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Government of India: Discussing banning cryptocurrencies once again

Government of India: Discussing banning cryptocurrencies once again

According to anonymous government officials who have details about this said that a number of government departments in India are unfortunately backing the idea of a complete ban on both the issuance and trading of cryptocurrencies. The law if passed would be devastating for the average citizens of India.

India to ban cryptocurrencies yet again:

A draft bill which is called “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019” is reportedly circulating around the relevant officials in India.

Well, this is not yet set in stone, a final bill based on feedback from the consulted departments who are all anti-crypto will be put forward in front of the government this month (May) following national elections in India.

Currently, cryptocurrency companies in India are unable to access local banking services after the Reserve Bank of India had put a ban on providing banking services to any company that deals in cryptocurrencies which included all bitcoin and cryptocurrencies exchanges that operated in the country such as Zebpay and Unocoin which have been shut down since then. This is something that they have actually been challenging in the court system. However, the courts are now waiting on this legal guidance before making any kind of decision to allow them banking services or not.

The bill if passed would be cutting off a further 1.35 billion people from easy access to cryptocurrencies like bitcoin. Adding that to what China has already done to its population of nearly 1.4 billion people, between these two countries (assuming that the bill to ban cryptocurrencies actually gets passed in India), then we have out of our global population of 7.5 billion people (approx), 1 in every 3 people will be prohibited from accessing bitcoin and other cryptocurrencies.

Ruchi Ramaswamy

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