- The crypto ban in India is like a payment method, not a commodity.
- The new bill will improve the use of crypto.
- Michael Saylor expressed his thoughts via tweet.
Recently, the Indian government decided to ban crypto currency as a means of payment, but instead to create a legal framework to regulate it as a defense. Also, Indian officials want to encourage the Indian Central Bank Digital Currency (CBDC).
#Bitcoin is a Digital Asset and is considered as a Precious Store in any country that allows citizens to own their own goods. A #Stablecoin and Digital Money to be used as a Medium of Exchange and will be provided by lending banks.https://t.co/bfbm2Yplk6
– Michael Saylor⚡️ (@saylor) November 24, 2021
Also, a India government crypto regulation bill is called “Cryptocurrency & Regulation of Official Digital Currency Bill 2021.” In the same article, Harsh Rajat, Founder of Ethereum Push Notification Services explained:
This bill supports the allocation of a budget for fiat cryptocurrency called Digital Rupee and forms the basis for the mass adoption and use of this country such as China.
Also, according to Nischal Shetty, CEO of WazirX, regulators understand crypto better now vs last year. Apart from that, the new law seems to be different from previous crypto-blocking plans in the country.
To be clear, the cryptocurrency regulatory environment in India is not well known when the government talked about banning digital currency in the past. However, the Supreme Court suspended the Reserve Bank of India from banning the sale of crypto currencies in the past.
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