In the legislative order of business for the budget session of 17th Lok Sabha that commenced today, the Government has listed a bill providing for the banning of all private cryptocurrencies in India such as bitcoin, ether, ripple and others. The bill also provides for the creation of a legislative framework on an official digital currency. An RBI booklet on payment systems issued on 25th Jan also showed that the central bank is exploring whether to issue a digital version of the rupee.
“Over 7 Million crypto holders in India. Over $1 Billion+ crypto assets owned by Indians. Will Government ban & erase all that wealth overnight? I don’t think so. Government will involve us, the industry, in further discussions and we’ll present our points,” said Nischal Shetty, CEO, WazirX, a cryptocurrency exchange.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
