Cryptocurrency Bill: Killing The Messenger?
The Cryptocurrency and Regulation of Official Digital Currency Bill of 2021 is slated to be introduced in the budget session of the Parliament
Wednesday February 17, 2021 7:38 PM, Srinath Sridharan and Shashidhar KJ, IANS
The Indian government is planning to
ban all operations of cryptocurrencies in the country, except for a state-backed digital currency. The ban will be operationalised with a new law coming to effect. The Cryptocurrency and Regulation of Official Digital Currency Bill of 2021 is slated to be introduced in the budget session of the Parliament. In context of evolving digital finance globally, the Government of India should reconsider its thinking about these new financial systems that are being developed.
The groundwork for a ban on cryptocurrencies may have been unwittingly laid several years ago when the government launched its Jan Dhan-Aadhaar-Mobile trinity in the early years of the first Modi government.
ETtech Morning Dispatch on Feb 15, 2021: India at crypto crossroads
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With a ban on all cryptocurrencies on the horizon, we take a (very brief) look at the history of the crypto phenomenon in
India to understand how we arrived at our present circumstance. We also speak to crypto exchanges and investors about their plans in case of a blanket ban, which would cut India off from what is now a $214 billion global market, not to mention numerous other benefits that access to the technology would bring.
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Blockchain experts rushed to regulated countries like Switzerland, Singapore, Estonia and the US, and an outright ban will have a similar effect, according to Mathew Chacko, partner at Spice Route Legal. He said blockchain innovation, which has a role to play in governance, data economy and energy, will come to a grinding halt in India.
“For any innovative company to take advantage of blockchain the way they will do it is to use crypto assets to finance the growth of the blockchain company and if you ban that, it’s like you are permitting electric vehicles, but not funding it,” Chacko said.
IAMAI opposes ban on Crypto Currency in India
Fiat digital currency serves a totally different purpose than the other crypto currencies in India and both of them can co-exist
Monday February 15, 2021 3:07 PM, IANS
Mumbai: With the government planning to introduce an official digital currency, industry body Internet and Mobile Association of India (IAMAI) on Monday said that the move need not necessarily lead to a ban on other crypto assets.
Fiat digital currency serves a totally different purpose than the other crypto currencies in India and both of them can co-exist, IAMAI said.
The possibility of a ban on private cryptocurrencies was raised in some quarters after the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 was listed on the agenda for the Budget session of Parliament.