Indian Government To Pitch A Bitcoin Ban Bill In January

The Indian government is all over the latest cryptocurrency news for its apparent plans to introduce a controversial Bitcoin ban bill in December this year or January 2020 during a parliamentary session. The news were first shared from the local crypto news provider Crypto Kanoon.

Even though nothing is official yet, the decision apparently surfaced during an ongoing court hearing between the Reserve Bank of India (RBI) on one side and regional cryptocurrency exchanges on another. According to officials representing the Narendra Modi financial ministry, a draft bill was submitted before the Supreme Court judge. With this, the Indian government is probably going to project the basis of the future of cryptocurrencies in the country.

The news source (and many best cryptocurrency news sites after that) claimed that the draft is the same which was prepared by the intergovernmental committee that was led by a former Economic Affairs Secretary named Subhash Chandra Garg. The document also recommended an outright ban on Bitcoin and all types of “private cryptocurrencies” as well as a ten-year jail time for the ones who do not abide by it.

Meanwhile, the Indian government wants the Supreme Court to adjourn the hearing until January next year. They confirmed that the Bitcoin ban bill is planned in the lower house of the Indian parliament during the winter session.

In the petitions praying for Ban or regulation:

Govt. submitted draft regulation before the Court which was submitted to it by Garg Committee.

Govt. requested the Court to adjourn the matter till January as the it intends to introduce the bill in parliament in winter session.

— Crypto Kanoon (@cryptokanoon) August 8, 2019

As a reminder, last year in July RBI had banned banks from doing business with companies associated with Bitcoin (BTC) and other cryptocurrencies. Then, the Internet and Mobile Association of India (IMAI) took the Indian central bank to the Supreme Court and accused the federal body of being biased towards the emerging crypto sector in India – saying that their circular was unconstitutional.

The case went through a lot of delays in the past 12 months. It was heard by the Indian government and the regulatory officials on August 8 this year, when the IMAI counsel argued that Bitcoin is not a sovereign currency but a commodity – which is why the decision should come from the Securities and Exchange Board of India (SEBI), and not from the RBI.
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Counsel argues that Cryptos must not be equated to Sovereign Currency i.e., rupee etc.

One is commodity, other is currency.

In support, judgement of Brazilian Supreme Court is being read.

— Crypto Kanoon (@cryptokanoon) August 8, 2019

All of this shows that Bitcoin is still unknown as a subject and there is lack of regulation around it. Let’s just hope that India will reconsider the Bitcoin ban.