June 2, 2023

Great Indian Mutiny

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India prepares to say ‘goodbye’ to cryptocurrencies

Bitcoin is to be abolished in India. Parliament seeks to eliminate cryptocurrencies in the country and at the same time create a new digital currency.

Official sources say the bill to regulate cryptocurrencies and digital currencies seeks to regulate private cryptocurrencies in India, while at the same time creating the legal framework for the creation of digital currency issued by the central bank.

During the winter session, which begins on November 29, the bill will go to Parliament for “interpretation, consideration and approval” as per the agenda of the Legislative Committee.

The plan would allow “the creation of an easy framework for the creation of the official digital currency issued by the Reserve Bank of India” and “seek to ban all private cryptocurrencies in the country.” However, the proposal allows for a few exceptions to “improve cryptocurrency technology and its applications”, as explained in the parliamentary agenda.

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While the Reserve Bank of India has advised banks to suspend operations related to private cryptocurrencies, in 2018 the regulation will provide a legal framework for operations with cryptocurrencies already limited to transactions in the country.

The move comes after the administration decided to control the operation of these currencies almost completely.

“We have serious concerns from the central bank, in view of the great economic and financial stability, which are very deep. I have not yet seen serious and well-known discussions on these issues,” Reserve Bank of India Governor Shaktikant Das said last week.

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The government submitted in 2019 a draft law banning digital currencies with up to ten years in prison for possessing, using or mining cryptocurrencies, thanks to a panel set up by the Ministry of Finance to ban cryptocurrencies.

However, in May 2020, the Supreme Court of India outlawed the ban on cryptocurrencies by the Reserve Bank of India and asked the government to regulate this gray law in the country.

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