India to consider banning private ownership in cryptocurrency amid rapid growth in digital asset investments: report

Indian lawmakers are reportedly preparing to introduce a cryptocurrency bill that would ban ownership of private digital assets in the country. 

According to the research of PRS legislation, the activities of the non-profit organization, namely the Parliament of India, are listed for the regulation, adoption and adoption of the proposed crypto domain and the official digital currency bill.

The proposal aims to encourage the creation of the Reserve Bank of India’s (CBDC) digital currency and ban private ownership of the cryptocurrency in the country. However, it provides exceptions for coins that promote the core technology and use of cryptocurrency.

The bill could be submitted during the Monsoon Session of parliament, which begins on July 19.

The potential approach of the bill, which focuses on cryptocurrency, stems from a large increase in investments in digital assets in India. April May, Indians invested $ 6.60 billion in cryptocurrencies, up only 615% from $ 923 million in April 2020, according to CNBC-TV18.

Unions Finance Minister Nirmala Sitaraman said much work had been done on the proposed law, including gathering feedback and opinions from stakeholders, according to Hindu reports.

“The Cabinet letter is ready. We need to look at when the office can record this and think about it so we can reschedule it.

For me, I think I’ve given a sign or two that at least a window will be available for fintech, experiments and pilot projects. The cabinet will have to make a decision.”

In March, Sitaraman stated that the Indian government planned to take a more neutral stance on crypto.

“A very confirmed position will be occupied. There are many conflicting messages coming from around the world. I don’t think it’s a complete “go this way” or a complete “go this way”in this case. We have to take a definite position. The world is evolving rapidly with technology, and we can’t pretend that we don’t want it…

We clozi we’re not.

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