Authorities in India were reported to be planning a release of a new legal bill that will ban all private crypto assets in the country. The bill is expected to be integrated sometime in the forthcoming winter parliamentary session.
The 26th of November is the closest session of the parliament, and it is expected that more talks will be discussed then about the bill. The bulletin listing reveals some crucial comments surrounding the legislation, including the main reasoning for the ban of private crypto to be the planned introduction of a central bank digital currency (CBDC).
The governmental stance on crypto is very ambiguous as of this moment, and numerous mixed reports keep popping up. Many authorities suggest that crypo-based assets should only be prohibited from use as payment methods, while other experts wish for a full ban, or no ban at all.
India might just be the biggest market in the world for cryptocurrencies, with the largest global crypto investing population, many reports suggest. Even though digital coins are not regulated in India, banks can still work with crypto companies- a verdict of the apex court, the government is still downright hostile towards all crypto-related activities. With the new approaching ban, it seems that the government’s stance is finally taking form.