Indian government officials are reportedly planning to discuss a new bill whose legal framework would ban cryptocurrencies on the subcontinent.
According to a Sept. 15 report from Bloomberg, the Indian federal cabinet is considering a law banning crypto six months after courts lifted a blanket ban. Anonymous sources claimed that the Indian government would encourage the development of blockchain technology, but not cryptocurrency trading.
In response, Ripple CEO Brad Garlinghouse called the decision “disappointing,” stating that cryptocurrency had the potential to help underserved populations in the country:
Disappointing to see India flip flop on crypto, hamstringing a nascent industry which could serve one of the biggest populations of unbanked/underbanked citizens. https://t.co/ffMUIQOnA7
— Brad Garlinghouse (@bgarlinghouse) September 16, 2020
As of May, India had roughly 190 million unbanked adults — those without access to a bank account or other financial instruments. Some experts have claimed that crypto assets like Bitcoin (BTC) are a way to encourage financial literacy with