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WazirX CEO reports impending Crypto Crackdown in India

WaziriX exchange CEO Nischal Shetty has hinted that the Indian government might clamp down on the domestic crypto industry.

Shetty, citing “unconfirmed,” shared a couple of intriguing claims via Twitter.

In his Tweet, Nischal Shetty says “Self Custodial Wallets” may be outlawed.

1. ‘Self custodial wallets’ may not be allowed as part of India’s Crypto Bill

2. Only Indian exchanges can be used

Some people are using this as an opportunity to bash the Indian crypto ecosystem

Read below thread to understand

— Nischal (WazirX) ⚡️ (@NischalShetty) December 3, 2021

RELATED: India’s Crypto Regulation bill will include ‘ban on private cryptocurrencies’

India has been extremely indecisive about the type of crypto policy it wants to adopt.

Over the last month, there have been conflicting reports on the government’s stance on the crypto sector.

Newsbsc Crypto

One report said the government will favour regulation over an outright crypto ban.

Another claims the government will prohibit the use of cryptocurrency as a payment option but support the trading of digital assets.

The insinuation by Nischal Shetty is set to throw more confusion into the matter.

NEXT: Hoskinson Talks Up Cardano’s Edge over Other Smart Contract Blockchains Amid DeFi Fraud reports

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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