Bitcoin May Soon Get Banned in India
So as per the upcoming reports toward the ban of Cryptocurrencies in India is again at a peak as the Government of India confirmed that they are renewing their effort to completely overrule and outlaw public Cryptocurrencies. There are many rumours that Bitcoin banned in India.
A report via the Economic Times this Friday had an article citing unknown declared that“government officials aware of details” and said that various of the government agencies have finally come to an idea of the complete ban over the trading of Cryptocurrencies.
Some of the departments which have the most favour are The Department of Economic Affairs (DEA), Central Board of Direct Taxes, Central Board of Indirect Taxes and customs followed by other economic departments.
Also, a draft bill has also been noticed circulating amongst the various government departments with a dubbed name “Banning of Cryptocurrencies and Regulations of Official Digital Currencies Bill 2019”.
Regardless of which “Official digital currency” ban. It’s shocking that previously the country’s Central Bank was researching and developing for a launch of a Digital rupee.
The final bill is kept on hold due to the recent going general election and will be proposed in the month of May to the next Government as per the source indicated.
To all this, the country’s Ministry of Corporate Affairs provided feedback to DEA which concluded that most of the currencies or on a Ponzi scheme which had frequent defraud Investors.
So as to prevent Cryptocurrency related prosecution and under the country’s Prevention of Money Laundering Act. The launch of the Bill will take time.
To add to this Anurag Agrawal (CEO) of the Investors Education and Protection Fund (IEPF) said,
“When it comes to investor protection, the IEPF has to take a stand against certain things. Against Ponzi schemes, we are taking a stand. We think that cryptocurrency is a Ponzi scheme and it should be banned.”
Although India’s decision on the legalizing of Cryptocurrencies has a long way ahead.
But seeing some of the previous news the government had set up an interdisciplinary committee to look into this issue, that is a discussion over the ban of “private Cryptocurrencies”.
However thing went opposite of what was thought the committee rather being favouring the ban of Cryptocurrencies, they considered possibly legalizing Cryptocurrency with tough terms and conditions over the use of it.
But as for now since the final decision is not out the country’s Current Crypto industry is in limbo that is neither banned nor legalized.
After all this variety of the exchanges have supported and filled a legal petition to overrule the RBI ban but still the process is slow and awaits hearing by the Supreme Court.
