Indian Government reviews Cryptocurrency: Report

The Indian government is believed to be reviewing the crypto ban and the Ministry of Finance has initiated inter-ministerial consultations. The move is said to have been prompted by the Supreme Court to break the banking ban imposed by the central bank, the Reserve Bank of India (RBI).

India plans for Crypto to be reportedly rekindled

Cryptocurrency ban plans in India are reported back on the table. The Economic Times (ET) reported on Friday that India is seeking to introduce a ban on cryptocurrencies, as the government sees the legal framework to be more effective than a circular from the Reserve Bank of India (RBI) on this problem.

The publication details that A's Note has been transferred (by the Ministry of Finance) for inter-ministerial consultation, he cited a senior government official. The manuscript of the content, which was issued from the Supreme Court of India's decision on March 4, canceled the RBI circular, issued in April 2018, which prohibits financial institutions from providing services to Crypto businesses, including exchanges, the information is described in addition to:

The notes will be sent to the cabinet after consultation and then, to parliament.

This note may be similar to the bill banning cryptocurrencies proposed by an inter-ministerial committee (IMC) headed by former Finance Minister Subhash Chandra Garg.

The Indian government is said to be resuming plans to ban cryptocurrencies. A note is being moved for inter-ministerial consultation. Experts have considered in.
The document, called `` Prohibition of Electronic Money Transfers & Official Digital Currency Regulations 2019, '' was submitted to the Ministry of Finance in February last year and published in July. The violator. The bill was supposed to be introduced in parliament during last winter's session but failed. The Indian cryptocurrency industry has hoped that with the supreme court ruling, the government will reassess the proposal to ban cryptocurrencies.

What will the Indian government do?

The Indian cryptocurrency community is divided by the value of this news. Nischal Shetty, CEO of local cryptocurrency exchange Wazirx, who is behind the #Indiawantscrypto social media campaign, quickly tweeted to respond to the report. He pointed out that notes referenced by the ET and the IMC report sent by the Garg committee are two different things, adding:

I am confident that our PM will not prevent a booming field.

Shetty notes some important points to be considered. Firstly, the plan cited by ET is in fact just a note, he said. Secondly, a committee will need to be set up to carry out and there should be a draft law, he continued, noting that there will be industry consultations before it can turn to parliamentary ratification. People who don't understand innovation will always be seen negatively by people who don't understand it. How does anyone think / talk about banning a technology that can't be technically banned?

Policy CEO 4.0 Tanvi Ratna explained: The consultation process is a long process. If there is agreement to promote this, a parliamentary process will begin. This is the course expected after the February 2019 report was issued, but it has been delayed due to the supreme court case and other priorities. She protested: The [Supreme Court] ruling left open any basis for a legislative ban on cryptocurrencies. If the bill is not passed by Congress, the sentence will not be kept. Now is the time for industry to fully understand the process and constructively engage.

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