Indian government prepares to ban cryptocurrencies

India is ready to go ahead with its plan to ban most cryptocurrencies in the country under a long-awaited bill. Expectations had risen in recent months that the government could soften its view on digital currencies.

The ban would relate to all private cryptocurrencies with certain exceptions to allow for the promotion of the underlying technology and its uses. Cryptocurrency prices fell on Indian exchanges after the decision on the future of the bill was announced. Crypto-centric invoice  According to a government bulletin, the ban is part of the proposed cryptocurrency law and regulation of the official digital currency that will be presented in its winter session.

The planned legislation aims to “create an enabling framework for the creation of the official digital currency to be issued by the Reserve Bank of India (RBI).” The plan to ban all private cryptocurrencies appeared to be essentially the same as an earlier draft of the bill introduced in January. In recent months it was thought that the government could soften its stance on cryptocurrencies, possibly seeking to regulate them as assets rather than a means of payment.

While the description of the bill remains the same, the exact differences have yet to be confirmed because the latest draft is not yet publicly available. The value of several digital currencies reportedly fell following the announcement of the bill. Bitcoin fell more than 13% on the Indian exchange site WazirX, while Shiba Inu and Dogecoin fell more than 15%. However, Glen Goodman, author of The Crypto Trader, told the BBC’s World Business Report radio show that the global impact was “relatively small.”

“Even when China decided to ban cryptocurrencies, and that was a big problem, it did not completely slaughter the cryptocurrency markets,” he said. According to the CoinDesk website, the RBI, the country’s central bank, is considered to have conservative views on cryptocurrencies. In March 2020, India’s supreme court struck down a two-year ban on digital currency trading imposed by RBI. And last week, RBI Governor Shaktikanta Das said the bank had “serious concerns from a macroeconomic .

However, Goodman pointed to the recent ban in China and El Salvador’s plan to build a Bitcoin city at the base of a volcano with the cryptocurrency used to fund the project.and financial stability standpoint,” and that blockchain technology can thrive without cryptocurrencies. Governments take very different approaches to how they see it,” he said. “As a threat, an opportunity, or somewhere in between.

 

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