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Ban or No Ban: Conflicting Reports on Crypto Regulation Coming Out of India

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Bitcoin

Fri, Nov 26, 2021

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Ever since the Indian government listed a cryptocurrency bill to be taken up in parliament during the upcoming session that starts next week, much debate has transpired about whether the government will ban cryptocurrencies, such as bitcoin and ether.

The bill titled “The Cryptocurrency and Regulation of Official Digital Currency Bill 2021” seeks to “prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.” Much debate has transpired about whether the Indian government will ban cryptocurrencies such as bitcoin ( BTC ) and ether ( ETH ).

The message or the feelers which we are getting from the government is that they’re looking for some kind of regulation — strict regulation, but not a complete ban.” Tanvi Ratna, CEO of Policy 4.0, commented: “Yes, it’s expected that the government will pass legislation in this session itself.

It is expected that some basic coins such as BTC , ETH etc could be allowed in some form.” However, some media outlets have reported that the government is planning to ban all cryptocurrencies and regulate only central bank digital currencies to be issued by the central bank, the Reserve Bank of India (RBI).

Priyanka Chaturvedi, a member of Rajya Sabha, the upper house of parliament, commented on the news of the Indian government planning to ban cryptocurrencies via Twitter: If true, this is a recipe for disaster India doesn’t need.

The Blockchain and Crypto Assets Council (BACC) of the Internet and Mobile Association of India (IAMAI), issued a statement Thursday asserting that “a blanket ban on cryptocurrencies will encourage non-state players thereby leading to more unlawful usage of such currencies.” Last week, Indian Prime Minister Narendra Modi urged all democratic countries to work together on cryptocurrency to “ensure it does not end up in wrong hands, which can spoil our youth.” He also chaired a comprehensive meeting on crypto.

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