There has been no official statement on the possible cryptocurrency ban, from the government, or the Reserve Bank of India RBI which is expected to formalise any regulatory frameworks for cryptocurrency in the country.
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There will be a very calibrated position taken. But the threat of a ban had always loomed large. In , the Reserve Bank of India had issued a circular which confirmed that regulated entities in the country cannot provide cryptocurrency services in the country. The debate over the ban on cryptocurrencies in the country has made many investors anxious. But the Centre had tried to alleviate the concern by giving signals that there won't be a blanket ban on it.
Recently, in India Today Conclave, Finance Minister Nirmala Sitharaman made it clear that there will not be a complete ban on cryptocurrencies or at least the technology part of it.
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We will allow certain windows for people to do experiments on blockchain, bitcoins, or cryptocurrency," Sitharaman said. However, some reports last week stated that the Centre is likely to propose a law banning cryptocurrencies in India.
BITCOIN BAN
The bill, one of the world's strictest policies against cryptocurrencies, would criminalise possession, issuance, mining, trading, and transferring crypto-assets. If the ban becomes law, India would be the first major economy to make holding cryptocurrency illegal. A draft law to ban cryptocurrencies is almost complete and will be discussed by the federal cabinet, reports Bloomberg Quint , citing unnamed sources. After the discussion of the draft bill, it will be put to parliament.
Last year the Reserve Bank of India issued a circular to regulated entities banning dealings in cryptocurrencies. This effectively blocked the onramp to digital currencies.
However, at that stage, a draft regulation was already in the works. Hence we noted the respite might be short lived. The central bank had argued that an alternative payment system could undermine the current banking system and its ability to influence monetary policy.
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Anyone who has ever sent money to India will know that Indian banks require the reasons for payment.