Fun

Ban or No Ban: Conflicting Reports on Crypto Regulation Coming Out of India

News Feed - 2021-11-26 02:11:08

Ban or No Ban: Conflicting Reports on Crypto Regulation Coming Out of India


Ever since the Indian government listed a cryptocurrency bill to be taken up in parliament during the upcoming session that starts next week, much debate has transpired about whether the government will ban cryptocurrencies, such as bitcoin and ether. Crypto Regulation Is Coming but There Are Conflicting Accounts About What Is In It


Indian crypto legislation is drawing near. The Indian government has listed a cryptocurrency bill to be taken up in Lok Sabha, the lower house of India’s parliament, for the winter session which starts on Monday, Nov. 29.


The bill titled “The Cryptocurrency and Regulation of Official Digital Currency Bill 2021” seeks to “prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.”


Much debate has transpired about whether the Indian government will ban cryptocurrencies such as bitcoin (BTC) and ether (ETH).


The crypto bill itself has not been made public and the government has not made any official statements regarding the bill. However, many publications and industry insiders have been speculating and quoting various sources familiar with the matter.


Kumar Gaurav, the CEO of crypto banking platform Cashaa, tweeted Wednesday: I just got off with a call with a few high-level officials from MOF [Ministry of Finance]. There is no complete ban, but the direction is to regulate crypto in line with FATF [Financial Action Task Force] guidelines.


Gaurav added that crypto will be an asset class regulated by the Securities and Exchange Board of India (SEBI) and crypto exchanges will need to obtain licenses from the regulator. “All positive notes,” he wrote.


Avinash Shekhar, co-CEO of Indian cryptocurrency exchange Zebpay, told CNBC’s “Squawk Box Asia” on Thursday: My belief is that we will have some kind of coherent regulation, but on the tougher side.


Shekhar explained: “There have been lots of positive vibes from the government. We met the finance committee of Parliament around two weeks back … The message or the feelers which we are getting from the government is that they’re looking for some kind of regulation — strict regulation, but not a complete ban.”


Tanvi Ratna, CEO of Policy 4.0, commented: “Yes, it’s expected that the government will pass legislation in this session itself. However, it may not be a complete legislation … It is expected that some basic coins such as BTC, ETH etc could be allowed in some form.”


However, some media outlets have reported that the government is planning to ban all cryptocurrencies and regulate only central bank digital currencies to be issued by the central bank, the Reserve Bank of India (RBI).


Priyanka Chaturvedi, a member of Rajya Sabha, the upper house of parliament, commented on the news of the Indian government planning to ban cryptocurrencies via Twitter: If true, this is a recipe for disaster India doesn’t need. Banning all private crypto currencies is basically killing the space — robbing India of creating an ecosystem for new age Fintech.


The Blockchain and Crypto Assets Council (BACC) of the Internet and Mobile Association of India (IAMAI), issued a statement Thursday asserting that “a blanket ban on cryptocurrencies will encourage non-state players thereby leading to more unlawful usage of such currencies.”


Last week, Indian Prime Minister Narendra Modi urged all democratic countries to work together on cryptocurrency to “ensure it does not end up in wrong hands, which can spoil our youth.” He also chaired a comprehensive meeting on crypto. Furthermore, India’s Parliamentary Standing Committee on Finance held a meeting with representatives from the crypto industry. Tags in this story crypto bill, crypto legislation, Crypto regulation, India, india bans bitcoin, india bans crypto, indian crypto, indian crypto bill, Ministry of Finance


Do you think India will ban cryptocurrencies like bitcoin? Let us know in the comments section below. US Senator Asks Coinbase, Gemini, Binance, Tether How They"re Protecting Consumers REGULATION | 9 hours ago Jailed Onecoin Mastermind Accused of Using Contraband Mobile Phone to Move $20 Million REGULATION | 17 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleMexico’s Third Richest Man Advises Buy Bitcoin Now — Says US Looking Increasingly Like Third World Country Next articleUzbekistan Allows Residents to Trade Cryptocurrencies on Local Exchanges Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItUS ‘Kidnapped’ Russian Crypto Businessman Denis Dubnikov, Lawyer Says


