Update on Indian Cryptocurrency Ban: February 14, 2021

The Indian government is moving forward with the crypto bill
  • Few news-outlets have shared updates on the Indian cryptocurrency ban 
  • All the news-outlets have cited the sources of the information were anonymous
  • Before the ban, the government is expected to provide an exit window to liquidate holdings
  • The entire crypto industry is waiting for an official announcement by the government

Indian cryptocurrency bill is being carried forward by the government of the nation. A senior official from the Indian Ministry of Finance has explained the bill’s discussions and the impending legislation. BloombergQuint had shared the updates of the bill on Friday. On the other hand, CNBC-TV18 had also shared an update regarding the crypto bill on the same date. Additionally, it is observed that both the news-outlets have cited anonymous sources.

Updates on Indian cryptocurrency bill by anonymous sources

According to the updates shared by BloombergQuint, the country is planning to put a complete ban on investing in cryptos. Indeed, the existing investors will be receiving a transition period to sell their holdings because any currency not issued by the Reserve Bank of India (RBI) is not a fiat currency. Indeed, the report would be including a ban on transacting directly via foreign exchanges. However, the ban on digital currencies will not be imposed overnight. Instead, the government will be offering a transition period of six months to the existing investors to liquidate their holdings.

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According to the updates shared by CNBC-TV18, it is expected that the Indian government is discussing rules on the country’s virtual currency framework. It is expected that the government will soon spell out the modalities. Additionally, on Tuesday, the report stated that Nirmala Sitharaman, the Indian Finance Minister, has recommended that all private cryptocurrencies except the state-issued digital currencies should be prohibited in the nation.

India is waiting for a signal from the government

Many in the Indian cryptocurrency industry aren’t ready to believe any such news shared by anonymous sources. In the past several times, the industry has experienced such news, but there has yet to be an official announcement. According to few cryptocurrency influencers in the nations, individuals should wait instead of speculating until the actual bill gets disclosed or the government announces something officially.

However, to protect the country’s crypto industry, the community has begun the #IndiaWantsCrypto campaign. The Indian cryptocurrency industry is willing that the government should regulate virtual currency instead of imposing an outright ban. Some reports conclude that the government is planning to fast track the bill. Since the beginning of this month, the government has clarified its position on cryptocurrency and blockchain. Later on, the government explained that the bill is about to finalize. Indeed, the Finance Minister herself has explained the answer to the remaining question for legislation of cryptos.

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Ahtesham Anishttp://www.thecoinrepublic.com
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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