The Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019 has been drafted and has started circulating in all the relevant departments, that is, the Department of Economic Affairs (DEA), Central Board of Direct Taxes (CBDT), Central Board of Indirect Taxes and Customs (CBIC) and the Investor Education and Protection Fund Authority (IEPFA). All these departments have approved the ban on the “sale, purchase and issuance of all types of cryptocurrencies’.
As reported earlier, the crypto communities in India revolted against this and petitioned to the government for seeking clarification on crypto regulation. In addition, it seems that positive regulation of cryptocurrencies would decrease cases of money laundering. The proper framework of cryptocurrency regulation would perhaps make it subsequently easier to trace and terminate the illegal laundering of money and tax evasion.
Nischal Shetty, the CEO of WazirXIndia, a platform for crypto exchange, stated that:
Ban crypto to promote money laundering; Regulate crypto to prevent money laundering
As per the bill, usage of virtual currencies would impose an agonizing 10 year jail time. These harsh penalties make it seem that the authorities want to completely remove the concept of digital tokens from India. However, it is still unclear whether this bill will be passed as a law. The outright ban of cryptocurrencies, however, seems unlikely as it will serve as a potential hindrance to the technological progression of India.
Nischal Shetty has been a staunch supporter of cryptocurrencies through his IndiaWantsCrypto campaign. He has time and again spoken about the importance of the industry to keep up with the technological revolution. He said:
The objective of this campaign is to be heard by our law makers. India needs to be at the forefront of the crypto revolution and by being vocal about it, you and I can make that happen.
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