India ‘Cryptocurrency ban’ Realize soon… “Completely banned after 3-6 months grace period”

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[Blockchain Today Reporter Kim So-yeon] One of the Indian government officials informed about the current situation of the Indian Parliament on the premise of anonymity. According to him, the Indian Parliament will ban crypto assets, and users currently holding cryptocurrencies will be given a grace period of 3-6 months.

In an interview with Bloomberg News, an anonymous informant identified himself as a government official in the Indian Ministry of Finance and mentioned that cryptocurrency will be banned in India, the second largest population in the world after China.

He noted that the Indian Parliament will soon introduce a new law, and if such law is formally enacted, the use of cryptocurrency in India will be banned. It is known that cryptocurrency transactions through foreign exchanges will also be banned.

Currently, a 3-6 month grace period is expected to apply to cryptocurrency holders. Accordingly, cryptocurrency holders must dispose of all cryptocurrencies within 3-6 months from the time the new law is applied.

An anonymous Indian Treasury official said the central bank of India doesn’t support cryptocurrency, and that’s why Indian lawmakers restrict cryptocurrency.

In January 2021, the Indian Parliament mentioned the’official digital currency bill of 2021′ during a discussion on the national budget. The bill mentioned requires a structure to promote the use of digital rupees, the digital currency to be issued by the Central Bank of India RBI, while “the use of all other cryptocurrencies needs to be stopped.”

“The government is waiting anxiously about what decision Congress will make next,” said Stathvik Vishwanath, co-founder and CEO of India’s leading cryptocurrency exchange, in an interview with Bloomberg. If we ban all cryptocurrencies other than banking digital currency, it would not be common sense to continue doing business in India, but it is true that we have nothing else to do other than to wait and watch.”

In April 2018, the Central Bank of India RBI banned cryptocurrency trading, and in March 2020 the Supreme Court of India decided to overturn that decision. The court’s decision was to acknowledge the activities of cryptocurrency companies in India. However, in June 2020, the Indian Ministry of Finance once again proposed legislation banning the use of cryptocurrencies, and the use of cryptocurrencies was again restricted.

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