India and the Crypto Assets. What Is Going on Now?

by in Cryptocurrency News

India crypto situation

The condition of the crypto sector isn't distinct in India. On January 30, the Government of the Republic represented a draft suggesting banning private crypto assets. Instead, the authorities put forward forming a system for a central bank digital currency (CBDC).

Related: Crypto market cap hit a new high reaching $1.7 trillion

The Parlament will consider the approval of the draft termed "The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021" on April 8. It's not the first time India viewed a crypto ban. In April 2018, Indian Central Bank banned banks from implementing activities that included crypto assets. However, in March 2020 India’s Supreme Court canceled the decision.

Anyway, this time is different as authorities don't mean to forbid crypto completely. Minister of Finance of the country Anurag Singh Thakur explained that the draft aims to prevent illegal activities.

Investors and analysts don't think that banning would be the best solution. They say there must be found effective regulation ways. However, in the case of the ban is approved, self-custody wallets are supposed to be a way to secure users' crypto holdings.