{"id":372153,"date":"2021-11-25T08:22:51","date_gmt":"2021-11-25T05:22:51","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/experts-divided-on-how-far-indias-private-crypto-ban-will-go\/"},"modified":"2021-11-25T08:22:51","modified_gmt":"2021-11-25T05:22:51","slug":"experts-divided-on-how-far-indias-private-crypto-ban-will-go","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/experts-divided-on-how-far-indias-private-crypto-ban-will-go\/","title":{"rendered":"# Experts divided on how far India&#8217;s &#8216;private crypto&#8217; ban will go"},"content":{"rendered":"<p>&#8220;<strong># Experts divided on how far India&#8217;s &#8216;private crypto&#8217; ban will go <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTEvYzg1NWI1OGItNjEyYy00OTRiLWJkMjktZmZjYWNhY2RmYzVhLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>Government documents from 2019 have been cited by an Indian crypto expert to suggest that the proposed ban on all \u201cprivate cryptocurrencies\u201d could include just about every crypto.\u00a0<\/p>\n<p>The Indian government this week announced it would introduce the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 when it convenes at the Winter Session on Nov. 29. <\/p>\n<p>The bill seeks a legislative vote on creating an official digital currency while imposing a ban on \u201call private cryptocurrencies.\u201d However, there seems to be a lot of confusion regarding what exactly constitutes a \u201cprivate cryptocurrency,&#8221; with some users speculating it could refer to &#8220;privacy&#8221; coins such as Monero or Zcash.<\/p>\n<p>Founder of crypto <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> website CoinCrunch India, Naimish Sanghvi, explained in a Nov. 25 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=P_RJxGFrwys\">interview<\/a> on India Upfront that by the government\u2019s definition, private crypto could mean just about every cryptocurrency there is. He said:<\/p>\n<blockquote><p>\u201cIn the 2019 Department of Economic Affairs report on cryptocurrency, they essentially said that everything that is non-sovereign is designated as a private cryptocurrency.\u201d<strong> <\/strong><\/p><\/blockquote>\n<p>\u201cAnd by that logic, it means that Bitcoin and Ethereum will come into that definition,\u201d he said, adding that \u201canything issued by the government is public and everything issued by private players is public.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Looks like all cryptocurrencies are going to be banned in India. Some people took private cryptocurrencies to mean Monero, ZCash, etc. Not so. They mean all of them. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/Bx4dyX5M0u\">https:\/\/t.co\/Bx4dyX5M0u<\/a><\/p>\n<p>\u2014 ciar\u00e1n.eth (@C1aranMurray) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/C1aranMurray\/status\/1463558386310684675?ref_src=twsrc%5Etfw\">November 24, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The 2019 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/dea.gov.in\/sites\/default\/files\/Approved%20and%20Signed%20Report%20and%20Bill%20of%20IMC%20on%20VCs%2028%20Feb%202019.pdf\">report<\/a> in question recommended that \u201call private cryptocurrencies, except any cryptocurrency which may be issued by the government, be banned in India.\u201d It stated:<\/p>\n<blockquote><p>\u201cAll these cryptocurrencies have been created by non-sovereigns and are in this sense entirely private enterprises.\u201d<\/p><\/blockquote>\n<p>But marketing manager at Indian crypto exchange WazirX Rohit Kundliwal urged for calm and downplayed fears of an outright ban.<\/p>\n<p>In a Linkedin <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.linkedin.com\/posts\/rohitkundliwal_please-help-me-spread-this-a-lot-of-news-activity-6869142183967043584-C2nF\">post<\/a> yesterday Kundliwal pointed out that crypto cannot be banned, only regulated and that there is no clarity on what constitutes a private cryptocurrency. <\/p>\n<p>He added that \u201cShri Narendra Modi, Nirmala Sitaraman, Finance Ministry and many prominent and sane politicians have told multiple times that there will not be a blanket ban on crypto.\u201d<\/p>\n<p>Meanwhile, Indian Shiv Sena MP Priyanka Vickram Chaturvedi said in a Nov. 24 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/IndiaToday\/status\/1463419449520893959?s=20\">interview<\/a> with India Today that the proposed ban is a \u201cmove backward and a little too late.\u201d She said:<\/p>\n<blockquote><p>\u201cBanning private cryptocurrencies is basically ending the entire idea of  a new fintech that can emerge as a huge employment and generator for the new economy.\u201d<\/p><\/blockquote>\n<p>She said that the government must \u201cfacilitate an environment which is evolving and thriving. The impact of doing this&#8230; is that you are killing this entire space. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>India set to reduce GST paid on crypto exchange fees from 18% to 1%<\/em><\/strong><\/p>\n<p>The market reacted dramatically to the news of a possible ban, with prices on Indian crypto exchange WazirX plummeting on Wednesday morning at 3:30am UTC as users scrambled to sell their holdings. The panic selling event tanked the price of Bitcoin (BTC), Ether (ETH) and Cardano (ADA) in double-digit local price depreciation. <\/p>\n<p>On Nov. 18, Indian Prime Minister Narendra Modi called on all democratic nations to work together to regulate cryptocurrency, specifically Bitcoin, to \u201censure it does not end up in the wrong hands which can spoil our youth.\u201d <\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/experts-divided-on-how-far-india-s-private-crypto-ban-will-go\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Experts divided on how far India&#8217;s &#8216;private crypto&#8217; ban will go &#8221; Government documents from 2019 have been cited by an Indian crypto expert to suggest that the proposed ban on all \u201cprivate cryptocurrencies\u201d could include just about every crypto.\u00a0 The Indian government this week announced it would introduce the Cryptocurrency and Regulation of&#8230;<\/p>\n","protected":false},"author":1,"featured_media":372154,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTEvYzg1NWI1OGItNjEyYy00OTRiLWJkMjktZmZjYWNhY2RmYzVhLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74858,77310,90774,17318,70934],"class_list":["post-372153","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin-regulation","tag-indian-crypto","tag-indian-government","tag-india","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/372153","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=372153"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/372153\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/372154"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=372153"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=372153"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=372153"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}