In hardly any country in the world dealing with crypto-currencies such as Bitcoin is regulated in such a restrictive, such as in India. Banks are allowed to open business accounts for companies that also have to do something with crypto-currencies, Bitcoin ATMs are collected instantaneously, and for some time, various ministries collaborate for a bill that could have the complete prohibition of all private crypto-currencies. Now, it has been expressed by the Indian Minister of Finance on the draft.

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Except the media reports quote from an alleged Leak of the corresponding draft law was, so far, little is known about the so-called “Banning of Cryptocurrency & Regulation of Official Digital Currency Bill 2019” known. Now India’s Finance Minister, Nirmala Sitharaman has become the thrust of your Ministry is the lead involved, expressed.

The Committee has done impressive work. […]. If I were to compare the design with various other countries, we are very good. […]. [The draft] is a very future and well-planned work.

she said This in an Interview with The Economic Times India.

the draft law allegedly leaked

Meanwhile, little is known about the specific content of the draft. Since the end of last year, the ministries meets on currencies to cross-Committee on the subject of Crypto, as we have reported at this point.

advance actions on the part of various industry representatives from the environment of the Indian crypto market were gone. To be the ban, open Bank accounts, to hit the Indian crypto Community is bad. Finally had to quit in the Wake of the numerous companies in their business activities. Although the Supreme court of the country had in the Wake of the confusion about legitimate regulations with regard to Bitcoin & co. a court date for the 23. July recognized. But this has been postponed, according to reports in the media, for an indefinite period of time.

Expert rightly ask at this point, as the possession of Bitcoin in practice can be demonstrated. Because on the technical level, Bitcoiners have the right to transfer a UTXO (Unspent Transaction Output) on the Blockchain. All you need is the Private Key – and you can remember, theoretically, even. To ban thought seems on the one hand, a common sense contradict. On the other hand, the proof of which is in practice hardly.

the industry Association Nasscom formulated a comprehensive critique

In a similar direction also the criticism of the industry Association, “The Indian National Association of Software and Services Companies (Nasscom)” to the scattered draft law last Tuesday, the 30. is July, has expressed.

Nasscom is of the opinion that the current proposal of the Committee to ban all crypto-currencies, with the exception of government funded crypto-currencies, is not a constructive measure.

Instead, the government should adopt rather General conditions, the “make a regulated dealing with crypto-currencies and Token”. The decentralized structure of Bitcoin & co. make a practical implementation of such prohibitions impossible anyway, so Sathvik Vishwanath, CEO and founder of Unocoin, the largest crypto Exchange in the subcontinent.

Moreover, the prohibitions of things that do not prohibit tend to drive honest market participants from the market. Criminal structures, however, remain Banned mostly unimpressed, argued Nasscom. In other words, The prohibition of Bitcoin in India would at the most lead to a Flourishing of the black market, to currencies, but an effective prevention of Crypto.

Nischal Schetty, founder and CEO of the Bitcoin exchange WazirX, illustrated the threat, which means the bill for the Indian scene. Since December 2018, the activist post almost every day, the arguments against a crypto-ban, under the Hashtag #IndiaWantsCrypto. Always in the Cc: Minister of the economy, Anurag Thakur.

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