India: What Are The Chances Of Crypto Ban Draft Bill Being Implemented As Law?
I've been asked this question for a long time now and for a majority of that time-frame, it was uncertain as to what may occur. Primarily because there was no official word from the government about the crypto draft ban bill actually being a real proposal.
However, as we know in recent times it is real and it has been submitted to the Supreme Court in the on-going case against RBI from IAMAI representing interests of crypto exchange businesses.
There is some information on these on-going cases here and here if you haven't caught up on the recent updates.
Now that the government has decided to introduce this bill in the parliament and the chances of the bill being passed as it is is very high.
In fact, it's likely to happen unless the government decides to consult with industry experts and stakeholders/public about this and makes some amendments to the proposal prior to introduction in the parliament for a vote.
But it's hard to keep our hopes up knowing that our government has a majority in the parliament and will do whatever it pleases in the face of poor opposition. But in this case, even the opposition may not be aware of these technologies to even consider opposing such a bill.
So, there's not a lot in terms of a positive outcome currently as the Supreme Court will hear the case on this draft bill ban matter end of January only. By which time it's possible the bill could turn into a law. But it's unknown how the government will implement it which won't be easy at all in a country of 1.3 billion people.
The next few months will be crucial as it will certainly change things for many people operating in this space. The bill restricts any kind of association with cryptocurrency-related activity.
But, let's keep moving on and pushing for our government to hear us out and make changes to this. Suffice to say, the bill will be fought and challenged in the court should it turn into law overnight. But knowing the pace of our courts, it will be a long and hard battle for sure.
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What i find frustrating is that the banks from india and china for that matter make it illegal for their population to trade, hold crypto while they start developing their own national digital assets behind the scenes.
Unfortunately, judging by the way everything is going the likelihood is quite high.