Indian Crypto Industry Reacts as Government Presents Bill to Ban Digital Assets

CRYPTONAIRE LYWEEK

CRYPTO investment journal

Indian Crypto Industry Reacts as Government Presents Bill to Ban Digital Assets

The Indian government has presented new draft legislation that could shut down the crypto sector in the country. While some industry players are preaching calm, the market hasn’t taken the news so well.

Cryptocurrency enthusiasts in India were filled with hope last year as the country seemed to be on the pathway towards accepting digital assets once more.

Sadly, this year has come with a jolt of reality, showing that all the progress of 2020 was essentially fruitless.

Yes to a CBDC, No to Private Cryptos

Earlier this year, the Lok Sabha Bulletin confirmed that the Indian government had introduced a new draft regulation that will see the country ban all private cryptocurrencies in the country. The legislation titled the “Cryptocurrency and Regulation of Official Digital Currency Bill” is set to move to India’s parliament’s lower house in its next session.

The bulletin shows that the Indian government’s approach will be two-pronged. It plans to develop a framework for the creation of a Central Bank Digital Currency (CBDC).

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CRYPTONAIRE LYWEEK

CRYPTO investment journal