Will LEASH and BONE survive India’s harsh regulations?

Sahana Kiran
Source – Unsplash

Thanks to the Shiba Inu [SHIB] ecosystem, assets like LEASH and BONE were creating quite the buzz in the market. While these assets have been widely used within the ecosystem, the value of LEASH particularly took off. As the coins grew in terms of both price and popularity, the community of these meme coins was urging exchanges to list the assets.

In a similar attempt, a Twitter user was requesting prominent Indian crypto exchange, CoinSwitch Kuber to list Shiba Inu’s offsprings Doge Killer aka LEASH as well as BONE. The Twitter user wanted the exchange to list these coins and allow Indian users to trade these assets.

CoinSwitch replied to the demand of the user and affirmed that the request would be passed on to the team.

While several platforms have already listed Shiba Inu, LEASH and BONE seem to be the latest under their purview.

LEASH acts as the native token of the ShibaSwap exchange. Apart from this, Shiba Inu with its metaverse plans widely included Doge Killer. LEASH holders were given the first preference in buying Shiba Lands, a virtual real estate for the Shib Army. Therefore, an array of them was pocketing these assets further boosting the price of the meme coin.

At press time, the meme coin was trading for $1,520.62 with no major changes in its price over the last 24-hours.

LEASH and BONE in India

The Shiba Inu ecosystem has several things planned for the community. However, the current regulatory climate in the country could make it difficult for assets like LEASH to survive.

The 30% tax imposed on crypto profits was a clear indication that the government wasn’t rooting for the crypto industry. More recently, the Finance Minister of India, Nirmala Sitharaman affirmed that taxing crypto did not mean that they were legal.

As this scared the entire market, a few of them were suggesting that the government was robbing its citizens of financial freedom. Thus, the chances of LEASH surviving the Indian market were laboriously questioned.