THELOGICALINDIAN - The Indian government is introducing a law to ban all clandestine cryptocurrencies
The Indian government appear a new angle that would seek to “ban all clandestine cryptocurrencies” in abode of an official axial coffer agenda bill (CBDC).
India Seeks Crypto Ban, Again
The accepted advice area (Bulletin-II) of today’s cardboard on the business of the Indian parliament listed a new bill titled, “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021.”
The legislators accept confused for “introduction, consideration, and passing” the law. The Indian assembly associates will altercate the bill during the account session, which commences on Jan. 29 and ends on Apr. 8.
The bill’s aboriginal purpose is to accept the conception of a agenda bill issued by the country’s alpha banker, the Reserve Bank of India. Seeing the acceleration of CBDCs in contempo times, the government’s accommodation does not surprise.
The abutting allotment of the bill’s purport, however, raises added questions than it answers. According to the document:
“The Bill additionally seeks to prohibit all clandestine cryptocurrencies in India, however, it allows for assertive exceptions to advance the basal technology of cryptocurrency and its uses.”
Regarding “private cryptocurrencies,” assorted industry attempts to character decentralized projects accept gone in vain.
Moreover, alike the SEC in the U.S. has continued deliberated on balance laws applications on cryptocurrencies and is yet to ability a analogue specific to agenda assets. Only recently, the SEC came afterwards Ripple, stoking accepted bazaar fears. However, the U.S. authoritative bureau seems to accept chock-full in its following there, for the time being.
Furthermore, the Indian bill additionally allows for “exceptions” for the advance of blockchain technology. It will be absorbing to see the government’s analogue of “private cryptocurrencies” and how it sets belief for “exceptions.”
Finally, this is not the aboriginal time that assembly in the country seek a crypto ban. In 2019, a draft bill approved to appoint a absolute ban on cryptocurrencies, prohibiting “holding, selling, or dealing.”
While the antecedent “damaging” bill phased out in time, the capacity of the bill alien today will absolutely atom a lot of agitation amid Indian crypto investors.
Disclosure: The columnist captivated Bitcoin at the time of press.
