Highlights:
- The Government of India did not include the proposed Crypto Ban Bill in the Winter Session
- After much uncertainty, the government has decided to take time to draft a bill with legitimate regulations
- This news comes as a relief to crypto traders who were weary of the ban on cryptocurrencies proposed by the government
But what comes as a good news for Crypto traders in India is that the Government will not be discussing the proposed Cryptocurrency Banning Bill in the Winter Session as they had said earlier. In this scenario, a ray of hope for crypto believers in India has emerged as in the upcoming parliament session of November 2019, the crypto banning bill will not be included.
These reasons are enough to push the government to regulate the crypto space, but a lack of clarity has played its part to keep India away from cryptocurrencies including Bitcoins.
Early in 2018, The Reserve bank of India (RBI), India’s monetary
authority decided to take a stance on the apparent growth of cryptocurrency in India by disallowing all regulated authorities such as Banks,
NBFCs, etc., in dealing with cryptocurrencies. Since then the road to adoption
in India has only gone downhill.
In April last year, RBI had issued a statement barring all cryptocurrency-related services. The central bank said that it will not deal with or provide any service to the businesses that deal with cryptocurrencies such as Bitcoin. RBI also added that the regulated business which already provides such services shall exit the relationship within the next three months.
However, India is not the only nation to have a stringent perspective towards cryptocurrencies considering its vulnerability. Digital coins, due to their decentralized nature and extreme volatility, pose a considerable risk as an investment. Ukraine, China, Pakistan, Nepal have all shown hostility towards the new technology.
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