Indian Government Won’t Be Banning Cryptocurrency This Winter, Draft Bill Not On The Agenda
The draft bill named Banning of Cryptocurrency & Regulation of Official Digital Currencies will no longer be considered by the Lok Sabha, India’s lower house of Parliament.
The bill was supposed to be introduced in the winter session agenda and discussed between November 18 and December 13. The Indian government drafted it in August this year. Its legislation is to impose banning the use of crypto in the country and to introduce a Reserve Bank of India’s Digital Rupee.
The Proposed Bill Doesn’t Apply to Bitcoin
The bill doesn’t apply to blockchain and Bitcoin (BTC) technology, nor to other technologies in the industry, including the ones of financial applications based on the blockchain. The crypto community in India was relieved to hear the news that the bill is not going to be considered this winter, with Sohail Merchant, the CEO of India’s crypto exchange Pocketbits, saying that those involved in the crypto space now have more time to protect the industry and to analyze what’s going on. This is what Merchant tweeted:
Draft Bill for Banning of Crypto is not on the Agenda for Parliament Winter Session.
— Sohail Merchant (@inkparadox) November 15, 2019
India’s Intention to Ban Crypto Widely Criticized
Nischal Shetty, the CEO of crypto exchange Wazirx, is also happy the Indian government is not rushing with the bill and that is listening to what people have to say. Many investors in the crypto space have expressed their criticism for the Indian government’s decision. Late in October, billionaire Tim Draper sent a call to Prime Minister Narendra Modi to evaluate the country’s hostility towards crypto. He also said that India would only allow corruption to take place if crypto would be banned in the country. India is among the 5 BRICS nations considering the launch of a new cryptocurrency meant to help settlements between countries that are members take place more easily.