The Indian government earlier revealed that it is drafting a bill that would ban the use of all cryptocurrencies in the country. But the bill is not included in the agenda published by the Lok Sabha, the lower house of India’s parliament.
The crypto bill would ban the use of all cryptocurrencies.
Indian regulators have been considering a bill entitled “Banning of Cryptocurrency & Regulation of Official Digital Currency Bill 2019.” As the title suggests, this bill, if became the law, would ban the use of all cryptocurrencies in the country.
Nischal Shetty, CEO of Wazirx crypto exchange, tweeted that its great news for the crypto ecosystem in India as the government is not rushing to implement this law yet. Since the central bank of India banned all the crypto exchanges in the country from using banking service, the crypto community has been campaigning to remove that ban.
GREAT NEWS for the Crypto ecosystem of India
The draft Crypto banning bill will NOT be included in the upcoming parliament session of November 2019.
— Nischal (WazirX) ⚡️ (@NischalShetty) November 15, 2019
Supreme Court to hear the case in January 2020
Supreme Court of India has delayed the hearing on the crypto ban by RBI in the country several times since last year. The progress in lifting the blanket ban by RBI has been very minimum. But the crypto community in the country is positive that the final verdict would be in their favor. The supreme court will hear the crypto ban case in January 2020. However, delaying the Crypto Bill is a little victory for the crypto community in the country.