U.S. law enforcement agents have “kidnapped” crypto entrepreneur Denis Dubnikov in Mexico, before transferring him to the Netherlands where he was arrested, his lawyer told Russian media. Dubnikov is suspected of money laundering and faces up to 20 years in ... read more.Russian Nationalists Prepare Bill to Regulate Cryptocurrency Mining The Metaverse Is the Next Big Investment Theme, According to Morgan Stanley Bitcoin’s Hashrate Soars 42% Higher Over the Last 3 Months Following Crypto Asset’s 36% Price Increase Indonesia"s Islamic Authority Declares Cryptocurrency Haram, Forbidden for Muslims

News Feed

Biggest Movers: BCH Higher to Start the Weekend, MATIC Hits 15-Month Low
Biggest Movers: BCH Higher to Start the Weekend, MATIC Hits 15-Month Low On a day where bitcoin broke out of its $20,000 support point, BCH bounced on its own floor, climbing highe
Dohrnii DAO Crypto Giveaway: Ready to Win $100K in Bitcoin?
Dohrnii DAO Crypto Giveaway: Ready to Win $100K in Bitcoin? sponsored Do you want to win $100,000 in BTC? Yes, that’s right – Dohrnii DAO has recently announced a majo
Terawulf Energizes First Nuclear-Powered Bitcoin Mining Facility in the US, Plans to Expand Operations
Terawulf Energizes First Nuclear-Powered Bitcoin Mining Facility in the US, Plans to Expand Operations Terawulf, a bitcoin mining operation, has announced that it has energized the
Bittensor (TAO) Soars 130% – What’s Behind The Altcoin’s Recent Surge?
Este artículo también está disponible en español. Bittensor (TAO) has been garnering attention for its exceptional performance, surpassing Bitcoin and the broader cryptoc
Ethereum Reclaims Key Support At $1,574 – Here’s The Next Price Target
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bank of England to experiment with wholesale CBDC, synchronization
Derek Andersen5 hours agoBank of England to experiment with wholesale CBDC, synchronizationThe BOE is considering applying DLT to its existing settlement system and introducing a wCBDC.609 Total views1 Total sharesListen
Elon Musk Says Spacex Will Soon Accept Dogecoin for Merchandise — Starlink Subscriptions Could Follow
Elon Musk Says Spacex Will Soon Accept Dogecoin for Merchandise — Starlink Subscriptions Could Follow Spacex and Tesla CEO Elon Musk says that dogecoin will soon be accepted at S
SEC radio silence on Ethereum ETF ‘not a good sign’ — Bloomberg analyst
Tom Mitchelhill5 hours agoSEC radio silence on Ethereum ETF ‘not a good sign’ — Bloomberg analystSenior Bloomberg ETF analyst Eric Balchunas says the chances of an ETH ETF approval grow slimmer every day the SEC ma
Bitcoin bull cycle is ‘far from over’ thanks to the halving — CryptoQuant research
Nancy Lubale6 hours agoBitcoin bull cycle is ‘far from over’ thanks to the halving — CryptoQuant researchSharp double-digit corrections in Bitcoin price are par for the course, as data shows BTC remaining in a stro
Canaan Narrows Q1 Loss to $5.6 Million Amid Weakening Demand for Mining Hardware
Canaan Narrows Q1 Loss to $5.6 Million Amid Weakening Demand for Mining HardwareBitcoin mining rig manufacturer Canaan Creative reported a net loss of $5.6 million for the first qua
Bitcoin Officially In Overheated MVRV Zone, Rally End Near?
Este artículo también está disponible en español. On-chain data shows Bitcoin has recently surpassed a level of the Market Value to Realized Value (MVRV) Ratio that has h
DBS Bank Partners With Singapore Government to Launch Blockchain Trade Platform
Asian banking giant DBS and multinational commodity trading firm Trafigura Group are tapping blockchain to facilitate global trade. Alongside the Singapore government and the Intern