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Can India Really Ban Cryptocurrency?

Most Crypto experts say that it won’t be possible to completely ban cryptocurrencies In India. But, the government may only put restrictions on trading in crypto, then its use as a means of exchange or payments.

India Cryptocurrency Bill 2021

Furthermore, The Central Government is planning to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill 2021. Of course, during the ongoing Winter Session of Parliament.

More so, There are some speculations in the past that the Government may completely ban cryptocurrencies in India. But, several reports insist that the Government may allow trading and investing in cryptocurrencies with certain restrictions.

Notably, Crypto experts maintains it will not be possible to completely ban cryptocurrencies in India.
“Cryptocurrencies exist on the blockchain that has no single entity controlling it…”
“The decentralized nature of blockchain separates it from other digital currencies that…”
“might be under the control of a single entity. Governments can ban trading in…”
“cryptocurrencies and also ban using them for payment purposes,”

So, Edul Patel, CEO and Co-founder of a global algorithm-based crypto investment platform Mudrex explains.

“Exchanges can be shut down from operating in particular countries…”
“However, imposing a complete ban on cryptocurrencies would never be possible…”
“Decentralized exchanges do not come under the ambit of any government or entity…”
“These are driven by communities of developers and crypto enthusiasts…”
“Hence, despite a blanket ban on cryptocurrencies for transactional purposes,…”
“it would not be possible to put a complete ban on crypto,”

Then, Patel adds

More so, some crypto industry are patiently awaiting the contents of the Cryptocurrency Bill 2021.

“Cryptocurrencies were not seen as a financial stability risk but growing volumes have raised concerns for central banks globally…”
“In Oct 2021, for the first time, the growth of crypto assets was brought up as one of the…”
“identified risks to global financial stability by the IMF…”
“There are, however, few international precedents for controlling such risks,”

Lastly, Emerging technology thinktank Policy 4.0 recently explains.

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Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.