune of more than five million citizens who own cryptocurrencies. He emphasized that such a law would destabilize existing companies, and would also make India “the first large democratic country to ban innovative technology.”

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Note that the bill does not provide any exemptions for people who worked with cryptocurrencies before the adoption of the law. Of course, it is unlikely it will have a retroactive effect, but what about people who have crypto assets on their wallets?

Interestingly, after the bill to ban cryptocurrencies in India, Tim Draper, a venture investor, spoke
with sharp criticism of the government. He called the authorities of India “miserable and corrupt.”