• In India, a new bill has been introduced that would regulate, rather than ban, cryptocurrency

  • The Battle for Cryptocurrency in India Continues

    The announcement was made by Finance Minister Nirmala Sitharaman, who stated on Monday morning:

    The Cabinet note on the cryptocurrency bill is complete. I’m waiting for the cabinet to clear that.

    The conflict between India and cryptocurrency has raged for several years. Things eventually started in 2018 when the country decided to deny all crypto and blockchain businesses access to standard services and tools provided by financial institutions. In other words, they couldn’t have bank accounts or anything else that a “normal” company would have. As a result, while cryptocurrency itself was not banned, as many media outlets reported, these businesses were certainly facing difficulties.

    The ban was lifted two years later after the Supreme Court of India ruled that the measure was unconstitutional. It wasn’t long before cryptocurrency activity in India skyrocketed. Many believed that the Asian country would potentially become the newest crypto haven, with everyone in the country going crypto crazy, and things did go that way for a while…

    However, many sources have claimed in the last year that India is considering outright prohibiting cryptocurrency activity. It was not satisfied with simply prohibiting cryptocurrency companies from obtaining the tools and services they required to stay in business. Rather, no one could trade, no one could own an online wallet, no one could engage in any kind of crypto-related activity, and anyone who did would face financial penalties and possible prison time.

    Many people, from traders to analysts to financial heads in the crypto space, laughed at this idea. They believed that cryptocurrency was the way of the future and that any country that ignored this fact risked falling behind. This included India, and there were several arguments that the country was potentially making a huge mistake by outright prohibiting cryptocurrencies.

    Some Doors Will Be Unlocked

    But then things started to change again, and it appeared that the country was suddenly open to regulating cryptocurrency rather than outright prohibiting it. The concept is that people can enjoy the benefits and pleasures of cryptocurrency if they do so in a safe and controlled environment. Now, it appears that the country is moving in that direction, as a bill has been prepared that would allow India to implement specific rules and regulations regarding crypto trading activities.

    In the past, Sitharaman has stated that India does not intend to close all crypto doors within its borders, and that pathways will be established to allow companies and individuals to both work and play in the crypto space.

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