ban bitcoin, Ban Cryptocurrencies, Digital Currency, India Bitcoin, india crypto, india crypto bill, indian crypto, indian cryptocurrency bill, indian government, indian parliament, prohibit bitcoin, RBI

As the Indian government gets closer to moving forward with the cryptocurrency bill, an official from the Ministry of Finance reportedly explained what discussions the government has been having regarding the crypto bill and the impending legislation.

Indian Crypto Bill’s Progress Update

The Indian government is getting closer to introducing the cryptocurrency bill in Parliament. On Friday, CNBC TV18 and Bloombergquint provided some updates on the status of the bill and what discussions the government has been having regarding cryptocurrency. However, both news outlets cited anonymous sources.

According to Bloombergquint, “India will go ahead with a complete ban on investment in cryptocurrencies, while providing existing investors a transition period to exit the holdings … this would include a ban on transacting directly via foreign exchanges.†The publication cited “a senior finance ministry official on condition of anonymity.†The official also clarified that the ban will not be enforced overnight, noting:

The official added: “India’s new law will be modeled on China’s regulatory regime, which has effectively banned on trading and usage of cryptocurrency, while the government is working on issuing its own virtual currency.â€

Another update regarding the Indian crypto bill came from CNBC TV18 on Friday. The news outlet wrote, “Sources suggest the government is discussing rules on the Indian cryptocurrency framework and it’s likely to spell out the modalities soon.†Reporter Timsy Jaipuria explained that the rules will entail “the time period which will be given to withdraw from existing cryptocurrencies.†She noted that this was supposed to be around three months according to 2019 discussions. The framework will also specify how the central bank, the Reserve Bank of India (RBI), will derive the value of India’s official digital currency and the penalties for not complying with the rules.

Many people in the crypto community in India are reluctant to believe news from anonymous sources, questioning their credibility. Many times in the past, various news outlets reported that the government was planning to ban cryptocurrencies but there has yet to be an official announcement. Crypto influencers in India suggest that people do not speculate and wait for the official announcement from the government or the actual bill to be disclosed.

Meanwhile, the crypto community has launched a campaign to convince lawmakers to regulate cryptocurrencies instead of imposing an outright ban. Even amid the uncertainty of the crypto legislation, the crypto industry in India is booming, boosted by bullish news from outside of India such as Elon Musk’s Tesla buying $1.5 billion worth of BTC.

The “Cryptocurrency and Regulation of Official Digital Currency Bill 2021†has been listed to be introduced in Lok Sabha, the lower house of India’s Parliament, during the current Parliament session. However, there are reports that the government may fast track the bill.

Several questions regarding cryptocurrency have been asked in Rajya Sabha, the upper house of India’s Parliament, since the beginning of this month alone. Firstly, the government clarified its stance on cryptocurrency and the digital rupee, then the government explained that the bill was being finalized. The most recent questions were answered by the finance minister herself regarding the government’s plan for cryptocurrency legislation.

Do you think India will ban bitcoin? Let us know in the comments section below.

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.

Du lịch nhật bản, hướng dẫn du lịch Nhật và đánh giá địa điểm Nhật Bản Japan travel news, japan travel guides, japan holiday destinations and japan reviews

RELATED NEWS

Hong Kong to Connect Digital Yuan With Domestic Payments System in Cross-Border Trials

Financial authorities in Hong Kong have announced a second phase of trials for mainland China’s digital currency. As part of the upcoming tests, the city will link the Chinese digital yuan to its domestic payments system to evaluate the CBDC’s usability in cross-border scenarios. Hong Kong Residents to Load E-CNY Wallets via Mobile Phones China […]

Xem chi tiết: Hong Kong to Connect Digital Yuan With Domestic Payments System in Cross-Border Trials

Infosys Chairman Advocates Regulation of Crypto Assets as Commodities in India

The chairman of major Indian company Infosys says that crypto should be regulated as an asset, like a commodity. He believes that crypto investors will significantly contribute to India’s economy. Infosys Chairman Wants Crypto Regulated as an Asset Infosys Chairman Nandan Nilekani says the Indian government should regulate crypto as an asset that can be […]

Xem chi tiết: Infosys Chairman Advocates Regulation of Crypto Assets as Commodities in India

