The last several weeks saw various twists and turns in the build-up to India’s cryptocurrency regulations. The confusion reached a high when sources claimed that the government was on its way to banning all ‘private cryptocurrencies’ in the country. People were divided about what the phrase ‘private cryptocurrencies’ meant. One section believed that only anonymity-focused cryptocurrencies like Monero would be banned. Others felt that all cryptocurrencies in existence would be banned since India does not have its own digital currency. On the whole, many experts were optimistic that the government would not ban cryptocurrencies in India. A few days back, former finance secretary Subhash Garg took to National television to say that the clause ‘private cryptocurrency’ is being misinterpreted. He also added that such a ban was not going to happen in India, and the government should discuss the issue with investors and entrepreneurs prior to taking a final decision.
In the latest news, national media outlet NDTV has claimed that there will be no ban on crypto in India. Instead, investors will be given a window to declare all their crypto holdings to the Securities and exchange board of India (SEBI). Following declarations, the government will come up with a framework for regulating cryptocurrencies in the country. NDTV cites a few important official documents to back their claim. At the same time, most experts are now convinced that the ban won’t be a reality. How it plays out over the winter session of the Indian parliament will be at the forefront of the news.