India targets Bitcoin and crypto again in latest wave of ban

According to the local news source, NDTV, India could ban all major crypto assets when it introduces the new Cryptocurrency and Official Digital Currency Regulation Bill, 2021 ″ this winter. The government is also exploring the possibility of issuing a digital currency backed by the Reserve Bank of India.

“The Invoice Also seeks to ban all private cryptocurrencies in India, however, it allows certain exceptions to promote the underlying technology of the cryptocurrency and its uses.

India banning crypto sparks community backlash.

Based on data from Reuters, India is home to around 15-20 million crypto investors in India, with a total crypto holding of $ 400 billion. News of the government banning major crypto assets prompted the crypto community to take action on Twitter, where dedicated crypto supporters sharply criticized the government’s stance on banning crypto activity in the country.

If this is true, it is a recipe for disaster that India does not need. Banning ALL private cryptocurrencies is essentially killing space-stealing India by creating an ecosystem for new age FinTechs. Either way, expecting better from GoI was wishful thinking. https://t.co/6hYt2I4LxT

– Priyanka Chaturvedi🇮🇳 (@ priyankac19) 23 November 2021

Concerns About Cryptocurrency Trading In India

Recently, the Indian Prime Minister has urged nations to ensure that cryptocurrency is not used to promote illegal activities that could result in ‘spoiling one’s youth’.

“Take for example cryptocurrency (sic) or Bitcoin. All democratic nations must work together on this and ensure that it does not fall into the wrong hands which can spoil our youth. As PM Modi said on November 18th.

At the same time, India’s central bank has also expressed concerns about misleading Ads that actively promote false returns on cryptocurrency investments. Additionally, officials further state that the cryptocurrency trade could lead to an increase in money laundering problems which can pose a threat to Indian financial infrastructure.