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India to propose law banning private cryptocurrencies like Bitcoin

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India to propose law banning private cryptocurrencies like Bitcoin

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A formal ban would be long in coming. India rejected cryptocurrency as legal tender in 2018 and recommended a ban on existing digital money with jail terms of up to 10 years for offenders. The Reserve Bank argued that the currency was not real because it had no physical counterpart and had not been stamped. The country’s Supreme Court sided with the objectors and allowed the trade in 2020, but that is not expected to have lasting effect.

It wouldn’t be hard to see why India would want to ban private crypto in favor of a government solution. An official currency would give the country more control that limits foreign influence, but it would also provide the kind of stability associated with conventional currency. The prices of Bitcoin and similar currencies always tend to fluctuate wildly, and they are more subject to manipulation. In theory, India can adopt a digital-only currency without certain pitfalls.

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