The Indian Central Government is set to present the Cryptocurrency and Regulation of Official Digital Currency Bill 2021. This has raised concern and sparked rumors of a possible Crypto ban. The fact that there were other speculations in the past does not help the matter. However, before fullblown panic begins, some sources also comment that the government will not conduct a complete crackdown, but will probably set up restrictions.
One of the reasons, the Indian Government, cannot just simply banish cryptocurrencies all together is the decentralization of Cryptocurrencies. However, they may be eyeing restrictions over crypto trading in and its use as a means of exchange or payments as feasible areas for their restrictions. Just to give perspective on the Crypto adoption and use in various countries, Turkey tried to ban crypto but the out-of-control inflation rates meant their population actively sought and used it. In Nigeria, the government cracked down my banning and closing accounts of those with Cryptocurrencies and Nigerians simply opted for Peer-to-Peer payments. As of May 2021, Nigeria is the second largest Bitcoin user nation in the world with about $2.4 Billion in trade. South Korea, enforced these 2 measures: banning ICOs and obliging holders to link bank accounts to Crypto exchanges. The second measure has been really difficult to implement, especially from the side of Crypto Exchanges now considereing to sue the government. Lastly, and most recently was the Chinese government´s complete clamping down on Crypto in the country. The consequences were not as devastating as many thought for Crypto in general, and in fact many experts say China could regret this move as they willingly yielded "the power and control" of Bitcoin mining to their rival countries like the US.
Back to India, it is said that the Bill is created so that the government can launch the central bank digital currency (CBDC). So could this be a stalling tactic while the government races to create a digital currency? Perhaps! Another objective of the Bill is to prohibit all private cryptocurrencies in India. With that said, India, still welcomes the innovative and technological advances of cryptocurrencies and its uses - The precise details of what that means are to be ironed out as time goes by.
CRYPTO MARKET REACTIONS IN INDIA TO BILL & WHAT TO EXPECT
As could be expected, markets on major Indian Crypto exchanges sank at the news of the bill. Bitcoin declined 13% on WazirX , one of India´s leading exchanges with over 400,000 users. Other Cryptocurrencies which were affected were Shiba Inu and Dogecoin which both dropped more than 15%. In fact, the platform collapsed as many users started started selling due to the FUD caused the Bill. It is important to note that The Reserve Bank of India (RBI), its central bank, has very conservative views on Crypto (show me a central bank that doesn´t...) however Crypto enthusiasts in India celebrated a huge victory in their favor when the Indian Supreme Court overturned a 2 year ban previously imposed by the RBI.
The three-week long winter session to discuss this Bill is scheduled to be held from November 29 to December 23. I will be expectant on the results and its consequences, especially from other governments. One this is for sure though, Crytocurrencies and the Blockchain revolution, for now seems unstoppable. Your views? ............................................................................................................................................................................................
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