RATE Group | India’s Crypto Industry Still Threatened by Ban as Pending Bill Looms
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India’s Crypto Industry Still Threatened by Ban as Pending Bill Looms

07 Mar India’s Crypto Industry Still Threatened by Ban as Pending Bill Looms

Posted at 13:48h in Cryptocurrency News by

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A pending bill may still inhibit cryptocurrencies from flourishing in India, with India’s parliament yet to rule on the “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill” from 2019, Business Insider reported on March 7.

If passed, the bill will introduce unique regulatory frameworks for virtual currencies, utility tokens, and commodity-backed tokens — likely creating a complex exclusionary legislative apparatus for blockchain businesses to navigate.

Supreme Court repeals Reserve Bank of India’s crypto ban

On March 4, India’s crypto community rejoiced as India’s Supreme Court ruled that the Reserve Bank of India’s (RBI) ban was “disproportionate and unconstitutional. 

The circular had prevented financial institutions from providing banking services to companies operating with cryptocurrency. The ban had been in place since April 2018, and targeted companies offering “any service in relation to virtual currencies.”

Less than 24 hours after the…

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