The ban on cryptocurrencies in India is still up in the air. According to CNBC TV18, India is considering a harsh ban on all privately generated cryptocurrency.
Pankaj Choudhary, the minister of state for finance, said in a submitted reply that the government had yet to decide whether or not to implement the recommendations of a high-ranking government committee set up to regulate cryptocurrencies.
Messages are mixed.
In a draft report released in 2019, an inter-ministerial committee (IMC) proposed placing a blanket ban on cryptocurrencies such as Bitcoin. This includes the possibility of criminal sanctions for those who keep and mine digital currency.
Reuters reported in March that India was preparing to enact legislation in response to the findings. Finance Minister Nirmala Sitharaman stated in the same month that shutting down all cryptocurrencies was not the path India was taking:
My position on this is that while the Supreme Court has weighed in on cryptocurrencies, and while the RBI may make a decision on official cryptocurrency, we are clear that we are not ruling out all possibilities.
The New Indian Express reported in June that the government was softening its stance on cryptocurrency, adding to the already-confusing message.
In June, the Reserve Bank of India noted that it still had big worries about digital assets, despite the Supreme Court's decision in March 2020 to remove the ban on cryptocurrency trading.
This followed the RBI's announcement.
The Enforcement Directorate Issues a Show Cause Notice to India's Largest Crypto Exchange
e-RUPI is not a form of electronic money.
Meanwhile, Prime Minister Narendra Modi announced earlier today the introduction of e-RUPI, a voucher-based digital payment system.
Although the new payment method has nothing to do with blockchain, India's central bank is developing its own digital currency based on the technology.
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