According to the Bloomberg report, India is on the brink of banning cryptocurrency trading in the country. There is a bill allegedly in the works that is making its way to parliament. However, India is not closing the door on blockchain innovation and will embrace the technology, but trading of digital currencies could be on the chopping block. Earlier, the Supreme Court of India had overturned the crypto ban issued by the central bank of India.
The government plans to introduce a bill banning crypto trading.
According to the Economic Times report, the Indian government plans to introduce a new law banning trade in cryptocurrencies, placing it out of step with other Asian economies which have chosen to regulate the fledgling market. According to people familiar with the development who asked not to be identified, the bill is expected to be discussed shortly by the federal cabinet before it is sent to parliament, citing rules on speaking with the media, economics times reported. However, the central government will encourage blockchain, the technology underlying cryptocurrencies, but is not keen on crypto trading.
The crypto community asks for better regulations instead of a complete ban.
Nischal Shetty, CEO, and Founder of domestic cryptocurrency exchange, WazirX, said that the draft crypto Bill is very crude and an early draft version to be presented to the parliament. As an industry, we’ve been working towards positive regulation, and we’re confident that our government will look towards regulating crypto in India like the rest of the world, he added. Crypto regulations in the Asian country are still in a grey area. There have been several reports in the past claiming that the Indian government is planning to ban cryptocurrency trading. However, the bill is yet to be introduced into the parliament.