Brad Garlinghouse criticizes the Indian government for planning a possible crypto ban.
According to media reports, the Indian government is said to be working on a new bill that would ban cryptocurrencies in the second most populous country in the world
According to a Bloomberg report from September 15, the Indian cabinet is planning a law that would ban cryptocurrencies again after such a general ban was overturned by the court six months ago. As anonymous sources claim, India’s government wants to promote the development of blockchain technology, but not the associated crypto trading.
Brad Garlinghouse, the managing director of the large crypto payment service provider Ripple, describes the planned ban as „disappointing“, as cryptocurrencies have the potential to help the country’s impoverished population significantly.
As of May, almost 190 million people in India had no access to banking services
Accordingly, they neither had a bank account nor did they use any other financial products. Some experts believe that cryptocurrencies such as Bitcoin ( BTC ) could be a way to build financial “basics ” by offering uncomplicated ways to invest and save.