{[{item.pair.split("_")[0]}]}

${[{item.price.toLocaleString(undefined, {maximumFractionDigits: 4})}]}

{[{item.change24}]}% Vol {[{ item.volume.toLocaleString(undefined, {maximumFractionDigits: 2}) }]} USDT

+{[{item.change24}]}% Vol {[{ item.volume.toLocaleString(undefined, {maximumFractionDigits: 2}) }]} USDT

Government Committee Increases Pressure to Ban Bitcoin in India

news_img

July 23, 2019 | 

575 Views | 

Darryn Pollock | 

Get Into Cryptocurrency Trading Today

An inter-ministerial committee (IMC) in India has poured cold water on a fresh, optimistic outlook on the future of Bitcoin in the country. The committee, which boasts some high-ranking officials, have suggested banning private cryptocurrencies such as Bitcoin. 

It comes after Anurag Thakur, India's Minister of State for Finance & Corporate Affairs, reaffirmed that Bitcoin remained legal earlier this week and promised that regulations were on their way. Now, however, it could be that these regulations may be a lot stricter than expected. 

The report from the minsters not only suggests outlawing private cryptocurrencies but indicates that the creation of a government-owned digital asset should be the way forward when it comes to cryptocurrencies. 

Hard on cryptocurrencies

The Reserve Bank of India (RBI) has already flexed its muscle in its disapproval of Bitcoin, having blocked its services to any businesses operating with cryptocurrencies. Now with the aid of influential ministers, they are pushing their agenda even further. 

The committee comprises of the Secretary (Economic Affairs) as the chairman, along with the Secretary, ministry of electronics and information technology, SEBI chairman and the deputy governor of the Reserve Bank of India. 

Their suggestion to ban Bitcoin would thus hand them total control of digital currencies in India as the report also begins to outline the introduction of an official digital currency which can be provided the status of a legal tender, regulated by the RBI.

The relevant parties submitted this report along with a draft bill called the 'Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019', which has been listed on the official Department of Economic Affairs website.

A state of confusion

It is a difficult time for cryptocurrency businesses, users, and enthusiasts in India currently. The rumors and reports continue to fly with no official stance being made. One day, a minister states that Bitcoin is legal, then the next a draft bill to ban Bitcoin is put forward. 

India has already seen a massive decline in its operating exchanges, and other cryptocurrency-related businesses as the RBI's strict rules have killed off that side of the emerging economy. 

The ambiguous regulations and rulemaking also make it hard for any business to get a foot in the door should India not decide to put an outright ban on Bitcoin. 

However, what has become more evident is that the RBI and certain Indian officials are not against cryptocurrencies and how they operate; instead, they are not willing to accept a decentralized financial system. The push for banning Bitcoin and then creating an RBI-backed digital currency point towards the intentions of the country's regulators. 

Buy & Sell Cryptocurrency Instantly

Did you like this article?

NEWS

COMMENTS (0)

Manage your own Watchlist

Access all education lessons

Converse with other crypto enthusiasts

Be a part of the Interactive Crypto Community

LIVE RATES

ALL

TRENDING

Total Market Cap The Total Market Capitalization (Market Cap) is an indicator that measures the size of all the cryptocurrencies.It’s the total market value of all the cryptocurrencies' circulating supply: so it’s the total value of all the coins that have been mined.

{[{ marketcap }]} {[{ marketcapchange.toLocaleString(undefined, {maximumFractionDigits:2}) }]}% (24H) {[{ marketcapchange.toLocaleString(undefined, {maximumFractionDigits:2}) }]}% (24H)

Symbol

Price Cryptocurrency prices are volatile, and the prices change all the time. We are collecting all the data from several exchanges to provide the most accurate price available.

24H Cryptocurrency prices are volatile… The 24h % change is the difference between the current price and the price24 hours ago.

Trade

{[{ item.name }]}
   {[{ index + $index}]}     {[{ item.pair.split('_')[0] }]}

Ƀ{[{item.price.toLocaleString(undefined, {maximumFractionDigits: 5}) }]} ${[{item.price.toLocaleString(undefined, {maximumFractionDigits: 5}) }]}

{[{ item.change24.toLocaleString(undefined, {maximumFractionDigits: 2}) }]}%

{[{ item.change24.toLocaleString(undefined, {maximumFractionDigits: 2}) }]}%

TRADE

Showing {[{ showing }]}

Symbol

Price Cryptocurrency prices are volatile, and the prices change all the time. We are collecting allthe data fromseveral exchanges to provide the most accurate price available.

24H Cryptocurrency prices are volatile… The 24h % change is the difference between the current priceand the price24 hours ago.

Trade

{[{ item.name }]}
   {[{ index + $index}]}     {[{ item.pair.split('_')[0] }]}

Ƀ{[{item.price.toLocaleString(undefined, {maximumFractionDigits: 5}) }]} ${[{item.price.toLocaleString(undefined, {maximumFractionDigits: 5}) }]}

{[{ item.change24.toLocaleString(undefined, {maximumFractionDigits: 2}) }]}%

{[{ item.change24.toLocaleString(undefined, {maximumFractionDigits: 2}) }]}%

TRADE

Showing {[{ showing_trend }]}

WHAT'S NEW

NEWS

REVIEWS

BROKERS

WALLET