Indian lawmakers plan to ban cryptocurrencies

Indian lawmakers plan to ban cryptocurrencies”

"However, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses", CNBC TV18 quoted the bill as saying.

"The bill also seeks to prohibit all private cryptocurrencies in India".

To further this cause, payment networks such as Paypal, MasterCard, and Visa also moved to set up systems that accept payments via cryptocurrencies. "Nevertheless, RBI is exploring the possibility as to whether there is a need for a digital version of fiat currency and, in case there is, how to operationalise it", the booklet said while acknowledging how private digital currencies have gained popularity recently. A 2019 bill sought to do the same, but it never made it to the Parliament. The panel also suggested that the government explore a digital version of the Indian rupee. However, the government didn't bring that proposal to action.

As a result, the Cryptocurrency trade was brought to a halt after the RBI asked all regulated entities, such as banks, to stop any dealings related to private cryptocurrencies as part of that order.

Experts believe that merely proposing a bill doesn't mean that it will get a legal shape any time soon.

In a tweet, Nischal Shetty, Founder of WazirX, said, "Let's not be afraid". "Right regulations will catapult India to the forefront of this [cryptocurrency] technology". While newly launched Sequoia-backed CoinSwitch Kuber raised $15 Mn led by Ribbit Capital and Paradigm, CoinDCX raised around $19 Mn led by Polychain Capital and Block.One in Series A and B rounds of funding.

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It looks like India is planning to introduce a law to ban cryptocurrencies like Bitcoin and provide a framework for the creation of an official CBDC.

"Regulating exchanges is a more sensible option that most countries have adopted", he told Gadgets 360.

"We will engage with our peers and other stakeholders to work towards protecting the interest of the industry", Thakral said in a prepared statement.

Notably, this isn't the government's first attempt at criminalizing cryptocurrencies.

However, Indian crypto professionals contend that Bitcoin and similar digital currencies are "public" and transparent in nature, and therefore outside the purview of the bill that applies to private cryptocurrencies.

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