Friday, September 17

Crypto Ban In India: Things To Keep In Mind

The recent parliament session has passed a prospect of banning private cryptocurrencies in India. The inside committee members mentioned a lack of rules and regulations from an authorized organization.  A leading member of the committee quoted that they are unable to manage and keep an eye on the cryptocurrency transaction.

The Parliament passed, The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 is slated for introduction, consideration, and passing. The law is intended to create a facilitative framework for an official digital currency issued by the RBI. And to “prohibit all private cryptocurrencies in India”. But, certain exceptions will be permitted “to promote the underlying technology”.

Whereas crypto startups founder is trying their best to negotiate with the government to prohibit crypto ban in India. They are planning each possible campaign to find a middle ground between the banning and allowing them to function cryptocurrencies.

Social media hashtags are all over the internet, #indiawantscrypto, trying their best to lobby the ban.

India intends to model the regulatory regime for cryptocurrencies just like China, a statement made by a government official for the crypto ban in India.

Investors are opting for self custody wallets as an option to save their existing cryptocurrency before the ban.

Venture Capitalists Backing Indian Crypto Businesses Keep The Faith. VC firms that bet on India’s crypto find themselves facing the same dilemma for the second time in three years.

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