SEBI against Crypto!

Securities and Exchange Board of India which is called SEBI in short is a regulatory body that manages stocks and the commodity market. It's a body that runs under the guidance of the Finance ministry and is a very old organization that has been doing its job nicely for a long. They try to control the stock market however in terms of innovation they are lacking behind. Sometime back Advertising Standards Council of India announced the crypto advertisement guidelines in India and they suggested that celebrities be careful as they can be accounted for this if they endorse.

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Now SEBI has come in the news for the same as they have proposed that if any crypto project is not following the regulations and endorsed by any celebrity then that public personality can be made accountable for this. It seems all of a sudden many different organizations and bodies in India have started sharing their views and the funny part is that none of them have bothered to learn and understand how this technology called blockchain work. Its a tragic situation when things are not going well because no one wants to adopt the change for the sake of insecurity.

Crypto has grown significantly in India in the last 5 years but sadly stock market is not and because of crypto investors are finding stocks a worth. Probably because of this SEBI is trying to put restrictions on this however they need to look and observe why the stock and commodity market is not growing the way it should be.

The Securities and Exchange Board of India (Sebi) has red-flagged prominent public figures, including celebrities, sportsmen, etc. endorsing crypto products in any kind of advertisement. Based on the premise that cryptos are unregulated entities, the Sebi informed a parliamentary panel that any prominent public figure must be held responsible for making endorsements.

If we look at the current situation then it seems like everyone is against crypto. Banks are against it and do not support the exchanges to facilitate the instant fiat deposit and withdrawal services. RBI is not supporting it because they feel that it will damage the value of fiat currency. Govt have not cleared the stand yet however they are looking for a higher tax but they are least interested to make the crypto legal or providing a positive environment for the people to trade and earn.

Blockchain and crypto are here to stay and if India does not accept them now then also it will not stop however it will surely lead to brain drain and people or exchange who want to continue on crypto with peace then probably they will move to other countries. Everything has its pros and cons and that is why regulation is needed to stop the misuse however bringing restrictions and this type of ban is never a solution.

Thank you so much
Stay Safe