The bill to ban crypto in India, if passed, will put the country opposite to other Asian nations which seem to embrace crypto, albeit with regulations. In contrast, the central government wants to encourage blockchain-based technologies , research, and innovation. Back June, rumours started floating that the finance ministry is undertaking inter-ministerial consultations to ban crypto in India.
Lawmakers set to take the legislative route to ban crypto in India
In 2018, the Reserve Bank of India, the country’s central bank, put a blanket ban on cryptocurrency operations in India. Subsequently, a case was filed by various crypto exchanges in the Supreme Court against the arbitrary order passed by the central bank. After a long legal battle spanning almost two years, the apex court ruled in favor of the crypto exchanges and lifted the ban.
Proposed Crypto Bill in