India’s battle with crypto ban continues: “Digital Rupee” to be only the digital currency


  • A leaked draft of a bill that is proposing a blanket ban on cryptocurrencies.
  • The draft excludes the blockchain and related Distributed Ledger Technologies from the Act.

The Indian cryptocurrency space has no choice but to prepare for the worst following the contents of a leaked draft of a bill that is proposing a blanket ban on cryptocurrencies. The bill titled “Banning of Cryptocurrency & Regulation of Official Digital Currencies,” is in circulation courtesy of a lawyer Varun Sethi. It is essential to note that the authenticity of the draft is yet to be verified.

However, the said draft defines digital currencies as:

“Any information or code or number or token not being part of any Official Digital Currency, generated through cryptographic means or otherwise, providing a digital representation of value.”

And states that:

“No person shall mine, generate, hold, sell, deal in, issue, transfer, dispose of or use Cryptocurrency in the territory of India.

Also Read: Bitcoin market update: BTC/USD rejected at $11,000: the 61.8% Fib level holding ground

Interestingly, the draft goes ahead to propose a central bank-issued digital currency referred to as “Digital Rupee.” Notably, the Reserve Bank of India via past media reports had abandoned plans for issuing the digital version of the rupee. The draft bill refers to the Digital Rupee as “a form of currency issued digitally by the Reserve Bank of India and approved by the Central Government to be legal tender.”

In an interesting turn of events, the draft excludes the blockchain and related Distributed Ledger Technologies from the Act noting that they can be used “for delivery of any financial or other services or for creating value, without involving any use of cryptocurrency for making or receiving payment.”

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin price analysis: BTC/USD jumps on US-China trade war escalation

Bitcoin (BTC) has built up a strong upside momentum during early Asian hours on Monday. The first digital coin has recovered from $9,900 and hit $10,665 high in a matter of hours amid strong bullish sentiments and growing trading volumes.

More Bitcoin News

The cryptocurrency market update: Bitcoin and major altcoins recover from Sunday’s sell-off

The cryptocurrency market is recovering down during early Asian hours with Bitcoin and the vast majority of altcoins navigating the green zone. The total market capitalization has settled at $268.9 billion

More Cryptocurrencies News

ETH/USD recovers from Sunday's lows, upside momentum fades away

A move above $195.80 is needed to mitigate the bearish pressure. The significant support is created by a confluence of technical indicators below $186.00.

More Ethereum News

Ripple technical analysis: XRP/USD sustained uptrend hints breakout above $0.3

Ripple price is lethargic under $0.28 short-term hurdle but $0.27 is a credible support area in the short-term. Despite the visible declines in the short timeframe charts, XRP/USD has sustained an uptrend from August lows close to $0.24.

More Ripple News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Safe-haven or a high-yield asset? Bitcoin qualifies for both

The cryptocurrency market has been a mixed picture this week. Bitcoin attempted to settle above $12,000 practically every single day of the week...

Read the weekly forecast

BTC

ETH

XRP