- 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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin likely to remain in red through the next quarter if history is any indication
Bitcoin (BTC) price produced a monthly close at $27,210, noting a -6.92% return for May. The last-minute slide in BTC put an end to the four-month bullish streak that kickstarted the 2023 rally.
Ethereum vs. SEC: Implications of Wahis’ insider trading settlement on ETH
Ethereum (ETH) is the subject of a new controversy, with the second-largest crypto finding itself in the rut after the United States Securities and Exchange Commission (SEC) settled its insider trading case against the Wahi brothers.
Justin Sun’s TRON hits all-time high of 10.9M daily transactions, braving crypto winter
Justin Sun, the founder of TRON – one of the largest decentralized blockchain DAO ecosystems in crypto – shared a new milestone for the token on Thursday. TRON processed 10.9 million in daily transactions, hitting a record high.
Ethereum fees decline by 70% from 2023 highs as top DeFi protocols lose users
Ethereum is currently facing trouble in the spot market due to the broader market bearishness as well as investors' skepticism. But while the spot market only recently took a turn for the worse, the DeFi space has been only negative for a long time.
Bitcoin: BTC delays inevitable crash to $25,000
Bitcoin price is delaying a crash that has been brewing for roughly two weeks. A failure to push higher could result in a steep correction next week. The troubling macroeconomic conditions could be key in catalyzing and trigger a nosedive for BTC holders.