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Ban on Cryptocurrency in India: A Tussle between RBI’s Concerns and Uncertainty of The Legislature

  • Posted on January 16, 2023
  • News
  • By Akta Yadav
Ban on Cryptocurrency in India:-
Current Developments The Reserve Bank of India has expressed its concerns over the growing demand and use of cryptocurrencies in India and has called for an outright ban on cryptocurrency in India before the date of release of the Union Budget 2023 approaches. Viewpoint of the RBI In the Business Today Banking and Economic Summit, 2023, pleading for a blanket ban on cryptocurrency in India, Shaktikanta Das, the Governor of RBI said, “crypto should be banned, given its no underlying value in the market. Just like every asset, every financial product comes with some underlying value, hence the value of crypto is totally based on the make-believe factor”. The RBI believes that cryptocurrencies are nothing but a pure form of gambling and as a matter of fact, gambling is outrightly illegal in India. Mr. Das has also argued that the volatility factor of cryptocurrencies is what strengthens its resemblance with gambling. The prices are completely unreliable and unforeseeable which is why a ban on cryptocurrency must be speedily considered by the Central Government. Ban on Cryptocurrency in India Ban on Cryptocurrency in India Not only this, the RBI has previously expressed its concerns over Anonymity Enhanced Cryptocurrencies, which means that the source of funds is always unknown and therefore, such transactions, in the opinion of the RBI would be an ailment to the whole financial system of the country and also opens pathways for funding terror. Therefore, a ban on cryptocurrency must be an option to ponder upon for the Central Government. Legal Status of Cryptocurrencies in India Currently, cryptocurrencies are unregulated in India. They are not considered as a legal tender in India, however, dealing in cryptocurrencies is not banned. The only law regarding cryptocurrencies is its recognition as a VDA or virtual digital asset and taxation imposed upon earning VDAs. Ban on Cryptocurrency in India Ban on Cryptocurrency in India Likelihood of A Ban on Cryptocurrency A complete ban on cryptocurrency in India is unlikely in the opinion of many experts given that the Parliament is already discussing a piece of legislation regarding cryptocurrencies, titled, “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021”. An amendment has also been made in the Companies Act in 2013, by virtue of which all Companies were mandatorily required to disclose their investments in cryptocurrencies. Moreover, in December 2021, the Central government released a National Strategy on Blockchain. Given all these advances, it seems that the Modi government is gradually considering regulation of cryptocurrencies rather than a ban on cryptocurrency in India, although no concrete steps have been taken in any direction till now.   Do visit our website for such more news articles where we share The True Stories of The World, The TopStoriesWorld.Com
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Akta Yadav

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