cryptocurrencies ban in India

Private Cryptocurrencies To Crash In India

Ankita Awasthi Ankita Awasthi posted on Wednesday, Nov 24th, 2021

The Indian government is all set to propose a bill, banning all “private” cryptocurrency in India during the winter session. This bill will be up for debate and approval by the Indian Parliament. As the reports suggest, the winter session begins on November 29.

In fact,  the Indian Regulation of Official Digital Currency Bill (2021) & Cryptocurrency is planning to establish a structure that would eventually enable the Reserve Bank of India to issue an official digital currency. According to Tuesday’s Lok Sabha bulletin, it is one of 26 pieces currently under consideration by the Indian Parliament for the winter session.  The Indian Lok Sabha bulletin stated, “The bill seeks to prohibit all private cryptocurrencies in India. However, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses,”.

Although the government of India was originally planning to adopt the cryptocurrency bill in the budget session this year, it opted to defer the action to allow for wider consultations.

Cryptocurrency has become a worldwide modern finance sensation in recent times. Now, In order to stay connected, the NRIs in the USA generally seek to be updated with all the highlights and updates of their homeland. Hence, MTI-  a leading air-ticketing portal to serve Indians looking for flights from USA to India and vice versa, brings to you, its Indian-American community portal – Indian Vibes. 

Continue reading and know more about the recent cryptocurrency update. 

Hoping against all odds: The crypto industry in India has always argued that digital currency should be regulated and not banned, and is still hopeful that there won’t be a complete ban on cryptocurrency. Nischal Shetty, founder of crypto exchange WazirX quotes, “While the description of the draft bill appears to be the same as in January 2021, several noteworthy events have occurred since then,”. He further added, “First, the parliamentary standing committee invited a public consultation, and then our prime minister himself came forward to call for crypto regulations in India.”

Parliament of India panel meeting: This news comes a week following a meeting of the Indian Parliamentary Committee regarding Finance, headed by Jayant Sinha (BJP MP and former Union Minister), with experts and crypto associations. The committee was brought to notice that cryptocurrency plans to grow here for a longer time period and that it is now up to regulators to regulate it.

Post-meeting, while confirming the intent of this meeting as a session just to have a clearer picture and understanding of the market, he added, “No view has been taken by the committee… This meeting was essentially to gather information from the industry and understand the landscape of cryptofinance.”

He stated that the committee has understood exchanges about various aspects of the users, total investments, and their user base. The industry professionals of India claimed that 15 million enrolled individuals had invested around Rs 600 crore.

Earlier this month,  apart from the RBI official authorities, finance ministers, and the Securities and Exchange Board of India, the country’s Prime Minister, Sh Narendra Modi was also a part of the cryptocurrencies meeting.

What about the entertainment stars who may have IP disputes regarding the NFT?

Amidst all this, the Indian cinema stars are already working towards monetizing their NFTs aka non-fungible tokens. Failing to do this in time can lead their NFTs to turn into the intellectual disputed property. The property dispute for who actually owns the assets- the actors or the production houses. Reportedly, the NFT’s comprises photographs, autographs, screenplay scripts, etc.

“When it comes to NFTs, intellectual property rights are one of the biggest concerns not just for the celebrities and artists that have hopped on to it, but also even to some of the large production houses,” said Zulfiquar Memon, managing partner, MZM Legal, an Indian law firm. He further added, “In most cases, the NFTs are created in one jurisdiction and then sold internationally. There are many questions presently which relate to jurisdiction, locus and ownership and as to which agency is competent to investigate in case of infringements.”

Is this the mid-way conclusion? No. The Reserve Bank of India has persisted strongly in its long-held position of calling for an end to cryptocurrencies. In fact, the officials have claimed that cryptocurrencies can potentially shake up the financial and macroeconomic stability of India.

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