Not a statement but the bill is linked in the article http://loksabhadocs.nic.in/bull2mk/2021/23.11.21.pdf and here's the description,

"To create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India. The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses."

It doesn't say much but some people are probably trying to interpret the "exceptions" in a way it's still positive for the community. I think that part is only referring to blockchain use cases and not investment assets or anything else. They are still trying to ban in my opinion.

Sounds like another sort of Nigerian central bank ban on cryptocurrencies story where after announcing the ban, they introduced their Government control coin called eNaira. I don't know how far it has gone now, but as far as I know it received a lot of backlash from the youth in that Country.

These Governments just don't understand it. Cryptocurrencies like Bitcoin are way beyond just being electronic payment methods. The additional privileges users enjoy such decentralization and privacy should not be under looked.

For now, I don't think there is already a clear guideline on what would certainly happen to Bitcoin should this bill passed into law. So I guess the various interpretations of the letters of the proposed law are making it more confusing. Interpretations are still very much open right now because the bill is vague to say the least. Should this bill become a law, there will certainly be specific implementing rules and regulations. Only then would things be clarified.

For now, there is really no certainty whether or not Bitcoin will be banned merely as a payment method and not as an asset class. But I don't think India will be implementing a blanket ban on crypto.

There's no FUD regarding this news! I've tired to see someone always say FUD FUD FUD on every bad news especially it's still a rumour, you're the FUD spreader by creating this thread. It's funny to see a FUD can pump Bitcoin price (+1,73%/24 hours) right now, the real FUD will make Bitcoin price dropped >20%.

I don't care with those rumour, they can change/revise anything if it's still a plan... I will wait until the official news from Indian government.

We used to that mate , how many thread had been created here since then about India Banning bitcoin and cryptocurrencies?
they even make the news worst just to bring more fuds and i really don't know what is the intention behind those.
but for me personally i have not taking serious this matter and besides i only spend no time reading those because I know that India is far different from China government and they will not hinder their people for what they can make use for living in valuable means.

Well the bill being talked about is "supposed to be launched" in the Winter parliament session which is in December. December is still five days and we are already watching FUD crop up from some news media channels. Possible attempt to manipulate the market, after all the press is free and the market is unregulated.

Keeping that aside, anyone got any wind of what this new classification of "Private crypto" stands for? I am guessing the counterpart will be "Public crypto" and going by the normal semantics, Public crypto will include the decentralized currencies.

I hope these guys know what they are doing, or we are going to end up having to add another classification system in this asset class.

I am optimistic about it, I assume they are going to put in taxation on sell orders and KYC the users, fine by me. If they start their own national crypto, I doubt the community is going to take that in, and we all know that community is everything in crypto, so they will suffer from their decision.

In this we can see that in the forum it happens as outside it: at the minimum that there is a news of this style the masses only get the big picture without paying attention to the detail.


I agree. Although I suppose freelancers will still be able to collect and pay in bitcoin as long as they use it from a hardware or paper wallet, rather than custodial wallets.

As I thought, news, Bitcoin, government, crypto in india, just exaggerated news, I once sent a PM to a Bitcointalk member who resides in India, for now, they are fine, in using crypto, not all news published in the media is genuine.

Pros and cons must be in every country, both negative and positive, this is the same thing happening in my country, some say crypto is haram and some say it's good that crypto buying selling is legal, bottom line: the current government is not saying anything, I'm sure india also has the same with crypto/Bitcoin.

Why bother with negative news about crypto in india, while those living in india they are safe and fine.

I was also reading some sort of these news on social media and according to them the bill will be presented in the winter session in parliament on 29 November and what the government is planning is to build a framework for these Cryptocurrencies and their CDBC. They have stated that they will not go with accepting it as legal tender but they have given hints to regulate it as asset class but still all these are speculations which created FUD among panic sellers and exchanges witness huge liquidity and local prices were down 17-18% according to reports.

There was one post on social media by one of the Indian exchange executive and here it is what he says:




Most probably they will come up regulatory framework and permit crypto trading as they will have huge revenue from the user's but panic selling is the top most priority of the investors with these news.