India plans to introduce law to ban Bitcoin, other private cryptocurrencies

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India plans to introduce a law to ban private cryptocurrencies such as bitcoin in the country and provide a framework for the creation of an official digital currency during the current budget session of parliament.
In the agenda (PDF) published on the lower house website, the legislation seeks to “prohibit all private cryptocurrencies in India,” but allow “for certain exceptions to promote the underlying technology [blockchain] of cryptocurrency and its uses.”
The law also seeks to “create a facilitative framework for creation of the official digital currency” that will be issued by the nation’s central bank, Reserve Bank of India, the agenda said.
In 2018, an Indian government panel recommended banning all private cryptocurrencies and proposed up to 10 years of jail time for offenders. The panel also suggested the government to explore a digital version of the fiat currency and ways to implement it.
At the time, RBI said the move was necessary to curb “ring-fencing” of the country’s financial system. It had also argued that Bitcoin and other cryptocurrencies cannot be treated as currencies as they are not made of metal or exist in physical form, nor were they stamped by the government. The 2018 notice from the central bank sent a panic to several local startups and companies offering services to trade in cryptocurrency. Nearly all of them have either since closed shop, or pivoted to serve other markets.
This proposal was challenged by several exchanges and traders, who filed a lawsuit in the Supreme Court. The nation’s apex court ruled in their favor last year. This ruling was seen as “historic” but it did not impact the earlier circular on the policy level.
“Since the government is considering introducing the bill during this session of Parliament, we are sure the government will definitely listen to all the stakeholders before taking any decision,” said Sumit Gupta, co-founder and chief executive of CoinDCX,a cryptocurrency exchange in India.
“We are talking to other stakeholders and will definitely initiate deeper dialogue with the government and showcase how we can actually create a healthy ecosystem in unison,” he said.

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[2.167]

thats gay

away, only contact me over cio.

[1.238]

mere nat ko chooso

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Wtf no way

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I'm not sure that's actually a good idea, and I hope that in the end, they won't ban Bitcoin because it has a bright future. In general, this technology has a high potential, and since I'm running a startup myself, I'm thinking about taking it onto the Elrond blockchain, and specialists from Bhero can help me with that, and I feel like I won't regret it.

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I think it has no sence

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This shows the ambiguous position of the government.

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First of all, all the prohibitions, discrediting of decentralized Blockchain projects and cryptocurrencies are connected precisely with the advantage of these systems. It is simply unprofitable for politicians to use these technologies en masse, as this will directly interfere with their habitual lifestyle and partially or completely knock power out of their hands. For example, why would the state need some new Blockchain developments based on smart contracts, a self-regulating economy that can grow and develop itself due to supply/demand in the market, if it is possible to centrally, using its own selfish interest, make all decisions and additionally replenish the state treasury? The answer is obvious. There is also a high risk of fraud on a large scale associated with cryptocurrencies. I consulted with the Criminal Attorney in New Brunswick NJ before the upcoming court hearing and he confirmed it to me.