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India has had a controversial stance towards digital assets. Even though the people are quite in favor of cryptocurrencies, the Indian government is not. According to reports, the authorities in India have planned to continue the crypto crackdown in the country and ban most of the digital currencies by this winter.
However, this is not the first ban bill being witnessed in India against crypto assets. It has been reported that India is most likely to achieve what China has, which is the elimination of decentralized crypto and the promotion of state-controlled CBDC.
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Details About Crypto Ban Bill and Community’s Response to it
The government of India has planned to propose a crypto ban bill for the winter session of parliament. The bill will regulate the cryptocurrency industry and ban most digital assets.
The agenda for the winter session is labeled as, “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021.” This is the second time a crypto-related bill has been listed, however, the first bill was not introduced in the parliament.
As mentioned above, India plans on promoting the use of its central bank digital currency, which will be issued by the Reserve Bank of India.
As per reports:
“The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.”
The Prime Minister of India and the governor of the Reserve Bank of India, both have expressed their concerns and worries regarding digital assets and their adoption.
However, there is quite a commotion among the crypto customer base in the country as well. There are about 1.4 billion people in India, out of which the majority do not have access to any traditional financial services. This is why, digital assets became quite popular in the country, even though the officials do not approve of them.
Therefore, it was expected that the community would react to the ban bill proposed against crypto. Indian citizens, as well as politicians, have had quite the reaction as some believe the government is robbing India of the opportunity to create an ecosystem for “new-age fintech.”
The crypto market in India is massive, as according to reports, there are 15 to 20 million crypto investors in the country. The total crypto holdings in the country sum up to approximately $5.4 billion.
Could India’s Crackdown Benefit Crypto Space?
This is not the first time a crypto crackdown is being witnessed by the crypto space. Earlier this year, China very much had the same approach, which caused the crypto miners to move to other countries that supported crypto.
This led the miners to discover energy-efficient ways to mine crypto, which has been beneficial for the crypto space. However, the impact of India’s crackdown and crypto ban is yet to be seen.
Despite India’s stance, the prices of major digital assets such as BTC and ETH might remain unaffected. Therefore, if you want to invest in crypto, make sure you choose the lowest fee crypto exchange.
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