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India is set to ban private cryptocurrencies; plans its own digital currency

November 25, 2021
government

The new bill is on the agenda of the government for the winter session starting November 29

The Indian government is planning to ban all private cryptocurrencies in the proposed cryptocurrency bill to be tabled in the upcoming Winter Session of the Parliament, according financial website moneycontrol.com.

'No person shall mine, buy, generate, hold, sell, deal in, issue, transfer, dispose of or use cryptocurrency, the bill proposes,' the website reported citing sources.

Currently, there is no regulatory framework to protect cryptocurrency investors in the country. The new bill is on the agenda of the government for the winter session starting November 29 and will aim at prohibiting private cryptocurrencies while providing a framework for the creation of an official digital currency by the central bank of India.

According to CNBC Awaaz, the bill also has the provision of exit for those holding private cryptocurrency within the stipulated time frame.

The Bill has also decided a definition of cryptocurrency. Any information such as code, number, taken that promises a price will be considered Cryptocurrency, moneycontrol reported citing sources.

Crypto investors are still hopeful that the government may not apply a blanket ban on cryptocurrencies in the country. Investors are of the opinion that it could be recognised as an asset like stocks or gold and a tax on capital gains can be imposed on profits made after selling cryptocurrencies.

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