Is the Government of India Coming Up With A Bill To Ban Cryptocurrencies?

For the past two days, there has been a lot of talk about cryptocurrency in India. After the talk of a ban on cryptocurrency came to light, there has been a massive decline in all cryptocurrencies. All cryptos including bitcoin took a plunge on Indian crypto exchanges on Wednesday.

 

Investors of crypto or digital currency got a big shock on Wednesday as the Government of India is planning to ban private cryptocurrency in the winter session of Parliament commencing from November 29, the government will introduce the Bill on Cryptocurrency with some exceptions. However, there is no clarity in the document on what exceptions the government is talking about. This news is for those people of India who have invested in some of the other cryptocurrencies.

There is no official information available about how many people have invested in cryptocurrencies. According to a report, 15 million - 20 million people have invested in cryptocurrencies in India. All of them have a crypto holding of approximately Rs 40,000 crore.

After the crypto ban in India, investors will be left with two primary options. Investors can sell their currency or they can keep the crypto assets in the wallet of the currency exchange. Those people who want to keep digital currency even after the ban can keep their crypto assets in self-custody wallets.

Recently, while participating virtually in the Sydney Dialogue, Prime Minister of India Narendra Modi had said that the democratic countries of the whole world should ensure that this new age digital currency does not fall into the wrong hands. PM Modi had said that Cryptocurrency can ruin our youth.

There have been rumors from people associated with the government that there is no talk of banning cryptocurrency in the Crypto Bill 2021. So, let's wait for what will happen in the winter session of Parliament commencing from November 29.

Writer - Sahil Madaan

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