India To Ban Crypto as a Payment Method, but Will Allow its Trading

November 17, 2021

India To Ban Crypto as a Payment Method

India will ban the utilization of cryptographic forms of money for making payments, yet will permit and direct exchanging of cryptocurrency as assets, the Economic Times (ET) reported referring to government sources.

Government Planning to Present a Crypto Regulation Bill

The public authority intends to introduce a crypto regulation bill in the parliament’s colder time of year meeting, subtleties of which are being finalized. The bill seems to have shifted direction from the previous designs to ban crypto in the country.

In the bill, authorities will likewise ban active solicitation from crypto firms, including exchanges and stages, ET reported.
The exchanges are pushing for a regulatory sandbox to tweak the regulations, as per the report. The Securities and Exchange Board of India could be assigned as the controller, however no final call has been taken on this issue, the report added.

The issue of advertising has set off a major debate, with some thinking that promotions misdirect the young generation, Tanvi Ratna, founder and CEO of the think tank Policy 4.0 expressed.

Crypto Exchanges Like Bitbins & WazirX Stopped Advertising

Crypto exchanges Bitbins and WazirX have stopped their promotions, ET additionally reported. The exchange stopped advertising in August, adding that ET’s feature is deluding.

The public authority held a gathering with crypto industry delegates on Monday, adding to a progression of shut entryways conversations among the government and the Reserve Bank of India (RBI) that have occurred over the most recent couple of days.

Value arbitrage has arisen as another concern, ET likewise reported on Tuesday, referring to mysterious sources. Authorities are worried about how any controller could watch numerous exchanges when there is an enormous value distinction and a chance at a cost arbitrage, as per one of the sources.

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