{"id":20489,"date":"2021-11-27T14:54:17","date_gmt":"2021-11-27T19:54:17","guid":{"rendered":"http:\/\/worldjusticenews.com\/news\/?p=20489"},"modified":"2021-11-27T14:54:17","modified_gmt":"2021-11-27T19:54:17","slug":"indian-government-set-to-ban-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/worldjusticenews.com\/news\/2021\/11\/27\/indian-government-set-to-ban-cryptocurrencies\/","title":{"rendered":"Indian government set to ban cryptocurrencies"},"content":{"rendered":"
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India is set to go ahead with its plan to ban most cryptocurrencies in the country under a long-awaited bill.<\/b><\/p>\n<\/div>\n<\/div>\n

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Expectations had grown in recent months that the government may soften its view on digital currencies.<\/p>\n<\/div>\n<\/div>\n

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The ban would relate to all private cryptocurrencies with certain exceptions to allow the promotion of the underlying technology and its uses.<\/p>\n<\/div>\n<\/div>\n

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Cryptocurrency prices dropped on Indian exchanges after the decision on the bill’s future was announced.<\/p>\n<\/div>\n<\/div>\n

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Crypto-focused bill<\/h2>\n<\/div>\n
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According to a government bulletin,<\/a>\u00a0the ban is part of the proposed Cryptocurrency and Regulation of Official Digital Currency Bill that will be introduced in its winter session.<\/p>\n<\/div>\n<\/div>\n

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The planned legislation aims “to create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India (RBI)”.<\/p>\n<\/div>\n<\/div>\n

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The plan to prohibit all private cryptocurrencies appeared to be essentially the same as an earlier draft of the bill submitted in January.<\/p>\n

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In recent months it was thought the government may\u00a0soften its stance<\/a>\u00a0on cryptocurrencies, possibly seeking to have them regulated as assets instead of a means of payment.<\/p>\n<\/div>\n<\/div>\n

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While the description of the bill has remained the same, the exact differences have yet to be confirmed because the latest draft is not yet publicly available.<\/p>\n<\/div>\n<\/div>\n

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Market impact<\/h2>\n<\/div>\n
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The value of several digital currencies reportedly dropped following the announcement of the bill.<\/p>\n<\/div>\n<\/div>\n

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Bitcoin fell more than 13% on the Indian exchange site WazirX, while Shiba Inu and Dogecoin both dropped more than 15%.<\/p>\n<\/div>\n<\/div>\n

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However, Glen Goodman, author of The Crypto Trader, told the BBC’s World Business Report radio programme that the global impact was “relatively small”.<\/p>\n<\/div>\n<\/div>\n

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“Even when\u00a0China decided to ban cryptocurrency<\/a>\u00a0– and that was a really big deal – it didn’t completely massacre the crypto markets,” he said.<\/p>\n<\/div>\n<\/div>\n

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\"A<\/span><\/div>
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In September, China’s central bank announced that all transactions of cryptocurrencies were to become illegal (Image: Reuters)<\/div>\n<\/figcaption><\/figure>\n<\/div>\n
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According to a video report by local news publication India Today,\u00a0cryptocurrency trading is likely to continue<\/a>\u00a0under the proposed bill, as long as users buy from exchanges which meet certain requirements.<\/p>\n<\/div>\n<\/div>\n

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The report added that the bill may focus on restricting who is allowed to create cryptocurrencies, with the aim of protecting investors.<\/p>\n<\/div>\n<\/div>\n

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‘Serious concerns’<\/h2>\n<\/div>\n
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According to the CoinDesk website, the RBI, the country’s central bank, is regarded as having conservative views about cryptocurrency.<\/p>\n<\/div>\n<\/div>\n

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In March 2020, India’s supreme court overturned a digital currency trading ban imposed by RBI for two years.<\/p>\n<\/div>\n<\/div>\n

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And last week, RBI governor Shaktikanta Das said the bank had “serious concerns from the point of view of macro-economic and financial stability”, and that blockchain technology can thrive without cryptocurrencies.<\/p>\n<\/div>\n<\/div>\n

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However Mr Goodman pointed to the recent ban in China, and\u00a0El Salvador’s plan to build a Bitcoin city at the base of a volcano<\/a>\u00a0with the cryptocurrency used to fund the project.<\/p>\n<\/div>\n<\/div>\n

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“Governments take very different approaches to how they see it,” he said. “As a threat, an opportunity, or somewhere in-between.”<\/p>\n<\/div>\n<\/div>\n

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Mr Goodman said the Chinese government wants to get rid of all digital currencies except the one it is creating.<\/p>\n<\/div>\n<\/div>\n

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“They want to dominate cryptocurrencies, and it seems to me like the Indian government has got the same idea.<\/p>\n<\/div>\n<\/div>\n

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“They think, ‘well if China is doing it, then so can we’.”<\/p>\n

Source: bbc.co.uk<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

India is set to go ahead with its plan to ban most cryptocurrencies in the country under a long-awaited bill. Expectations had grown in recent months that the government may soften its view on digital […]<\/a><\/div>\n","protected":false},"author":1,"featured_media":19584,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":"","footnotes":""},"categories":[109,2,6],"tags":[4686,236],"class_list":{"0":"post-20489","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-headline","8":"category-news","9":"category-world","10":"tag-cryptocurrency","11":"tag-india","12":"pmpro-has-access"},"_links":{"self":[{"href":"https:\/\/worldjusticenews.com\/news\/wp-json\/wp\/v2\/posts\/20489","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/worldjusticenews.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/worldjusticenews.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/worldjusticenews.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/worldjusticenews.com\/news\/wp-json\/wp\/v2\/comments?post=20489"}],"version-history":[{"count":2,"href":"https:\/\/worldjusticenews.com\/news\/wp-json\/wp\/v2\/posts\/20489\/revisions"}],"predecessor-version":[{"id":20491,"href":"https:\/\/worldjusticenews.com\/news\/wp-json\/wp\/v2\/posts\/20489\/revisions\/20491"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/worldjusticenews.com\/news\/wp-json\/wp\/v2\/media\/19584"}],"wp:attachment":[{"href":"https:\/\/worldjusticenews.com\/news\/wp-json\/wp\/v2\/media?parent=20489"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/worldjusticenews.com\/news\/wp-json\/wp\/v2\/categories?post=20489"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/worldjusticenews.com\/news\/wp-json\/wp\/v2\/tags?post=20489"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}