Central banks in India are recently found exploring the option of digitizing the Indian Rupee again, as the RBI booklet titled “Payment and Settlement Systems in India” on payment systems comes into focus. Adapting to the culture of CBDC’s would relatively be a piece of exhilarating news if the daunting possibility of a crypto ban wouldn’t have followed in the trail. Today, the legislative order of business saw a bill, banning private cryptocurrencies in India. Although at a lack of details, the bill clearly proposes to tank the largest crypto assets including Bitcoin, Ether, Ripple, and others in the near future. Moreover, the bill goes on to discuss the provision for creating a legislative framework on official digital currency, aligning with the RBI booklet on payment system considering central banks to issue a digital version of the Rupee. “Private digital currencies have gained popularity in recent years.” – the RBI booklet. India Repeats Crypto Banning History is currently being seen repeated in India, as we recall the ban proposed in 2018 that left the Indian crypto community in the dark for almost 2 years. Somewhat paraphrasing the same words, the central booklet noted. “In India, the regulators and governments have been skeptical about these currencies and are apprehensive about the associated risks. Nevertheless, RBI is exploring the possibility as to whether there is a need for a digital version of fiat currency and, in case there is, how to operationalize it.” Where the previous ban was slashed in favor of traders in the early months of 2020, the crypto traders in India have since been longing for some form of regulation. This, however, may not be what they expected. Given the history of several crypto bans proposed in India, including a government bill in early 2019 that sought to ban the cryptocurrencies in India altogether and criminalize any form of possession, such bills have developed the pattern of never really coming into power. Expressing support towards technology though, the recently proposed cryptocurrency and Regulation of Official Digital Currency Bill 2021 in the order of business does talk about considering the underlying technology of cryptocurrency and promote its applications. The pandemic year proved to be the long-awaited era for cryptocurrency to gain a peek into mass adoption, witnessing a massive surge in the trading volume of cryptocurrencies coming from India. Even with the bill lacking any detailed statements and regulations over the possible ban, it does suggest an apocalyptic end to the cryptocurrency industry in India.
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