Crypto In India Lives Another Day: Possibility Of Immediate Ban Dissipates

Cryptocurrency in India does not face an immediate ban, official documents pertaining to the country's legislative processes show.

What Happened: The Cryptocurrency and Regulation of Official Digital Currency Bill does not appear to be one of the seven bills India's parliament will discuss during the winter session. The government may very well still be considering a ban of all or some cryptocurrencies, but its implementation is unlikely to be immediate.

As Benzinga reported in late November, the bill in question would ban most — but not all — cryptocurrencies by only enforcing its rule against privately-issued cryptocurrencies while establishing the groundwork for state-sponsored digital currencies.

See Also: IS CRYPTO BANNED IN CHINA?

Even if India's parliament fails to discuss the bill, President Ram Nath Kovind may issue an ordinance to fast-track it when the parliament is not in session between December and January. While a bill that may ban cryptocurrencies may be on its way to becoming law in India, the country's Finance Ministry is purportedly considering establishing a legal framework that would treat them closer to commodities than currencies.

Photo by Ewan Kennedy on Unsplash