Cryptocurrency Ban is on India’s Agenda

Cryptocurrency Ban is on India’s Agenda

The cryptocurrency ban is on India’s agenda. The country plans to ban private cryptocurrencies.

The cryptocurrency ban has been on the agenda of India. The Indian government has rolled up its sleeves to ban private currencies. A bulletin was published yesterday on the official website of Lok Sabha, the lower house of the country's bicameral parliament. According to this bulletin, the Indian Parliament will be discussing a bill prepared by the government that envisions a ban on private cryptocurrencies in the short remaining budget session. It is stated that the draft will most likely be adopted, as the ruling party controls the parliament. The bill in question envisions banning private cryptocurrencies. However, in order to encourage the use of technology that forms the basis of crypto currency there will be certain exceptions. In addition, the bill will create a framework for the official crypto currency to be issued by the Central Bank of India. In India, the government has attempted to ban many cryptocurrencies to date. For example, in 2018, the country's central bank banned banks from serving cryptocurrency exchanges and companies. This decision was quashed by the Supreme Court of India in 2020. Sumit Gupta, CEO of Mumbai-based CoinDCX, made a statement to CoinDesk on the issue. Gupta said, “We are confident that the government will definitely listen to all stakeholders before making any decisions. We are talking with other industry stakeholders and we will definitely start a deeper dialogue with the government and together we will show how we can actually create a healthy ecosystem.”