Report Says India Will Regulate “Private Crypto,” Not Ban
A report suggests that India’s new crypto bill will aim to regulate “private cryptocurrencies,” rather than banning them. India’s Crypto Bill Will Regulate All Private Cryptocurrencies Earlier, there were reports that the nation may be planning to ban all “private cryptocurrencies,” and allow only certain exceptions like the country’s own Central Bank Digital Currency (CBDC) […]
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India is reportedly working on a new way to regulate cryptocurrencies. “The government is planning to define cryptocurrencies in the new draft bill that also proposes to compartmentalise virtual currencies on the basis of their use cases,” according to a report. How India Will Regulate Cryptocurrencies India is reportedly planning to regulate cryptocurrencies as commodities based on use cases. “The government is planning to define cryptocurrencies in the new draft bill that also proposes to compartmentalise virtual currencies on the basis of their use cases,”....
The bill would potentially kick off the development of a digital rupee while banning “private cryptocurrencies.”
Previous documents from the Indian government indicate that it believes any cryptocurrencies not issued by the government are considered private, and therefore could be banned. Government documents from 2019 have been cited by an Indian crypto expert to suggest that the proposed ban on all “private cryptocurrencies” could include just about every crypto. The Indian government this week announced it would introduce the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 when it convenes at the Winter Session on Nov. 29. The bill seeks a legislative vote on creating an....
By now, we have already heard that both China and France have issued public warnings against digital currency bitcoin. The next country that might jump on to the bandwagon is India, according to an IndiaTimes report. The concern is the very selling point of bitcoin - the fact that it isn't regulated or controlled by a central authority. In addition, officials think the public are subject to being scammed (as if to say the whole bitcoin ecosystem is a ponzi scheme). "At least a public advisory may be issued soon to warn against possible risks associated with Bitcoins," said a senior....
Just recently, RBI deputy governor KC Chakrabarty offered a statement regarding Bitcoin regulation in India. "Regulation comes only when people are doing certain business and we come to understand that something wrong is happening. First of all we don't understand this subject... But, at present, what we are saying is neither we regulate them nor we support them...Whether it is... legal or illegal, we don't know. If it crosses the limit of legality then people may face a problem. So people should be cautious, should understand." There are simply so many things wrong with this statement.....