In the Era of Technology will India Really Ban Cryptocurrency?

The latest details regarding the cryptocurrency law reveal that the Indian Government might proceed with prohibiting cryptocurrency. This is glaringly juxtaposed with what the Indian crypto market believes. The Indian finance minister, in her most recent interview with respect to crypto enactment, stated that there would be a leeway for experimentation. It would allow users and investors to experiment with blockchain, fintech, and cryptocurrency.

The crypto industry in India is keeping a close watch on whether the government would ban digital tokens. This also includes the infamous token, Bitcoin which has gained a lot of popularity worldwide.

However, the latest to inform about the crypto ban in India was Reuters, a news agency, that revealed this news a few days back. While citing an anonymous Indian government official, the news stated that the law India is proposing aims to ban crypto. Further adding that anyone found trading or holding the digital asset would be fined. According to the unnamed source, the bill will make issuance, possession, mining, transferring, and trading of crypto an offense.

The news also added that the officials were positive about the crypto law since Prime Minister Modi’s government held a secure majority.

Regardless, there are many people on social media who are of the view that India won’t ban cryptocurrency. Some are even proposing that the news regarding the ban is outdated. People are going by the Nirmala Sitharaman, Indian finance minister’s latest interview where she clarified about the crypto legislation.

In her interview on India Today, the minister spoke about legislation relating to cryptocurrency and Bitcoin. She was asked if the Indian government realized how significant cryptocurrencies had become and were here to stay.

The minister responded that the cabinet would soon be apprised with a note on the cryptocurrency legislation that is currently under finalization.

Sitharaman affirmed that the government was not shutting off all options. Adding further that there would be room for experimentation.

She reiterated that the note being prepared for the cabinet would also include precise rules for the cryptocurrencies.

The Indian crypto industry is unmoved by the threats that the digital asset could be banned because users are certain that it won’t. Some of the top cryptocurrency exchanges in India have reported record-high crypto trade.

Governments around the globe are taking steps to regulate cryptocurrencies, now that the digital asset has gained immense popularity. Currently, cryptocurrency trade is an unregulated activity, thereby making it vulnerable to cybercrime.

The Crypto market is experiencing a boom worldwide as Bitcoin reached an all-time high price. Crypto traders are enjoying the returns they are getting on their crypto investments. Cryptocurrency, specifically Bitcoin might soon replace gold for investment purposes, as comparisons have already been drawn between the two. Thus it is time that countries start formulating a clear legal framework for the regulation of activities revolving around cryptocurrency.