Indian Government to Introduce Digital Rupee While Banning Private Cryptocurrencies

Indian Government to Introduce Digital Rupee

November 24, 2021

Reading Time: 2 minutes

The government of India has placed banning of private cryptocurrencies among the agendas to be discussed in the parliament’s winter session. The ban will effect as the country introduces its own digital rupee.

A report on the Lok Sabha website revealed that India’s crypto ban will only be for certain coins. The parliament of India still wants to allow for the cryptocurrency ecosystem to grow in the country. Therefore, this will not be a blanket ban.

Indian Government Seeking Middle Ground on Crypto Law

According to the government of India, it will conduct a “middle-of-the-road” approach to the Cabinet-approved bill on cryptocurrencies. The winter session of parliament will last from November 29, 2021, to December 23, 2021.

According to reports, the standing finance committee arrived at the decision. Furthermore, a prominent parliamentarian reportedly met with parties from crypto exchanges, the Blockchain, and Crypto Assets Council together with other stakeholders.

The meeting allegedly took place on November 16, 2021, intending to find a middle ground for crypto regulation. It seems that the compromise arrived at is the ban of private cryptocurrencies.

In March 2020, the supreme court of India overruled a decision by the central bank that has imposed a blanket ban on crypto businesses for two years. After the lift, the government of India has been looking for ways to allow the operation of digital coins with some kind of regulation.

Which Private Coins Will Make India’s Crypto Ban?

In February this year, the lower house of India’s bicameral parliament Lok Sabha planned to introduce a similar bill to the one set for the winter session. The bill was proposing digital coins issued by India’s central bank but was never tabled.

Some of the fundamentals to be discussed include the taxation of crypto earnings. Moreover, there is also a proposal for the classification of cryptocurrencies as investment assets.

The community is waiting to see which coins will make up India’s crypto ban. However, major digital coins like Bitcoin are unfazed by the news as they do not meet the description of private cryptocurrencies at all.

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