India’s Rumored Crypto Ban May Be Overblown, Say Industry Pros

Rumors that India might be considering a new ban on crypto may be premature, exchange founders and startup CEOs working in the sector believe. Indian news site The Economic Times created a stir Friday by suggesting that lawmakers in India, where the Supreme Court only overturned a punitive banking ban from the Reserve Bank of India (RBI) four months ago, were planning on slapping a new ban on crypto companies. The story, titled “With a law, India plans lasting ban on crypto,” cited one unnamed “senior government official” who told The Economic Times that, “A note [presumably on crypto] has been moved (by the finance ministry) for inter-ministerial consultations.” The article doesn’t provide any information on what the note could be but says that it was spurred on by the Supreme Court ruling, which allowed crypto exchanges to finally access banking services after nearly two years stuck in the wilderness. They then claim that it could well lean on a previous government draft law, from July 2019, which proposed that all forms of cryptocurrency be banned, with anyone caught holding them facing up a fine and up to 10 years imprisonment.

But is there any substance to this?

Well, the report in question relates to one published by a government panel, chaired by former Economic Affairs Secretary Subhash Chandra Garg. While the report recognizes blockchain technology is an “important new and innovative technology,” it notes, “with serious concern,” that the use of cryptocurrencies in India is “mushrooming” at an alarming rate. Read More...

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