Cryptocurrency Law: India to bring Crypto Law after Global Consensus emerges; says Report

Seeing the stand of both the government and the RBI, it was felt that soon the law on crypto could come. 

But now the signs are getting ruined It is coming that the government is in no hurry to bring a law on virtual assets. Earlier, the government had said that it can ban all private cryptocurrencies.

Here private cryptocurrency meant those virtual assets whose ledger is not public. Along with this, the government also said that it will not allow cryptocurrency as a currency. 

That is, no virtual currency can be used for the purchase and sale of goods. The Reserve Bank of India has also been saying time and again that cryptocurrency should be banned. Reserve Bank Virtual rupee i.e, it has also been said to bring e-rupee.

Due to the stand of the government and the Reserve Bank, there was a discussion that soon a law would be brought in the Parliament for this. 

It was also said that this law can come only in the budget session. However, there are now indications that until a global consensus on cryptocurrencies is reached, legislation will not be brought into the country.

Earlier in January, Prime Minister Narendra Modi had said that the world should have an approach regarding cryptocurrency. It said this at the World Economic Forum. 

It seems that now the government is moving on this path. It wants to see what stand other countries take. Maybe after that looking at the best measures of the world, he should make some law regarding it. 

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Meanwhile, there is a section in the country that has been opposing the ban on cryptocurrency. It believes that with this type of currency, people will also be able to connect with the world of financial transactions, which are outside the purview of banking services. 

It also says that by banning these currencies, people will shift towards the grey market / dark market. 

On the other hand, a section has been raising the possibility of money laundering, increasing tax evasion and their use in criminal activities.