Indian National Government To Review Its Crypto Ban Bill

Key parts of the bill concerning the ban of cryptocurrency are going to get reviewed by the national government of India.

A report published by BloombergQuint stated the government of India is working alongside sector regulators and stakeholders in addressing the key issues regarding whether or not to impose a total prohibition on cryptocurrencies in India. If they decide against this, the next consideration will be how authorities should regulate them. Depending on that they will also consider which kinds of activities should be permitted, and which should be discouraged.

Previously, the proposed law, officially known as the Cryptocurrency and Regulation of Official Digital Currency Bill, was introduced during the Indian Parliament’s Budget Session in the Spring. Though the government failed to progress with the bill and is now engaged in a clause-by-clause deliberation, which is expected to push the legislative process into the following monsoon session of the parliament. There is even suggested that the Central Government could convene a new committee of experts to consider the proposals. The second such committee has been constituted since the crypto bill was first proposed.

Moreover in 2018, the Reserve Bank of India (RBI) had prohibited entities from dealing with cryptocurrency-related businesses and customers. Later the ban was uplifted in March 2020 by the Supreme Court of India. However, amid all this regulatory uncertainty, global crypto exchanges are still considering how to enter the Indian market.

Disclaimer: The author’s views and opinions are for informational purposes only and do not constitute financial, investment, or other advice.