• Written by: John-Paul
• Wed, 24 Nov 2021
•   Russian Federation

India Crypto Ban: headline should probably read, “Turns Out India Didn’t Ban Crypto After All… for the umpteenth time.” There is no any ban plan in crypto Salute to this journalist https://t.co/kOQE0uUKPm — Pushpendra Singh (@pushpendrakum) November 24, 2021 Yesterday a report came out — I won’t link to it — that claimed India was banning “most’ cryptocurrencies. […] The post Turns Out India Didn’t Ban “Most” Crypto After All appeared first on CryptosRus.

Turns Out India Didn’t Ban “Most” Crypto After All

India Crypto Ban: headline should probably read, “Turns Out India Didn’t Ban Crypto After All… for the umpteenth time.”

There is no any ban plan in crypto

Salute to this journalist https://t.co/kOQE0uUKPm

— Pushpendra Singh (@pushpendrakum) November 24, 2021

Yesterday a report came out — I won’t link to it — that claimed India was banning “most’ cryptocurrencies. That turns out to not quite be the case. CNN News18, an CNN affiliate operating out of India, reported late last night, “That there is no ban on crypto. A regulation mechanism will be in place so its not misused.”

Recommended: First Crypto ETF Lands In India

• “Top government sources have said there is no blanket ban on cryptos,” said Ayushman Singh Jamwal, anchor for CNN News18, dismissing reports that suggested India was banning “most” cryptocurrencies.
• Jamwal added: “The government is concerned about underground transactions. This is not going to be recognized as legal money as this is dangerous for the currency and taxation system of the country.” Meaning, it’s not not necessarily the cryptocurrency that will be banned, just the illegal use of it.
• No word yet how this will effect privacy coins in the country. Even if it does privacy coins are not “most” of the cryptocurrency market.
• This is consistent with the proposed regulation set forth by officials back in October,  which stated that the government would allow the development of legitimate blockchain-based technologies, but put into law the ability to enforce illegal transactions.
• India plans to classify the likes Bitcoin and Ethereum like commodities, similarly to how the US has with certain cryptocurrencies.
• The word ban gets tossed around rather liberally. Especially during expirations week…

The post Turns Out India Didn’t Ban “Most” Crypto After All appeared first on CryptosRus.