Binance CEO Changpeng Zhao has come out to say that even if the rumored bill to ban crypto in India were true, it would mean good news for crypto as Indians would then flock to privacy coins to bypass the ban.
A Bloomberg Quint exclusive which made its rounds on the internet rumor mills this week cited a draft bill that says authorities from India across regulators, financial and judiciary agencies, had determined to jail nationals involved in the “sale, purchase and issuance of all types” of digital assets including crypto and Bitcoin. Sentences could lead to fines and jail terms of up to ten years.
The country’s central bank, the Reserve Bank of India, had strangely denied its own involvement in this draft bill, although had purportedly been the proposer of a “Digital Rupee” solution that would replace Bitcoin. This supposedly was “recommended by a panel headed by Economic Affairs Secretary Subhash Chandra Garg” and has the keen backing of credible state agencies, according to an article by NewsBTC.
Zhao is not the least worried about this development, it seems. He believes that such a ban would in fact “really push privacy coin adoption forward”.
There aren’t very clear statistics on Indian crypto users but it is believed that the country’s largely unbanked population could be dabbling in crypto, with peer-to-peer and over the counter trading picking up in popularity in the country, especially with the restrictions on crypto exchanges.
That Bill in India will really push privacy coin adoption forward.
— CZ Binance (@cz_binance) June 7, 2019
Privacy coins like Monero have always been a natural option when Bitcoin is banned or is under scrutiny, as was the case in the years following the closure of dark market Silk Road, when Monero became the crypto of choice for dark web traders.
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