Shanghai to Hand Out $3 Million in Digital Yuan Lottery

As part of government efforts to get the digital yuan going, authorities in Shanghai will distribute $3 million worth of the central bank-issued currency among residents of Shanghai. The digital money will be dispersed through a lottery, a method that has already been implemented elsewhere in China. Lottery Winners to Get 350,000 Digital Red Envelopes […]

Xem chi tiết: Shanghai to Hand Out $3 Million in Digital Yuan Lottery

Kalashnikov Eyes Digital Ruble Settlements as Russia Aims to Replace ‘Dirty Money’

Kalashnikov Group, the Russian firearms manufacturer, is ready to transition to settlements in digital currency. The announcement came from the international economic forum in Saint Petersburg where the central bank of Russia reaffirmed its intention to replace “dirty†and “infectious†paper cash with the digital ruble that’s currently under development. Russia’s Kalashnikov Concern Looks Forward […]

Xem chi tiết: Kalashnikov Eyes Digital Ruble Settlements as Russia Aims to Replace ‘Dirty Money’

Bank of Ghana ‘in the Advanced Stages of Introducing a Digital Currency’— Governor Repeats Anti-Cryptocurrency Claims

The governor of Ghana’s central bank, Ernest Addison, has said his institution is now “in the advanced stages of introducing a digital currency.†However, before its release into circulation, the digital currency—which is also known as the “e-cediâ€â€” will first have to go “through three phases.†Bank of Ghana’s Embrace of Emerging Fintechs In his […]

Xem chi tiết: Bank of Ghana ‘in the Advanced Stages of Introducing a Digital Currency’— Governor Repeats Anti-Cryptocurrency Claims

Bank of Ghana ‘in the Advanced Stages of Introducing a Digital Currency’— Governor Repeats Anti-Cryptocurrency Claims

The governor of Ghana’s central bank, Ernest Addison, has said his institution is now “in the advanced stages of introducing a digital currency.†However, before its release into circulation, the digital currency—which is also known as the “e-cediâ€â€” will first have to go “through three phases.†Bank of Ghana’s Embrace of Emerging Fintechs In his […]

Xem chi tiết: Bank of Ghana ‘in the Advanced Stages of Introducing a Digital Currency’— Governor Repeats Anti-Cryptocurrency Claims

India’s Central Bank RBI Still Has ‘Major Concerns’ About Crypto After Saying Ban No Longer Valid

The governor of the Reserve Bank of India (RBI), Shaktikanta Das, has clarified the central bank’s position regarding cryptocurrency. His statements followed a notice published by the RBI telling banks that its crypto banking restriction is no longer valid and cannot be cited. RBI Still Has Major Concerns About Crypto RBI Governor Shaktikanta Das clarified […]

Xem chi tiết: India’s Central Bank RBI Still Has ‘Major Concerns’ About Crypto After Saying Ban No Longer Valid

ECB: Digital Euro to Boost Global Appeal of European Money, Fight ‘Artificial Currencies’

The digitization of traditional currencies like the euro has the potential to increase their international appeal, the European Central Bank says in a new report. A failure to offer a digital currency would endanger financial stability, ECB warns. The regulator is concerned about the prospect of tech giants dominating payments through their “artificial currencies.†Eurozone’s […]

Xem chi tiết: ECB: Digital Euro to Boost Global Appeal of European Money, Fight ‘Artificial Currencies’

Major Indian Bank HDFC Says ‘It’s a Matter of Time Before Indian Investors Have Legal Access to Crypto Plays’

India’s Central Bank RBI Confirms Crypto Banking Ban ‘No Longer Valid’ — Asks Banks to Stop Quoting It

Central Bank of Sweden Invites Financial Market Actors for Second Phase of E-Krona Pilot

Ark Invest CEO Says Impossible to Shut Down Bitcoin — Regulators Will Become More Friendly Over Time

Russian Lawmakers Move to Allow Crypto Payments Under Contracts

Ark Invest CEO Says Impossible to Shut Down Bitcoin — Regulators Will Become More Friendly Over Time

South Africa Reserve Bank Commences Retail CBDC Feasibility Study

Central Bank of Nigeria Governor Says “Digital Currency Will Come to Life” but Attacks Volatile Cryptocurrencies