The plight of the crypto community in India doesn’t seem to end any time soon, as fresh media reports have emerged stating that the government is working to ban crypto trade in the country. The reports claim that the Government of India (GOI) is working on a law to implement the ban, and without the law, banning wouldn’t be as effective.
Crypto Kanoon, a popular crypto media platform said in a tweet that the government of India will introduce a bill in the upcoming parliamentary session, and the idea is to make crypto trading illegal in the country.
News of Crypto ban in 🇮🇳 reappears!
Summary of the news:
👉Govt. intends to ban Crypto trading with a law.
👉The idea is to declare the Crypto trading as illegal.
👉Govt. wants to introduce a bill in the upcoming session of the parliament.https://t.co/OXSPwHcNqo
— Crypto Kanoon (@cryptokanoon) August 4, 2020
Reacting to the reports, premier Indian crypto influencer and co-founder of Crypto Kanoon, Kashif Raza said that this was expected and there’s nothing new in the latest reports. He mentioned an RTI they filed which revealed that a cabinet note (similar to a proposal) has been forwarded for Inter-Ministerial Consultation (IMC), and once the consultation is complete, it would be presented as a form of Bill in the Lok Sabha.
The cabinet note forwarded for IMC is based on the SC Garg Committee report submitted in February 2019, which proposed a ban on crypto trading. However, Kashif added that the ministries will have to check whether the proposed law can be enforced or not.
.@moneycontrolcom talks about #Crypto trading ban in India.#2minutekibaat pic.twitter.com/uevhAy6qkM
— Crypto Kanoon (@cryptokanoon) August 4, 2020
The journey of the Indian crypto industry has been quite rocky as it has always had to clash with the authorities to survive and progress. Prior to this proposal to ban crypto trading and make it illegal, the Reserve Bank of India had imposed a restriction on commercial banks in April 2018, which disallowed them from serving crypto businesses. However, the Supreme Court of India lifted the ban earlier this year, and it seemed that the difficult period had passed away. Unfortunately, the recent events have again made the community anxious and if the reports turn out to be true, it could be devastating for the industry.
