Wednesday, October 27, 2021

The crypto community of India remains uncertain about crypto’s future.

The Takeaway:

India's crypto community remained uncertain about the future of digital assets in the country as government talks about a complete ban on crypto.

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The crypto community of India remained uncertain about the future of digital assets in the country after the rumors about a complete crypto ban on the country by introducing a bill in the Indian Parliament. According to the Reuters report, India is planning to introduce a strict cryptocurrency law in the country to restrict activities related to trading and mining of Bitcoin and other digital currencies.

 

India will soon introduce a regulatory framework for crypto.

Earlier this year, it was being reported that India is planning a complete ban on private cryptocurrencies in India, including Bitcoin and Ethereum. According to the report, the bill, if passed, would be one of the world’s strictest policies against cryptocurrencies, as it would criminalize possession, issuance, mining, trading, and transferring crypto-assets. However, the recent government comments had raised investors’ hopes that the authorities might go easier on the booming market. According to the official who has direct knowledge of the bill, the bill would give holders of cryptocurrencies up to six months to liquidate, after which penalties will be levied.

 

Indian finance minister talks of not blocking crypto entirely. 

As reported earlier, the Indian finance minister Nirmala Sitharaman said that the government would take “a very calibrated” approach to cryptocurrencies. She further mentioned, “On the cryptocurrency, yes, a lot of negotiations discussions are happening with the Reserve Bank because the supreme court order had very clearly told that the government has to take a call on the matter. “The Reserve Bank will be taking a call on how what kind of an official currency, cryptocurrency, will have to be planned and how it has to be regulated, but also we want to make sure that there is a window available for all kind of experiments which will have to take place in the crypto world,” she informed. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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