Crypto Ban in India? Crypto experts say that it won’t be possible to completely ban cryptocurrencies. However, the government may ban or put restrictions on trading in crypto and its use as a means of exchange or payments.
What are the Private Cryptocurrencies?
It offers anonymous blockchain transactions, basically no transaction history, so no one can trace the transaction.
- Few PRIVATE CRYPTO CURRENCIES are:
- Few PUBLIC CRYPTO CURRENCIES are:
Background of Crypto Bill
- 2018: Banking ban.
- 2019: News of a draft bill called “Banning of Cryptocurrency and regulation of official digital currency”.
- 2020: Supreme Court reversing the banking ban. • March 2021: Our FM said that India will take a calibrated approach on crypto.
- November 2021: Parliamentary Standing Committee invited a public consultation.
- November 2021: Our Prime Minister himself came forward to call for crypto regulations in India.
- Nov 2021: Listing of “Cryptocurrency and Regulation of Official Digital Currency Bill, 2021”.
Where does India’s crypto bill stand?
India’s proposed laws on how to regulate cryptocurrencies and other aspects of the crypto sector — including decentralized autonomous organizations (DAOs), non-fungible tokens (NFTs), and the metaverse — is on the agenda of the ongoing session of Parliament in the lower house, the Lok Sabha.
According to Sitharaman, the bill is pending approval from the Cabinet before it can be introduced to the Members of Parliament (MPs).
“Even if the bill is 30-40% positive, investors — family offices, traditional VC firms — will put more money into India, if something positive comes out,” WazirX’s head of public policy, governance issues and content, Aritra Sarkhel, told Business Insider during a sponsored webinar.
5 Countries that have banned and restricted the Use of Cryptocurrencies:
1. CHINA
Since the advent of these digital currencies, China has been brutal with its restrictions. The Xi Jinping-led CCP has cracked down on these digital tokens heavily, with the crackdown getting intense every year. To deal with the crypto giants like Bitcoin, China even introduced their own centrally-regulated digital currency called Digital Renminbi (RMB).
2. BOLIVIA
The government of this South American nation has put a complete ban on any currency that does not undergo the regulatory radar of Bolivia’s economic system. The Bolivian government took the decision citing possibilities of various Ponzi schemes and criminal activities.
3. INDONESIA
The Central Bank of Indonesia devised a new set of rules and regulations surrounding the promotion and trade of cryptocurrencies and put a complete ban on digital tokens starting from January 1, 2018.
4. TURKEY
Turkey was one of the countries that witnessed the maximum number of transactions before the central bank in the country imposed a new set of guidelines making it illegal to use cryptocurrencies, directly or indirectly, for any goods or services. The guidelines also included anti-money laundering and terrorism financing clauses.
5. EGYPT
Adhering to Egypt’s primary Islamic advisory body, Dar al-lfta, the country considers any cryptocurrency transaction as ‘haram’ under the Sharia Law, strictly prohibiting it under Islamic law.
TOP 5 COUNTRIES WITH MOST CYRPTO HOLDERS
3.9% of the world population are holding Crypto
Conclusion
The Indian government is only banning private Cryptocurrencies. Private Cryptocurrencies are those whose transactions are not public, unlike Bitcoin & Ethereum blockchain whose transactions are publicly available. Please avoid clickbait posts on Internet, They just want views.
It’s not the end. The beginning of crypto regulations in India. As history has shown us- innovation always wins. Keep sitting tight. It’s gonna be a bumpy ride.
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