India To Consider Banning Private Crypto Ownership Amid Meteoric Rise in Digital Asset Investments: Report

India To Consider Banning Private Crypto Ownership Amid Meteoric Rise in Digital Asset Investments: Report


Legislators in India are reportedly gearing up to present a cryptocurrency bill that will prohibit the ownership of private digital assets in the country. 

According to PRS Legislative Research, a non-profit organization that tracks the activities of the Indian Parliament, the proposed Cryptocurrency and Regulation of Official Digital Currency Bill is listed for introduction, consideration and passing.

 

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The proposal aims to facilitate the creation of India’s central bank digital currency (CBDC) and ban private crypto ownership in the country. It provides exceptions, however, for coins that promote the underlying technology of cryptocurrency and its uses.

The bill may be presented during the Parliament’s Monsoon session, which kicks off on July 19th.

The potential tackling of the crypto-focused bill comes amid the massive growth of digital asset investments in India. According to CNBC-TV18, Indians invested $6.60 billion in cryptocurrencies in May, marking a 615% increase from just $923 million in April 2020.

Union Finance Minister Nirmala Sitharaman says that

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