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Since the Indian government put a cryptocurrency bill into parliamentary attention at an upcoming meeting starting next week, there has been a lot of conversation about whether the government can ban cryptocurrencies such as Bitcoin and Ethereum.
Encryption regulation is returning, but there are conflicts about its content
Indian encryption legislation is coming soon. The Indian government has listed a cryptocurrency bill that will be discussed in Lok Sabha, the lower house of the Indian parliament, for discussion at the winter meeting starting on the working day of November 29.
The bill entitled “Encryption and Supervision of the Official Digital Currency Act of 2021” aims to “prohibit the use of all personal cryptocurrencies in India, however, it allows certain exceptions to promote the underlying technology and uses of cryptocurrencies.”
There have been many conversations about whether the Indian government can ban cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).
The cryptocurrency bill itself has not yet been made public, so the government has not issued any official statements related to the bill. However, some publications and industry insiders are speculating and citing many sources familiar with the matter.
Kumar Gaurav, chief operating officer of crypto banking platform Casaa, wrote on Twitter on Wednesday:
I just made a decision with a few senior officials from the Ministry of Finance [Ministry of Finance]. Not completely prohibited, but the direction is to control encryption according to FATF [Financial Action Task Force] hint.
Gaurav added that cryptocurrencies will become a quality category regulated by the Securities and Exchange Commission of India (SEBI) and may have to force cryptocurrency exchanges to obtain regulatory approvals. “All positive signs,” he wrote.
On Thursday, Avinash Shekhar, the co-CEO of Zebpay, an Indian cryptocurrency exchange, told CNBC’s “Squawk Box Asia”:
I believe we will have some very consistent supervision, but in more difficult aspects.
Shekhar explained: “The government has a lot of positive influence. We tend to meet with parliamentary committees after about {two of us tend to have a period of time… The information or tentacles we receive from the government are that they are trying to find some Quiet regulation-strict regulation, but not the entire ban.”
Tanvi Ratna, Chief Operating Officer of Policyfour.0, commented: “Yes, the government is expected to pass legislation during this session. However, this should not be a complete piece of legislation… It is expected that certain basic coins, such as BTC, can be allowed , ETH, etc.”
However, some media reports stated that the government is participating in banning all cryptocurrencies and only supervising digital currencies issued by financial institutions by the Depository Financial Institution of India (RBI).
Priyanka Chaturvedi, Member of the House of Lords Rajya Sabha, commented on the news that the Indian government will ban cryptocurrencies via Twitter:
If true, this may be a disaster formula that India does not want. Banning all personal cryptocurrencies is to a large extent killing the house-depriving India of the ability to make AN systems for the new era of financial technology.
The Blockchain and Encrypted Assets Committee (BACC) of the Internet and Mobile Association of India (IAMAI) issued a press release stating that “a total ban on cryptocurrencies will encourage non-state participants, leading to more illegal use of such currencies. “
Last week, Indian Prime Minister Narendra Modi (Narendra Modi) urged all democracies to consider using cryptocurrency to “ensure that it does not fall into the wrong hands, which may destroy our youth.” He also hosted. A comprehensive conference on encryption. More importantly, the Financial Committee of the Indian Parliament controls the gathering of representatives of the crypto industry.
Post Prohibited or Not Prohibited: Conflicting reports on cryptocurrency regulation from India First appeared in Bitcoin wire.
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