India is looking to ban most crypto assets when it introduces a new bill to regulate the industry this coming winter.
The agenda for the session lists “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021.” The bill also addresses the framework for the official central bank digital currency that will be issued by the Reserve Bank of India.
India is now following in the footsteps of China in attempting to eradicate the use of decentralized crypto assets in favor of its own state-controlled CBDC.
If true, this is a recipe for disaster India doesn’t need. Banning ALL private crypto currencies is basically killing the space- robbing India of creating an ecosystem for new age FinTech. Anyway, expecting any better from GoI was wishful thinking. https://t.co/6hYt2I4LxT
— Priyanka Chaturvedi🇮🇳 (@priyankac19) November 23, 2021
Founder and CEO of India’s leading crypto exchange WazirX, Nischal Shetty, looked on the brighter side stating “there will be speculation on both sides,” before adding “the good thing is more people within Government are aware of how crypto works.”
Crypto Criticism From The Top
The office of the Prime Minister, Narendra Modi, tweeted this rather obscure crypto critique on Nov. 18.
“Take crypto-currency or Bitcoin for example. It is important that all democratic nations work together on this and ensure it does not end up in wrong hands, which can spoil our youth.”
Meanwhile, Reserve Bank of India governor Shaktikanta Das has continued to express his worries stating, “when the central bank says that we have serious concerns from the point of view of macroeconomic and financial stability, there are far deeper issues involved,” at a recent event.
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