India’s Formalized Plan To Ban All Crypto, Leaked?

India’s stance on cryptocurrencies has been dubious for a very long time now, and once again it looks like all the signs point towards a definitive ban on crypto in the country.

An Indian tech lawyer by the name of Varun Sethi took to Scribd to publish a ‘leaked’ draft legislation, whose credibility is still questionable, which allegedly reveals the Indian government’s plans to impose an umbrella ban on the use of all cryptocurrencies in India, except its own digital Rupee.

Reaction to ALLEGED draft of the Banning of #Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019, India.#blockchain #research

It's an opportunity!https://t.co/ImtvxleFru

— Varun | Blockchain Lawyer (@Blockchainlaw91) July 15, 2019

The unverified document is called ‘Banning of Cryptocurrency & Regulation of Official Digital Currencies’. It starts off by defining cryptocurrencies as ‘any information or code or number or token not being part of any Official Digital Currency, generated through cryptographic means or otherwise, providing a digital representation of value’.

The document clearly states that ‘Digital Rupee’ would be approved by the Central Government as legal tender, while all other cryptocurrencies would be banned. This document, although unverified, has caused an uproar in the Indian crypto space, as people are furiously speculating the fate of crypto in the country.

The document contains rules and regulations that are severe in nature, and prohibit any person from mining, generating, holding, selling, dealing in, issuing, transferring, disposing off or using cryptocurrency in the territory of India.

Varun Sethi, also took to YouTube to explain some of the provisions of the alleged draft legislation. For the sake of crypto industry in India, we hope that this legislation does not see the light of day.