The government had planned to introduce the crypto bill in the winter session of Parliament. This bill has been sent to the cabinet for approval. There are reports that this bill includes banning all private cryptocurrencies in the country.
Ashima Goyal, member of the country’s Monetary Policy Committee (MPC), believes that it will be difficult to completely ban crypto-related activities in the country. He said in a recent interview that no cryptocurrency can be given legal status as it would lead to its illegal use. The central government is preparing to bring a law related to crypto. Earlier it was rumored that cryptocurrencies could be completely banned in the country. Cryptocurrencies are not controlled by any financial institution worldwide and because of this they can be easily transacted abroad.
Goyal said that cryptocurrencies cannot be accepted as a payment option in the country. He said that decentralized digital assets should be called crypto tokens and the responsibility of regulating these tokens should lie with the country’s authorities. Goyal believes that large crypto-related transactions should be allowed only by such investors who are aware of the risks.
The government had planned to introduce the crypto bill in the winter session of Parliament. However, it has been postponed. This bill has been sent to the cabinet for approval. There are reports that this bill includes a ban on all private cryptocurrencies in the country. It also makes violation of rules a non-bailable offence. Earlier this week, the Reserve Bank of India (RBI) urged the government to completely ban crypto-related activities. RBI has apprehensions of high volatility in the price of cryptocurrencies and their misuse. The number of people trading in the crypto segment in the country is continuously increasing. According to studies by research firms like Watcher Guru and BrokerChoose, India has the largest number of crypto traders in the world. Their number may be around 10 crores.
In September last year, El Salvador granted legal status to bitcoin. It was the first country in the world to do so. However, in countries like China, there is a growing strictness regarding cryptocurrencies. China has banned all activities related to crypto including mining.
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