Bitcoin in India could be banned again in crackdown on cryptocurrencies

Personal cryptocurrencies like Bitcoin may be prohibited in India based on new government laws.

Legislative schedule listed from the Government of India at the ongoing Budget session demonstrates that it intends to introduce a legislation to prohibit the purchase and possession of personal cryptocurrencies.

Dubbed’The Cryptocurrency and Legislation of Official Digital Currency Bill, 2021′ the charge’attempts to prohibit all personal cryptocurrencies from India’ based on some bulletin printed on the site of its own Lower House.

This is not the first time India has proceeded to prohibit crypto. The diktat was later chased by India’s Supreme Court, which enabled banks to procedure cryptocurrency trades from traders and exchanges.

Back in 2019an inter-ministerial committee setup by the authorities on crypto again suggested to prohibit them through a 2019 draft invoice which seeked to impose penalties and fines on people and trades that lasted managing crypto. This charge, which was put in the public domain called on the authorities to consider starting an official electronic money.

Governments all around the world happen to be looking into methods to govern cryptocurrencies, but nobody has taken the extreme step of putting a blanket ban owning them.

Exchanges in the nation meanwhile need the Government to interact with them and consider their own view board before steamrolling ahead with the laws.

‘We’re talking about some other stakeholders and will surely initiate deeper conversation with the authorities and reveal how we could really produce a healthy ecosystem in unison,’ explained Sumit Gupta, co-founder and chief executive director of CoinDCX,a cryptocurrency market in India.