It is great to hear that cryptocurrencies are technically (and rather mysteriously) not banned. But how does one treat the fact that they are? In summer 2018, Altcoin Buzz reported that the country’s central bank introduced a crypto ban which the traders were subsequently quick to circumvent.
An annulled directive by a state institution should be enough?
Apparently not. This year it turned out that the country is considering an additional crypto ban which might be even worse than in China. The recent leak of the proposed law shows its severity: It suggests that India is planning to ban all cryptocurrencies except its digital Rupee.
There are two questions here which remain unanswered. How come there is a need for another ban? And how can crypto not be an offense if the RBI has already banned it? More so, since Thakur cites the institution as a source of authority?
The answer to both questions is most likely the following. The crypto is not banned and yet it is banned. Just in case you were wondering: it will most likely be banned again. Only this time the ban will be so thorough that not a soul will have any doubts left.
Condolences to all the Indian traders out there.
