Experts are divided about how far India’s ban on ‘private cryptography’ will go

According to documents previously released by the Indian government, any cryptocurrency not issued by it is considered private and could therefore be banned.
An Indian crypto expert cited government documents from 2019 to suggest that the proposed ban against all “private cryptocurrency” could cover just about any crypto. This week, the Indian government announced that it would introduce the Cryptocurrency and Regulation of Official Digital Currency Bill 2021 at the Winter Session. He said: “In the 2019 Department of Economic Affairs report on cryptocurrency, they essentially said that everything that is non-sovereign is designated as a private cryptocurrency.” “And by that logic, it means that Bitcoin and Ethereum will come into that definition,” he said. He stated that the 2019 Department of Economic Affairs report on crypto essentially stated that all non-sovereign currencies are designated as private cryptocurrency. “And that logic means that Bitcoin and Ethereum will be included in that definition.” He also said that anything issued by the government is public, and that anything issued by private players is public. Some people interpreted private cryptocurrencies as Monero, ZCash and others. It’s not true. They can refer to all of them. https://t.co/Bx4dyX5M0u– ciaran.eth (@C1aranMurray) November 24, 2021

He said that Nirmala Sitaraman, Shri Narendra Modi, and many prominent and sane politicians have repeatedly stated that crypto cannot be regulated but not banned. Also, there is no clear definition of what constitutes a private crypto. He said that Nirmala Sitaraman and Shri Narendra Modi, as well as the Finance Ministry, had repeatedly stated that there would not be a blanket ban. This is a way to kill the entire space. Related: India will reduce GST on crypto exchange fees from 18% – 1%. The market reacted strongly to the news that a ban was possible. Prices on WazirX in India plummeted on Wednesday morning at 3:00 AM UTC as users scrambled for their crypto holdings. The panic selling event caused a double-digit depreciation in the Bitcoin (BTC), Ether(ETH) and Cardano ($ADA) prices. Narendra Modi, the Indian Prime Minister, called on all democratic countries to cooperate to regulate cryptocurrency, particularly Bitcoin, “to ensure it doesn’t end up in wrong hands which could spoil our youth.”

Relevant news

Leave a Reply