- The proposed deal is will double down on those holding, mining, buying or selling digital assets.
- The new draft proposes the introduction of an official cryptocurrency, The ‘Digital Rupee.’
The cryptocurrency space in India is headed for the worst if a proposed draft bill on Banning Cryptocurrencies and Regulation of Official Digital Currency Bill, 2019 passes into law. As per a report by Bloomberg Quint, the proposed deal is will double down on those holding, mining, buying or selling digital assets.
The introduction of such a bill in an already volatile crypto space only squashes the hopes of ever having regulations in India. The crypto industry in the country has been struggling for more than a year now since banking support was removed by the Reserve Bank of India (RBI). Several cryptocurrency exchanges have closed doors with all of them citing tight regulations and lack of banking support.
The bill has been developed in the leadership of the Economic Affairs Secretary Subhash Chandra Garg. The panel comprises of several members of Securities and Exchange Board of India (SEBI), several representatives from the countries investigative agencies and the Central Board of Direct Taxes (CBDT).
“If any conduct is punishable under any other law, this Act will be in addition to, and not in derogation of such law,” as quoted from the draft.
Although the draft support complete banning of cryptocurrencies, it proposes the introduction of an official digital currency for the Indian government. The digital asset likely to be named the ‘Digital Rupee’ will be introduced only after consulting the central board of the Reserve Bank of India (RBI).
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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.