Banning cryptos will hurt innovation: Hindu Business Line

(The column first appeared in The Hindu Business Line on November 30, 2021)

 

  • Last week, the government released a list of 26 Bills, including the much-awaited cryptocurrency Bill, to be tabled in the upcoming winter session of Parliament. Post the release, there have been widespread speculations of an imminent crypto ban in the Indian crypto circuits and trading circles. The crypto industry’s wait towards the much-anticipated parliamentary discussion on the crypto Bill is getting more anxious with speculations of an imminent crypto ban circulating the crypto circuits and an atmosphere of fear and uncertainty looming in the markets. Finance Minister Nirmala Sitharaman issued a statement that there was no proposal to accept Bitcoin as a currency. The current description of The Cryptocurrency and Regulation of Official Digital Currency Bill 2021 seems to be getting ready to ban all but a few cryptocurrencies to promote blockchain technology and bring forth India’s official digital currency…

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