The Indian Parliament will consider the government’s proposed bill to ban private cryptocurrencies during the next budget session, writes CoinDesk .
The Cryptocurrency and Official Digital Currency Regulation Act aims to ban all cryptocurrencies and create a regulatory framework for issuing the official digital currency of the Reserve Bank of India. At the same time, the document provides for some exceptions to advance the technology. If approved, India will become the only major economy in Asia to choose to ban cryptocurrencies over regulation.
The Reserve Bank of India in April 2018 officially banned all regulated institutions from working with cryptocurrencies and providing services to persons who transact with them. In March 2020, the Supreme Court overturned the ban.
Sumit Gupta, CEO of Mumbai’s CoinDCX exchange, believes that the proposed bill is not yet a verdict for the country’s cryptocurrency industry. “Since the government intends to present the bill during the parliamentary session, we are convinced that the government will surely listen to everyone in the industry before making a decision. We are communicating with other industry players and will definitely organize a deeper dialogue with the government and show how we can create a healthy ecosystem together, ”he said.