India Crypto Ban Moves Forward, Ministries Invited To Discuss

The India crypto ban is not over but the process moves forward right now in the latest cryptonews. As previously warned by experts, the overruling of the 2018 banking ban is allegedly still ongoing and industry players are now called to “engage constructively.”

As we can see from the Indian Ministry of Finance, there are many other ministries that are now invited to discuss its earlier draft on banning cryptocurrencies which was introduced a year ago. As Economic Times reported, the India crypto ban cites one undisclosed “senior government official.”

After the consultations, the draft should be sent to the Parliament for final review.

“If the bill does pass parliament then the verdict would not hold. It’s now time for the industry to fully understand the process and engage constructively,” tweeted Tani Ratna, the founder and CEO at Policy 4.0, and global blockchain/policy specialist.

As I'd explained here, the verdict left every ground open for a legislative ban to #cryptocurrencies. If the bill does pass parliament then the verdict would not hold. Its now time for the industry to fully understand the process and engage constructivelyhttps://t.co/tHwVnF6MnA

— Tanvi Ratna (@tanvi_ratna) June 12, 2020

As reported in March 2020, crypto won a big battle in India, with the Supreme Court ruling to lift the 2018 banking ban. For those of you who did not follow our crypto regulation news back then, the 2018 ban had sunk trade volumes, forcing exchanges in the country to shut down.

However, the Court later overturned the ban which was imposed by the Reserve Bank of India only, and did not address the draft ban bill which was prepared by a panel in the government. As reported last year, the panel recommended a 10-year prison sentence and fines for people dealing in crypto.

India is one of the countries which are apparently deciding to ban cryptocurrency in total. However, the failure to realize the benefits offered by digital assets will probably take its toll on the country’s future. If the bill progresses and the India crypto ban moves forward, it is very likely that the country will suffer economically and fail to adopt new technologies such as blockchain and crypto.

Meanwhile, data on the market today shows that Bitcoin (BTC) is trading at $9,469 while Ether (ETH) is at $237, both with losses greater than 2% on the day. There are no biggest losers in the top 10 mostly because almost all of the coins are dropping from 2% to 4% on the day.