Tuesday, June 18, 2019

India Crypto Update: Govt Department Seeks Crypto Ban Whilst Considering it Ponzi

On early June eighteen, 2019, a crypto news portal from Asian nation has leaked out crucial news on Indian Government’s doable call relating to cryptocurrency at intervals the country. consequently, the govt.   department needs to ban cryptocurrencies in Asian nation besides fixing a basket of Ponzi schemes.

Confirmed – Govt Seeking Crypto Ban in India

This means that Govt may shortly propose a ban on sale, purchase, and supply and not essentially holding a cryptocurrency. However, reports additionally confirmed that Govt is pull crypto in an exceedingly list of Ponzi schemes. RTI self-addressed eleven key queries regarding crypto ban, whereby the solution to RTI cleared out solely queries by citing section a pair of (f) of the RTI Act, 2005. the initial copy of the RTI reads that;

A meeting on this subject was held under the Chairmanship of CEO, IEPF Authority on 24.01.2019 with all concerned i.e. Department of Economic Affairs, CBDT, CBIC, and MCA. It was unanimously decided in the meeting that the Department of Revenue and Department of Economic Affairs may immediately take steps to completely ban sale, purchase, and issuance of all forms and types of cryptocurrencies. In the meeting, it was discussed that it has features of Ponzi schemes.

But it’s Not Law Or Approved Bill Yet

While Govt stance on crypto looks restrictive, on the opposite hand, the crypto community is stubborn to influence Govt on the use-cases of cryptocurrency and blockchain in India – if positive laws return forth. As such, Blockchained India, Associate in Nursing freelance blockchain community in India stepped dead set gather collective voices of Indian blockchain & crypto enthusiasts.

Besides that, Varun Sethi World Health Organization is magnificently referred to as Blockchain professional person has additionally begun a brand new signature campaign once the excitement of 10-year jail bill unrolled. consequently, the Signature campaign intends to gather votes from Indian crypto & blockchain enthusiasts to support crypto & type positive rules around it.

Moreover, it's price to notice that the crypto system in Republic of India continues to be during a state of limbo. Today’s RTI response is just the official confirmation and therefore the potential call by Indian Govt. Having aforesaid that, this can be not the law or bill elapsed Govt however.

Nevertheless, the Supreme Court of Republic of India is nevertheless to debate and settle the side of crypto in India on July twenty three, 2019. and also the #IndiaWantsCrypto campaign by Nishchal Shetty, corporate executive of WazirX exchange still waiting to listen to out from government minister and prime minister. As such, it's 229th day for the campaign.

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