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Indian Government plans to ban the use of “private” Cryptocurrency

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Indian Government plans to ban the use of "private" Cryptocurrency

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The Indian government tabled a bill banning the use of private crypto assets and announced its decision to issue digital currencies backed by their legal currency, the rupee.

Indian Government proposal to ban cryptocurrency

In the bill, the Indian government stated that only “specific exemptions” are allowed to promote the underlying technology of cryptocurrencies.

India’s cryptocurrency industry has no regulation whatsoever as authorities pay little attention to regulating the industry. On the contrary, they are proposing a complete ban on cryptocurrency.

This won’t be the first time the Indian government has taken drastic action against the crypto market. Recall that the Reserve Bank of India previously put a crypto ban and ordered the country’s banks not to provide services to any crypto exchanges or traders.

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However, the country’s Supreme Court lifted the encryption ban, which led to a surge in the number of investors in the industry. The bank’s decision to launch a Central Bank Digital Currency (CBDC) project could spur current proposals.

Indian “private” cryptocurrency controversy

It can take a long time for the new bill to be approved by the authorities. However, a controversial area of ​​the bill is the definition of “private” which is vague at best.

Crypto currencies like “Bitcoin” and “Ethereum” run on a decentralized public blockchain. This means that the ledger is public and anyone can review transactions and still get the node running.

It is not clear whether the crypto ban covers these encrypted assets, but this can be challenged in public courts in order to properly understand the importance of the authorities.

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