India could introduce legislation to ban cryptocurrencies

The central bank is looking into the need for a digital version of the fiat currency and how to implement it.

India plans to introduce a bill seeking to prohibit all private cryptocurrencies in the country during the budget session of parliament that began Friday.

The proposed law will provide a framework for the creation of an official digital currency to be issued by the Reserve Bank of India and allow certain exceptions to promote blockchain, the underlying technology of cryptocurrency and its uses, according to a bulletin of the lower house of parliament.

The central bank is looking into the need for a digital version of the fiat currency and how to implement it.

India’s monetary policy regulator had in 2018 banned crypto transactions after a string of frauds in the months following Prime Minister Narendra Modi’s sudden decision to ban 80% of the nation’s currency.

At the time, RBI said the move was necessary to curb “ring-fencing” of the country’s financial system.

It had also argued that Bitcoin and other cryptocurrencies cannot be treated as currencies as they are not made of metal or exist in physical form, nor were they stamped by the government.

The 2018 notice from the central bank sent a panic to several local startups and companies offering services to trade in cryptocurrency.

Nearly all of them have either since closed shop, or pivoted to serve other markets.

This proposal was challenged by several exchanges and traders, who filed a lawsuit in the Supreme Court.

The nation’s apex court ruled in their favor last year.

This ruling was seen as “historic” but it did not impact the earlier circular on the policy level.

“Since the government is considering introducing the bill during this session of Parliament, we are sure the government will definitely listen to all the stakeholders before taking any decision,” said Sumit Gupta, co-founder and chief executive of CoinDCX,a cryptocurrency exchange in India.

“We are talking to other stakeholders and will definitely initiate deeper dialogue with the government and showcase how we can actually create a healthy ecosystem in unison,” he said.

Cryptocurrency exchanges responded with a lawsuit in the Supreme Court in September and won respite in March 2020.

Source: indianexpress.com & techcrunch.com

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