Crypto Bill: The govt looks to ban private crypto, $10 billion in investments await Winter Session

Cryptocurrency Bill: It is going to be a cold winter for crypto backers as the central government readies to introduce a Bill in the Parliament to prohibit all private cryptocurrencies in India. Listed for the Winter Session of parliament which kickstarts on November 29, the government intend to ban pvt coins barring a few exceptions to "promote the underlying technology of cryptocurrency and its uses".

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The Cryptocurrency & Regulation of Official Digital Currency Bill; the official name for the proposed regulation states that it seeks to create facilitative framework for creation of official digital currency which will be issued by RBI. The central bank has repeatedly raised the red flag towards the rampant trade and popularity of cryptos in India.

Nischal Shetty, CEO of WazirX, India’s largest crypto exchange platform, tweeted: “The crypto regulation bill has been listed for the winter session. The description hasn’t changed much. There will be speculation on both sides. The good thing is more people within the government are aware of how crypto works."

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The mystery remains on the classification of what may be 'accepted or exceptions' to the regulation which prohibits the decentralised tokens.