Is India Banning Cryptocurrencies Again?

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The Indian parliament will discuss a bill aimed at banning cryptocurrency trading. While the court won over the central bank on March 20, the new bill came out months later. India is unusually hostile to the cryptocurrency trade in Asia, where it is increasingly regulating.

According to the new report, the government of India plans to ban cryptocurrency trading in the country. If the bill is passed by parliament, a new ban will affect nearly two million active cryptocurrency traders.

India to Ban Bitcoin Again

According to some sources, the Indian federal cabinet is preparing to discuss a bill to ban cryptocurrency. The bill will then be sent to parliament.

India must coordinate with many of the Asian countries that are increasingly accepting the use of cryptocurrencies within its borders. For example, Japan, South Korea, and Singapore regulated the cryptocurrency industries.

The clear move to ban cryptocurrency activity is not unexpected. In June of this year, rumors that the July 2019 bill that banned cryptocurrency ownership will be reconsidered.

On the agenda again

Since 2018, as a result of a directive by the Central Bank of India, the trading or trading of cryptocurrencies has been effectively banned. This ban was lifted by the Constitutional Court in March of this year and essentially the directive was declared illegal.

Since this decision, cryptocurrency trading in the country has exploded to more than a billion. Two months after the decision, cryptocurrency trading continued to increase.

Bitcoin trading platform Paxful conducted a study that showed nearly a thousand percent growth between January and May 2020, coinciding with the court decision. The study revealed the distinct difference in attitude towards cryptocurrency between the average citizen and the Indian government.

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