In the winter session of the Indian Parliament, the country’s Prime Minister Narendra Modi is set to introduce a bill that aims to ban all private cryptocurrencies in the country. If the bill is passed, it will send shockwaves across the Indian crypto market, which has grown exponentially in recent years. It only took an announcement of the bill to send crypto prices plummeting in the country, so what happens if the bill is passed is something that the world is looking forward to.
However, it’s not all doom and gloom for Indian investors in the crypto market. According to the bill’s description, which was released as a part of a government bulletin, certain exceptions will be made with the aim to promote crypto’s underlying technologies. So, crypto traders are hopeful that trading will continue in the country. A news publication based in India also claimed that the government would allow trading on exchanges that meet certain rules and regulations.
The Indian government’s stance towards cryptocurrencies was always slightly negative, owing to the Reserve Bank of India’s reservations against cryptocurrencies. However, investors had high hopes that the government’s stance had softened in recent months. As it turns out, the country’s government is all set to ban private cryptocurrencies while laying the foundations for an official digital currency.
Terror financing and money laundering are the two main concerns of Indian government officials when it comes to cryptocurrency use. Prime Minister Narendra Modi has been recently vocal about the need for virtual currency regulations around the world.
