The Indian government evaluates how to handle the regulation of cryptocurrencies instead of establishing an absolute ban.
The information was provided by the Minister of State for Finance, Anurag Singh Thakur, who clarified that the objective of the National Executive is to stop the illicit transactions of cryptocurrencies, such as bitcoin and prevent their use in payments.
The government will take all measures to prevent crypto assets are used both for the financing of illegitimate activities and in the payment system.
Anurag Singh Thakur, Minister of State for Finance.
In response to the interpellation he attended in the Upper House of the Indian Parliament, Thakur announced that the government is “proactively” exploring applications with blockchain to start “the digital economy.”
Although the minister denied that the Indian government is going to proceed with the elimination of the use of cryptocurrencies, including bitcoin, did not offer more details about the bill on this matter published last week by the lower house of parliament on its website. As CriptoNoticias reviewed, this regulation would only allow exceptions to promote the use of blockchain technology.
On Tuesday bitcoin It was traded in India at a discount of up to 20% against a 10% premium on its global price, amid the alarm that was generated by the possible ban of the cryptocurrency in that nation. “Bitcoin was trading slightly higher that day, after hitting a high and low of $ 34,715.66 and 33,150.73, respectively, in the past 24 hours,” reported Indian digital news outlet Mint.
Can India enforce this bitcoin ban?
Faced with this possible ban on cryptocurrencies, Kumar Gaurav came out, founder and CEO of exhange of bitcoin Cashaa, which performs operations in India. He said “there is no way that any government” can ban cryptocurrencies, such as bitcoin, because of their global and decentralized nature.