Since the inception of Bitcoin in 2009 by the mysterious legend, Satoshi Nakamoto, cryptocurrency sphere has been through several roller coaster rides and still reputed as one of the most hot-topics on the internet, globally. The prospect of decentralized digital currencies has, over some time, caught massive attention from giant investors as well as enterprises.
Much like “every coin has two sides,” the sphere as a whole has been regarded with diverse opinions. Where according to many advocates of digital assets, the cryptocurrency sphere has a lot of potentials to be seen as the “future of money.”
Skeptics, on the other hand, considers it to be a “big fat Ponzi scheme.” Later ones reason their opinion with the larger issues of price volatility and that the idea of decentralization can play a significant role in illicit activities by the likes of hackers and terrorist etc.
Nonetheless, the cryptocurrency sphere, despite its risks, is being considered as one of the most exciting assets of the ongoing century. Approximately, more than 2000 cryptocurrencies have emerged on the mania until now, together-with an entire industry of wallets, exchanges, and apps.
Cryptocurrencies and the 1st World Countries
Although the cryptocurrency and blockchain technology has a lot of promising use-cases and immense adoption in many countries, it is mostly unregulated. However, the legal status of cryptocurrencies and its related instruments differ significantly from state-to-state. The majority of countries have not made the trading of Bitcoin (or any other cryptocurrency) illegal but have contradictory regulatory implications.
Although, now and then, talks of imposing a ban on cryptocurrencies arise, still, many 1st world countries such as United States, Russia, Australia, Singapore as well as many countries inside European Union have somewhat friendlier laws concerning the cryptocurrency sphere.
China, on the other hand, is among the few first world countries which have strictly banned the cryptocurrencies’ trading inside the country.
Is India about to join China on Anti-Crypto Policy?
Although the financial institutions and regulated entities of the country have been prohibited by RBI (Reserve Bank of India) for holding, dealing, or transferring the cryptocurrencies since July 2018, however, on a legal perspective, as there is no law or legislation in the country which recognizes or monitors Bitcoin, trading or mining of Bitcoin is neither illegal nor legal in the territory.
According to the latest news, a draft of the bill has been prepared to present in the upcoming parliament session for imposing a ban on any dealings or transactions in cryptocurrencies throughout the country. Upon failing to do so, the person or business entities may face prison sentences of up to 10 years.
The draft comprising of 18 pages of the said bill was shared on Scribd by local blockchain lawyer, Varun Sethi on 15. It reads:
“No person shall mine, generate, hold, sell, deal in, issue, transfer, dispose of or use Cryptocurrency in the territory of India,”
It also defines the cryptocurrencies as:
“Any information or code or number or token not being part of any Official Digital Currency, generated through cryptographic means or otherwise, providing a digital representation of value.”
The document also reads that the government would approve a “Digital Rupee” issued by the RBI as a legal medium of exchange. Any other currency which meets the definition of cryptocurrency mentioned above would be entirely banned.
It is worth noting that the authenticity of the draft is yet to be verified, however even if it is authenticated, the bill is not likely to be debated in the coming session of Indian parliament, says a local crypto industry’s individual.
While publishing the unauthenticated draft, Varun Sethi purports:
“The bill is yet to be drafted completely and tabled in the parliament to become an Act with or without modifications.”
Do you approve of this Bill? Tim Draper surely does not.
As soon as the news broke out on the crypto mania, Tim Draper, a billionaire investor and a renowned supporter of Bitcoin lashed out on Indian government by calling the proposed bill (unverified) “pathetic and corrupt.”
People behaving badly! India's government banned Bitcoin, a currency providing great hope for prosperity in a country that desperately needs it. Shame on India leadership. Pathetic and corrupt. #India #bitcoin
— Tim Draper (@TimDraper) July 17, 2019
His tweet, however, has experienced an immediate resilience, mainly, from Indian twitter users, arguing that he should be informed well before he acts on such kind off hearsay news.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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