CNBC TV18 came out with a report that the Garg committee tasked with creating a draft for regulation on cryptocurrencies have submitted a report to the government asking for a ban.
However, I must add this report seems quite speculative and could be a ploy from the government machinery to further thwart the rise of cryptocurrency use in India.
Supreme Court had demanded that the government submit information pertaining to this and the government had requested time. Also the committee is supposed to have a formal meeting in December and January.
So it's unlikely that they have a bill ready to implement which leads to an outright ban. It's not feasible for the government to ban and restrict usage of cryptocurrencies. People are not in favour of this and executing a law that is hard to implement would be a foolish move on part of the government.
You can watch the clip here but at this point there is nothing to worry. Until we have an official notification from the government or submission of such draft to the Supreme Court in the case against RBI or a press release from the Garg committee it isn't official.
Even if the draft is ready and submitted to the government, it is likely to be challenged in the court if it constitutes a ban on Bitcoin and cryptocurrency possession and trade.
In a country that considers building statues as development instead of encouraging innovation these moves don't come as a surprise. Let us not be worried by news like this and stay clear of any media created FUD.
Be aware!
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