India Will Ban Cryptocurrencies But Not The Digital Rupee

India will ban cryptocurrencies such as Bitcoin or in any other form as the latest cryptocurrency news show us in the newly leaked documents that we are reading about today.

After the documents were leaked on Scribd by the local blockchain and tech lawyer Varun Sethi, we can read that the document shows a preliminary text of a new law that is designed to ‘’prohibit the use of cryptocurrency.’’ The event adds fuel to the fire that is ongoing in India after the speculation that cryptocurrencies will be banned since the government in the country and central bank are trying hard to outlaw the use of cryptocurrencies once and for all.
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If the document is true, this confirms the fears that any kind of activity involving bitcoin and other altcoins will be illegal as one of the statutes reads:

 “No person shall mine, generate, hold, sell, deal in, issue, transfer dispose of or use cryptocurrency in the territory of India.’’

Sethi described the new document as ‘’the proposed Banning of cryptocurrency and regulation of Official digital currency bill 2019.’’ He noted that the bill is not drafted yet completely and is tabled in the parliament to become an Act without modifications. The punishment for those who will go against the law includes prison sentences up to 10 years long.

As noted, India will ban cryptocurrencies since now they are sitting in a grey area. Since last year, the banks prohibited serving the industry business with services involving cryptocurrencies and they also refused to provide services for exchanges which led to many companies leaving the country while others shut down.

In the absence of the decent regulation, some remained hopeful and believed in a positive outcome in the long term as the opponents of the banking ban even sued the Reserve Bank of India over the decision. India still appears to go even further than China but it is still unclear how the authorities will enforce a ban on an entity which is not under their direct control. The issue comes in a very important time as the US government is starting to grip the realities of decentralized networks. During the press conference on Monday, the Treasury Secretary Steven Mnuchin noted his desires to combat the role of cryptocurrencies in illicit activities while noting the words of the US  President Donald Trump who described bitcoin as being based on thin air as noted in the coming altcoin news.