Hopes Of A Progressive Approach Die As Indian Government Seeks To Ban Most Cryptocurrencies In New Bill

Hopes Of A Progressive Approach Die As Indian Government Seeks To Ban Most Cryptocurrencies In New Bill
ôîòî ïîêàçàíî ñ : zycrypto.com

2021-11-24 22:12

The Indian government is set to impose an outright ban on almost all private digital currencies including bitcoin and ethereum. This is according to a highly-anticipated bill that has been submitted for deliberation during the upcoming winter session of the parliament that starts November 29.

India To Ban Private Cryptocurrencies

According to a Tuesday report, India’s lower house of parliament will look into The Cryptocurrency and Regulation of Official Digital Currency Bill as one of the 26 new pieces of legislation when it convenes this coming Monday.

The bill intends to ban all private cryptocurrencies in India while allowing some exceptions in order to bolster the underlying technology of cryptocurrencies and their applications.

If passed, it will also reportedly provide a framework for the creation of a Central Bank Digital Currency (CBDC) by the Reserve Bank of India (RBI). The RBI is preparing to launch a pilot project for the digital rupee in 2022. 

Notably, the new bill bears some semblance to the draft tabled during the parliamentary session in January. Yet, a renewed sense of optimism regarding the Indian government softening its stance on the crypto sector has spilled into the markets in recent months.

India’s Shifting View On Crypto

The latest news comes amid an ongoing back-and-forth over India’s long-touted complete ban on crypto. While opponents of India’s ban have long argued that it would stifle innovation, the central bank and government continue to grapple with the question of a potential crypto ban.

In March 2020, India’s Supreme Court reversed the ban on crypto that was imposed by the country’s central bank in 2018. The RBI later told banks not to rely on an old circular that barred them from working with crypto-focused companies. It was then reported earlier this month that India was working towards regulating crypto as an asset while only prohibiting its use for payments.

Last week, unnamed sources familiar with the matter revealed the government’s intentions to ban the holding and trading of cryptocurrencies that it has not approved.

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2018-11-16 02:10


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2018-11-1 22:37


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2018-10-26 08:40


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South Korean Lawmakers Propose the Legalization of ICOs

South Korea has maintained a reasonably negative stance on cryptocurrencies and initial coin offerings (ICOs) since their blanket ban in September 2017. According to Business Korea’s article released on October 4, 2018, however, the National Assembly is looking to convince the government to remove the ICO ban as it may undermine South Korea’s future competitiveness.

2018-10-5 09:00


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Chinese Investors Keen on Cryptocurrencies Despite Government Ban

Although the Chinese government is clamping down on cryptocurrencies, Chinese investors remain keen on owning digital assets and tokens. The Asia Times reported on Sept. 28 that the Chinese people have grown accustomed to the strongly interventionist communist government and have looked to peer-to-peer cryptocurrency trading approaches to gain access to these digital assets.

2018-10-2 13:49


China’s Central Bank Issues Warning to Cryptocurrency Investors

China’s central bank has issued a new public notice, warning citizens of the dangers of cryptocurrency and ICO investing. Despite government crackdowns culminating in a blanket ban on all ICOs, the People’s Bank of China (PBoC) admits that cryptocurrency trading activity among domestic investors using offshore exchanges continues to thrive.

2018-9-19 22:25


Chinese Crypto Investors Circumventing Increased Government Regulations

Despite increasing state regulations surrounding the year-long cryptocurrency ban in China, investors are still finding ways to get involved with the market. On August 23rd, the Shanghai Securities Times reported that Chinese authorities are increasing their regulation by preventing investors’ access to 124 non-native exchanges.

2018-9-11 17:48


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