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Indian Government Works On Creating New Crypto Ban Framework

Stefan by Stefan
05/08/2020
in Regulation
Reading Time: 2 mins read
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A Third Of India’s 115M Crypto Users Are Concerned With Regulations
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The Indian Government works on creating a new crypto regulatory framework that will end up banning crypto overall. Five months after they lifted the ban on digital assets, one official said that they are considering a new law so let’s find out more in the upcoming crypto news today.

One Indian official claimed that two ministries along with the Reserve Bank of India are working on a legal framework to ban cryptocurrencies. According to the reports, the Indian government works on a regulatory framework to ban crypto trading. The site quoted an anonymous official saying that the consultations between the Ministry of Electronics and Information Technology as well as the Ministry of Law and Justice and the Reserve Bank of India started regarding the framework of such a law:

 “Once Parliament resumes for the session, we are hoping to get [the law] ratified. Parliament is expected to reconvene in late August or early September. The official stated that the government was considering banning crypto through legislative change — rather than methods such as the blanket ban from the RBI for banks dealing with crypto firms — because it would be more binding. “It will clearly define the illegality of the trade.”

The Supreme Court of India has previously struck down a blanket ban on the banks that are dealing with crypto businesses which were imposed by the RBI since 2018. The repeal led to a boom in new exchanges across the country. However, the government officials have been floating the idea of launching a new law not allowing cryptocurrencies in the country in place of the RBI ban.

BTC Ban

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Ashish Singhal the founder and CEO of the Indian crypto exchange CoinSwitch, said that the changes that the government will impose a blanket ban on crypto were more likely in 2019 than this year. He said that there was a huge change in the way crypto is seen across India and this is hope for the better. Many parts of India are still facing some restrictions on the movement because of the coronavirus pandemic since the lockdown in March but exchanges are showing strong growth as some of the investors are moving away from traditional assets.

China ban

The India-based exchange CoinDCX had ten times the average number of users signing up in the week after the ban was lifted with a 47% growth for Q1 this year. The trading platform WazirX recorded a monthly growth as well of over 80% in March and April. The United States-based exchange Coinbase entered the Indian market and offered crypto-to-crypto conversions from April.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Tags: ban cryptocurrencyban on cryptobitcoin bancrypto bancrypto regulationcrypto regulatoryIndiaindian governmentnew ban framework
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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