According to an article by Archana Chaudhary and Siddhartha Singh published by Bloomberg, India intends to introduce the law to ban cryptocurrency trading.
This law would ban the buying and selling of cryptocurrencies, as has already happened in other Asian economies that have chosen to regulate the cryptocurrency market.
The new bill would now be under discussion within the country's government and will be sent to parliament for possible ratification at a later date.
The source of this information is anonymous, and given the country's confusing approach to cryptocurrencies over time, it should not necessarily be taken as reliable information.
Such measures were already adopted by China in 2017, but they were not particularly effective, and since it is unlikely that the Indian country will be able to operate a regime of controls superior to that of China, a similar result is expected for these strict regulations.
Another thing in common with the Chinese approach is the Indian government's support for the development of blockchain technologies, forgetting that real blockchains are only decentralized and that they can only survive if they have their own native cryptocurrency.
Therefore, it is fair to assume that the path that cryptocurrencies will take in the next few years in India may repeat the path taken in recent years in China, where trading on cryptocurrency exchanges has by no means stopped, but rather that it has simply shifted to foreign exchanges.
Cryptocurrency ban in India, the former
In addition, the Indian exchanges have already won a first battle against the government thanks to the ruling of the Constitutional Court of the country that declared illegitimate the previous prohibition, so it is almost certain that they will continue to fight.
Another piece of information is that, since then, the volume of cryptocurrency trading on Indian exchanges has increased 450%, showing a clear interest in these instruments on the part of the population.
For example, other Asian countries, such as South KoreaInstead of banning cryptocurrency trading, they have strictly regulated the activity of cryptocurrency exchanges, which continue to flourish.
And China even plans launch your own digital currency soon, probably based on a centralized distributed ledger.
India has already lost its first battle against cryptocurrencies and may end up losing the second, which currently seems somewhat anachronistic. All without probably even having popular support.