With the Indian government seeking to ban all private cryptocurrencies in the upcoming Crypto bill 2021, experts and leading industry players on Wednesday said that provisions relating to “banning” private cryptocurrencies would have to be looked at very carefully.
The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 seeks to prohibit all private cryptocurrencies in India in the Winter Session of Parliament starting November 29.
It, however, allows for certain exceptions to promote the underlying technology of cryptocurrency and its usage.
Former Finance Secretary Subhash Chandra Garg said that cryptocurrencies don’t function and provide services as currencies only.
“When you ‘ban’ crypto currencies what exactly do you ban? Similarly, what are the permissible exemptions? Do you permit crypto currencies to make in platform payments the largest exemption issue? What is the manner you permit purchase of exempted cryptocurrencies for exempted use by…