The draconian bill introduced by the country’s former finance secretary Subhash Chandra Garg in 2019 to ban cryptocurrencies in India haunts the country’s crypto enthusiasts and entrepreneurs to this day.
Reports from Bloomberg and the local news outlet Economic Times about the further development of the bill and the possible introduction of it as law has only caused more panic and anxiety within the crypto community.
These reports have always cited “people familiar with the development” as saying that the bill will be discussed shortly by the federal cabinet before being sent to the parliament for consideration. The same statements seem to have been doing the rounds since early June.
Without any additional information, these reports suggested a high possibility of a ban on cryptocurrencies in India.
There is, however, as much uncertainty regarding the bill today as there was a year ago. The only thing that has changed — that too in the favor of the Indian cryptocurrency industry — is that in March the Supreme Court struck down the Reserve Bank of India’s circular banning financial institutions from dealing with cryptocurrency companies and traders.
Subramanian Swamy, the ruling party’s member of Parliament of the Rajya Sabha, the Indian Parliament’s upper house, tweeted about the ban’s repeal saying, “SC allows cryptocurrency trading, cancels RBI’s 2018 circular.”
Swamy was also quoted by a local news outlet as saying that “cryptocurrency is inevitable.” Further refuting the claims of a possibile cryptocurrency ban, crypto news outlet The Block recently reported that Swamy has denied hearing about any discussion of a cryptocurrency ban:
“It will be madness if they do.”
Speaking to Cointelegraph, Ashish Singhal, the CEO of cryptocurrency exchange CoinSwitch — which has its major user base in India — pointed toward the list of bills that is subject to discussion during the Monsoon Session of the Parliament. He said that as much as…