A step forward to introduce the ban on Crypto Bill

India’s crypto regime is still faced with uncertainty as the Draft Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019 (Bill) has yet not been tabled in parliament for more legislative inquiry. However, in a spur to introduce the law, a ‘note’ (an instrument of policy-making which helps in the execution of governance) has been moved by the finance ministry for consultations after which it shall be sent to the cabinet and finally the parliament. If the Bill holds, then it will cost the utmost blow to investors in the crypto market space. The Bill suggests a fine of up to INR 25 crores with a maximum of imprisonment of up to 10 years. The government has always negated the use of cryptocurrencies, citing money laundering concerns. However, cryptocurrencies have the potential of growth and also benefit the economy as can be seen through a multi-jurisdictional approach. Most nations have regulated cryptocurrencies to some extent and some have even drafted separate laws. It is time that India takes a standing towards new technology and embrace what is to come.
The uncertainty in regulation has also caused the growth in crypto markets as without the existence of clear-cut regulations, certain banks have refused to deal in cryptos. If the Bill is passed with the current terms, holding, dealing and mining of crypto would be illegal and cause potential hold out in the blockchain economy.

The uncertainty in regulation has also caused the growth in cryptocurrencies markets as without the existence of clear-cut regulations, certain banks have refused to deal in crypto assets. If the Bill is passed with the current terms, holding, dealing and mining of cryptocurrencies would be illegal and cause potential hold out in the blockchain economy.