Regulation . 18 Mar 2021

Indian Government could go ahead with banning the cryptos; Crypto Community hopes there will be no ban

by Blockonomist Editorial
Indian Government could
go ahead with banning the cryptos; Crypto Community hopes there will be no ban
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In her latest interview, India's Finance Minister Nirmala Sitharaman said that there would be a window for experimentation for blockchain and cryptocurrency.

Indian crypto community is having a close watch on the ban of cryptocurrencies, including Bitcoin in India. A note regarding the crypto legislation is soon to be submitted to the cabinet. There is an emergence of new details suggesting that the Indian Government can go ahead with banning cryptos. According to the latest information, India will ban cryptos and fine if anyone will trade or hold the digital assets. The cryptocurrency bill in India will criminalize the issuance, mining, possession, and trading of these digital assets.

According to the officials, the crypto holders will have six months to liquidate their holdings, and After that, they will be penalized. It is further believed that the bill will indeed be enacted into law under Modi’s Government.

On the contrary, the crypto community believes that the finance minister has indicated, in her latest interview, that cryptocurrency will not be banned in India. Many people are not ready to think that the cryptos could be banned here. Notably, in an interview over the weekend, Nirmala Sitharaman talked about crypto legislation on India Today. She was asked if it is inevitable in India where the Government will have to realize cryptos' stay. She responded that a cabinet note is under preparation and is close to completion. She confirmed that it would be taken to the cabinet in no time.

She added that India would not shut off all the options and allow a certain amount of window to use so that experiments in blockchain, cryptocurrency, and fintech will have that window available. She further added that cabinet note would indeed be having specific rules for cryptocurrencies. Her statements have made the crypto community believe that there might be regulation regarding India's cryptos instead of imposing the ban. However, according to the latest reports, the plan is to ban all digital assets in India.

Amidst this, Bitcoin price is hitting its all-time highs this month, making the Indian traders enjoying the boom.