Will the Indian government lift the cryptocurrency?

Author: Jimmy Aki

Source: Unitimes

India has always been one of the most famous countries in the world against cryptocurrencies. A number of policies being passed by the Indian government have made it difficult for the country's cryptocurrency companies to survive. However, recent developments indicate that the Indian government may loosen restrictions on cryptocurrencies.

On November 14, a meeting was held in the Lower House of the Indian Parliament (Lok Sabha). The meeting resolved some related issues, and the Indian government may formulate some new policies on these issues. However, to say that the most striking part of the conference is that it does not mention the draft "cryptocurrency ban and official digital currency regulations", which aims to limit the country's cryptocurrency industry.

Draft ban that may stifle the Indian cryptocurrency industry

Although the rumors about the bill have not been broken, no one knows how much it will affect India's cryptocurrency industry. However, not long ago, a local science and technology lawyer released an unverified text of the draft, and since then, the public's mood has changed. According to the text published by the lawyer, the 18-page draft identifies the cryptocurrency as “any information, code, number or token that does not belong to any official digital currency, generated by encryption or otherwise. ”

The bill also adds that the upcoming release of the Reserve Bank's “digital rupee” will be approved as the legal tender of India, while other assets that meet the above description of the cryptocurrency will be completely banned. The draft concludes that

“No one can mine, produce, hold, sell, trade, distribute, transfer, process or use cryptocurrencies in Indian territory.”

Although the bill does not impose a ban on cryptocurrency technology or any related concepts, it does clarify that any cryptocurrency asset other than the Indian government’s upcoming digital currency is banned in India , and any illegal A ban is either facing 10 years in prison, facing a variable amount of fines, or both.

India or suspends draft cryptocurrency ban

In August of this year, the Indian government stated that it would discuss the bill at the parliament winter meeting (usually held between November 18 and December 13). Given that the bill has not yet been put on the agenda, some believe that the Indian government may cancel the general ban on cryptocurrency. However, what the result is, it is still not good. After all, there is still about one month from the end of the parliament winter meeting, and the situation may change at any time.

In any case, this incident is very exciting for many people who still stick to the Indian cryptocurrency industry. Sohail Merchant, CEO of Pocketbits, an Indian cryptocurrency exchange, wrote in a tweet:

"The draft cryptocurrency ban has not yet been put on the agenda of the Indian Parliament's winter meeting, and it can be temporarily relieved. We must make good use of this time, gather together and submit our opinions to the regulatory authorities. Forget about competition / personal interests. Let's bring our ideas together into a unified voice."

[The copyright of the article belongs to the original author, and its content and opinions do not represent the Unitimes position. Reprinting articles only to disseminate more valuable information]

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