THE BUZZ AROUND BANNING OF CRYPTOCURRENCY India is all set to ban most cryptocurrencies in the country under a long-awaited bill. Much awaited bill may impact trade for cryptocurrencies lover.
Expectations have piled up until recently that the Indian government may have clemency towards its decision making on allowing the digital currencies in India, unlike China. The ban would relate to all private cryptocurrencies with certain exceptions to allow the promotion of the underlying technology and its uses amidst strong regulations that would be imposed by the current ruling government. Cryptocurrencies prices dropped on Indian exchanges after the speculations about negative decision on the bill's future cropped up . The gossip mills around the trade market are indicating towards the banning of the currencies.
Crypto-focused bill According to a government bulletin, the ban is part of the proposed Cryptocurrency and Regulation of Official Digital Currency Bill that will be introduced in the upcoming session of the parliament. The future of the cryptocurrencies was designed in such a framework that the regulations would be strictly implemented by the Reserve Bank of India (RBI). The plan to prohibit all private cryptocurrencies is in the mind of the current government. Bitcoin explained: How do cryptocurrencies work? In past few months it was thought the government may soften on cryptocurrencies, chances were assumed that government may regulated through assets instead of a means of payment While the description of the bill has remained the same, the exact differences have yet to be confirmed because the latest draft is not yet publicly available. Market impact The value of several digital currencies reportedly dropped following the announcement of the bill. The bill, if pass, will ban Indian citizens to do transaction in most currencies. There are a buzz around the current estimation of the investors in India, if the current stats are to be believed then 15-20 million crypto investors in India, though the official database is unavailable. Ashish Singhal , founder of Coinbase-backed_CoinSwitch Kuber, a firm with million users, and a net worth of $2billion,stated that, "Cryptocurrencies and their related technology like blockchain allow India to build digital infrastructure companies today that rich countries will use in the future." #cryptocurrency #PawanRuiaOpines #India #ban #bill
Written by Pawan Kumar Ruia Chairperson at RUIA GROUP