Certain lawmakers in India are considering presenting a bill that will ban the ownership of cryptocurrencies in the country. This news arrives as the region sees a surge in investment in digital assets.
According to a PRS Legislative Research report, the Cryptocurrency and Regulation of Official Digital Currency Bill proposal from the legislators have been listed for introduction in the Indian Parliament for consideration and passing. Furthermore, this proposal will also seek to facilitate the creation of India’s central bank digital currency or CDBC while placing a ban on private crypto ownership in the country. Although, this bill would also provide certain exceptions for coins that promote the underlying technology of cryptocurrency and its uses.
As of right now, the bill is slated to be presented during the Parliament’s Monsoon Session, which is set to begin on 19th July 2021. Previously, we had reported on the Indian government possibly banning cryptocurrencies and the latest news arrives amid a massive boom of digital assets investment in India. In May 2021 alone, Indians had reportedly invested 6.60 billion US Dollars in cryptocurrencies, marking a 615 percent rise from just 923 million US Dollars from April 2020.
Nirmala Sitharamanm Union Finance Minister stated that a lot of work has been done for the proposed bill, which includes feedback and views from stakeholders. He further added that “The Cabinet note is ready. We have to see when the Cabinet can take it up and consider it so that then we can move it. From our side, I think one or two indications that I have given is that at least for fintech, experiment and pilot projects a window will be available. The Cabinet will have to take a decision.”
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