India’s Cryptocurrency Ban: Top 5 Things To Know
The ongoing Budget session of Parliament is expected to consider a bill that prohibits all private cryptocurrencies in India and provides for an official digital currency to be issued by the Reserve Bank of India.
As per the Lok Sabha schedule, The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 is slated for introduction, consideration and passing.
The law is intended
- to create a facilitative framework for an official digital currency issued by the RBI
- to “prohibit all private cryptocurrencies in India”
But, certain exceptions will be permitted “to promote the underlying technology of cryptocurrency and its uses,” the Lok Sabha Bulletin said..
India’s central bank had in 2018 barred banks and other financial institutions from facilitating transactions involving cryptocurrencies. Cryptocurrency exchanges responded with a lawsuit in the Supreme Court in September and won respite in March 2020. A bench, headed by Justice Rohinton F Nariman, quashed the RBI circular on grounds of disproportionality.
1. #IndiaWantsCrypto Leads Pushback Against Specter Of New Ban
From social media hashtags to email campaigns, India’s crypto investors are doing what they can to lobby against a possible ban.
2. Intent On Ban, India To Give Transition Time To Crypto Investors
India intends to model the regulatory regime for cryptocurrencies along the lines of China, said a senior government official.
3. India’s Crypto Investors Weigh Options Ahead Of Impending Ban
Investors are considering self-custody wallets as one way to secure their crypto holding ahead of an impending ban.
4. Caveat Crypto: Beware Purveyors & Proponents Of Cryptocurrencies
Buyer beware, or caveat crypto, is the essential call that would be best to heed, writes Pramod Rao.
5. Venture Capitalists Backing Indian Crypto Businesses Keep The Faith
VC firms that bet on India’s crypto find themselves facing the same dilemma for a second time in three years.