CZ Opines That the Recent Crypto Ban in India Will Bring About a Global Adoption

Changpeng Zhao, Binance’s CEO in a tweet on June 7, 2019, stated that the proposed draft bill in India seeking the ban of cryptocurrencies will help to push the adoption of cryptocurrency and specifically, privacy coin. A number of cryptocurrency enthusiasts have also been quick to agree with the CEO.

Media Outlet Informs of Draft Bill to Ban Cryptocurrency in India

Bloomberg Quint on June 7, 2019, reported that India has proposed a draft bill which targets the ban of cryptocurrency in the South Asian country. According to the media, if the bill is approved into law, anyone found holding, selling, or trading crypto assets will face between one to ten years in prison. In the same vein, they will be fined thrice the profits made from their trade or the loss encountered by the system.

While the news has stirred a lot of controversy in the cryptocurrency space, several comments have been made in its regard. Changpeng Zhao (CZ), for instance, gave his stance when he said if India goes ahead to ban this asset class, then it will drive up the adoption of cryptocurrency globally.

On consideration, this goes contrary to what others may be expecting since blocking access to cryptocurrency in a region that accounts for 17.74% of the total world population could potentially impact on its price. Like others have pointed out, no one likes to be told what they can and cannot do and as such, it will only pique their interest. As a Twitter user stated, “There is a Buddhist proverb – the best way to control someone is to let them roam free”

News About Crypto Ban in India Yet Unproven to be True

Despite CZ’s tweet, a number of people have pointed out that the news emerging from India is yet to be proven to be true. According to them, the government is still framing guidelines to determine how it will regulate the crypto space.

Another user, Shalini (Indian CryptoGirl) while responding to CZ’s tweet said the best way to know the country’s decision pertaining to cryptocurrencies is to wait for the supreme court’s notice. Shalini also noted that while the news may have come from a reputable media outlet, anonymous sources were quoted and as such, it is a clickbait that is meant to spread FUD (Fear, Uncertainty, and Doubt).

CZ, on the other hand, made another tweet agreeing that the news is aimed at creating FUD, however, his comments were made as a way of stressing the point. In his own words: “But can’t waste an opportunity to stress the point: The more restrictions you add, the more people want freedom / #crypto.”

John McAfee Also Comments on Potential Crypto Ban in India

Apart from CZ, other members of the space that have aired their views regarding the potential ban include John McAfee, founder of McAfee Associates and Bitcoin proponent as well as Tony Vays, a cryptocurrency enthusiast. According to McAfee in two tweets which he has deleted:

“The war has begun. An entire nation wishing to free itself is now punished for using the instrument of freedom.”

“If there ever was a time for Anonymous to step up to the plate, that time is now!”