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"There is no complete ban," said a crypto industry insider, citing sources from the Ministry of Finance.

Ban or No Ban: Conflicting Reports on Crypto Regulation Coming Out of India

Ever since the Indian government listed a cryptocurrency bill to be taken up in parliament during the upcoming session that starts next week, much debate has transpired about whether the government will ban cryptocurrencies, such as bitcoin and ether.

Crypto Regulation Is Coming but There Are Conflicting Accounts About What Is In It

Indian crypto legislation is drawing near. The Indian government has listed a cryptocurrency bill to be taken up in Lok Sabha, the lower house of India’s parliament, for the winter session which starts on Monday, Nov. 29.

The bill titled “The Cryptocurrency and Regulation of Official Digital Currency Bill 2021” seeks to “prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.”

Much debate has transpired about whether the Indian government will ban cryptocurrencies such as bitcoin (BTC) and ether (ETH).

The crypto bill itself has not been made public and the government has not made any official statements regarding the bill. However, many publications and industry insiders have been speculating and quoting various sources familiar with the matter.

Kumar Gaurav, the CEO of crypto banking platform Cashaa, tweeted Wednesday:

I just got off with a call with a few high-level officials from MOF [Ministry of Finance]. There is no complete ban, but the direction is to regulate crypto in line with FATF [Financial Action Task Force] guidelines.

Gaurav added that crypto will be an asset class regulated by the Securities and Exchange Board of India (SEBI) and crypto exchanges will need to obtain licenses from the regulator. “All positive notes,” he wrote.

Avinash Shekhar, co-CEO of Indian cryptocurrency exchange Zebpay, told CNBC’s “Squawk Box Asia” on Thursday:

My belief is that we will have some kind of coher...
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You know what scares me? A central bank increasing the money supply by 50 percent within 18 months, telling me it has no/little impact on inflation, and when prices go up, Warren blaming "greedy corpo...