The crypto scene in India is currently facing too many possible outcomes. As the government of India plans to ban most crypto and regulate this digital currency, multiple possibilities for the future may also indicate legal troubles. To know more about the situation in-depth, please read this article down below.
A recent proposition indicates a possibility that can ban the use of crypto as a method for inducting payments in India. This also follows up with the subject of arrest for those personalities that infringe this law. Such an arrest will likely be without any warrant and will be held without bail. This news was sourced by Reuters and summarizes this proposed bill.
India and it’s Crypto Situation
The current Indian Central government under Prime Minister Narendra Modi is making its move to regulate the wide market of crypto in the country. Such a move was performed recently by their neighboring country China, which had posed a huge crackdown on its wide chain of crypto businesses.
The new Proposed Bill
This new bill takes the overall aspect of the preceding decisions and overwrites them with legal flags to tone down and move it under daily regulation. The summarized version of the bill states ‘general prohibition’ on any or all activities of cryptocurrencies, including mining, selling, holding, generating, and dealing, by any individual as the prime ‘medium of exchange, store of value and a unit of account’.
If any individual is found to flout any of this prohibition, then they will be held accountable via legal proceedings, along with arrest without any warrant as a non-bailable offence.
This news is however in the media through layers as the original speaker was not allowed to speak with the media personally. The speaker is also unknown as they declined to be identified. The legitimacy of this news still remains somewhat a mystery as the Finance Ministry hasn’t responded to further evaluation on this specific matter.
The current situation
It has generally made world news as the Indian central government’s prime aims for crypto in the country. The government had talked about blockchain technology and acknowledged its presence. Their plan is to promote this technology in the country. This new proposed bill might possibly deal a blow to its use as a non-fungible token market in India.
Anirudh Rastogi, the founder of the law firm Ikigai Law, has gone on to say that the condition in which payments are not allowed at all with no exception to transaction fees will lead to a halt in the development of blockchain and NFT sectors.
How might this affect the world market
As the Indian Central government plans to regulate the sector by banning most cryptocurrencies and not letting them be used as legal tender, had taken a toll on the world market. As the market remains under a total frenzy and investors across the world faces major losses, a lot depends on what major countries like India will take upon this sector.
The growing advertisements in India and a possible rise in prices for crypto surged several investors in the country as of now. there are about 20 million crypto investors in India with an estimated value of about $6 billion, or INR 450 billion. This new bill may also suggest self-custodial wallets be likely banned in the process. The Securities and Exchange Board of India (SEBI) will still be the prime regulator for the asset in the Country.
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