A member of India's Monetary Policy Committee MPC has given Indian crypto investors a respite from rumours suggesting that the crypto sector could be totally prohibited in the country. Ashima Goyal, in a recent interview with the Press Trust of India, reportedly said that imposing a blanket ban on crypto-related activities is difficult to implement. The main reason why India will not legalise any cryptocurrency as legal tender, as per Goyal, is the possibility of it being misused for unlawful activities.
Cryptocurrencies are not regulated by any financial body in the world and allows hefty cross-border transactions instantly and in an untraceable way. Earlier in November, India listed a crypto-focussed agenda to be discussed in the Winter Session of the Parliament. According the summary of the bill, the Indian government was planning a "general prohibition on all activities by any individual on mining, generating, holding, selling, or dealing" in digital currencies as a "medium of exchange, store of value and a unit of account".
Violating the rules was listed as a non-bailable offense. The bill however, did not reach Parliament and instead was handed over to the Prime Minister Narendra Modi's Cabinet for approval first. Earlier this week, the Reserve Bank of India RBI requested the government to completely ban crypto activities in the nation. Extreme price volatility as well as likelihood of being misused emerged as the top concerns from the RBI. The chaos around regulating cryptocurrencies in India comes at a time the sector is witnessing rapid expansion in the second most populated country in the world.
Several studies from research firms like Watcher Guru and BrokerChoose have revealed that India has the highest number of crypto investors in the world. The number is said to be around million. In September last year, while El Salvador legitimised Bitcoin as a legal tender in the country.
Other countries have banned the use of Bitcoin and cryptocurrencies outright with heavy penalties in place for anyone making crypto transactions. These are the countries that have a particularly fraught relationship with Bitcoin and other altcoins. Algeria currently prohibits the use of cryptocurrency following the passing of a financial law in that made it illegal to buy, sell, use or hold virtual currencies. There is a complete ban in place on the usage of Bitcoin in Bolivia since The Bolivian Central Bank issued a resolution banning it and any other currency not regulated by a country or economic zone.
China has cracked down on cryptocurrencies with increasing intensity throughout Chinese officials have repeatedly issued warnings to its people to stay clear of the digital asset market and have clamped down hard on mining in the country as well as currency exchanges in China and overseas. Efforts to undermine Bitcoin - a decentralised currency outside the control of governments and institutions - are largely seen as an attempt by the Chinese authorities to float their own e-currency.
The PBoC is looking to be one of the first major central banks in the world to launch its own digital currency, and in doing so would be able to more closely monitor the transactions of its people. On September 24, the PBoC went further and outright banned cryptocurrency transactions in the country.
In Colombia, financial institutions are not allowed to facilitate Bitcoin transactions. The Superintendencia Financiera warned financial institutions in that they may not "protect, invest, broker, or manage virtual money operations". Bank Indonesia, the country's central bank, issued new regulations banning the use of cryptocurrencies, including Bitcoin, as a means of payment from 1 January Bitcoin has a complex relationship with the Iranian regime.
In order to evade the worst impact of crippling economic sanctions, Iran has instead turned to the lucrative practice of Bitcoin mining in order to finance imports. While the Central Bank prohibits the trading of cryptocurrencies mined overseas, it has encouraged Bitcoin mining in the country with incentives.
Around 4. In order for the crypto industry to flourish, Iran has offered licenced miners cheap energy but requires all mined cryptos to be sold to the Central Bank. However, unlicensed mining drains more than 2GW from the national grid every day, causing power shortages. India is becoming increasingly hostile towards cryptocurrencies. On November 23, the government announced its intention to introduce a new bill to the Indian parliament which would establish a new central bank-backed digital currency as well as ban almost all cryptocurrencies.
Earlier this year, it had considered criminalising the possession, issuance, mining, trading, and transference of crypto assets. Prime minister Narendra Modi said he wanted to ensure crypto "does not end up in wrong hands, which can spoil our youth". Despite sustained efforts by authorities to block their use, cryptocurrencies are becoming increasingly popular in Iraq. The Iraqi Central Bank has been particularly hostile, issuing a statement in prohibiting their use which is still in force to the present day.
In early , the Ministry of Interior of the Kurdistan regional government issued similar guidance to stop money brokerages and exchanges handling cryptos. While the holding or trading of cryptocurrency assets isn't yet prohibited in Kosovo, the government announced a ban on crypto mining in early January, blaming a growing energy crisis.
The country, which unilaterally declared its independence in , is facing historic power shortages with scheduled power cuts now being put into place to conserve energy.
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