- India’s crypto ban is with regards to as a form of payment, not the assets.
- The new bill will regulate the use of crypto.
- Michael Saylor expressed his thoughts via tweet.
Recently, the Indian government proposed to ban cryptocurrency as a payment method, but instead to create a legislative framework to regulate it as security. In turn, Indian authorities aim to promote an Indian Central Bank Digital Currency (CBDC).
This made Microstrategy (NASDAQ:MSTR) CEO, Michael Saylor express his thoughts about the news through a tweet.
#Bitcoin is Digital Property and is going to be adopted as a Store of Value asset in every nation that allows citizens to own private property. A #Stablecoin is Digital Currency for use as a Medium of Exchange and will be issued by chartered banks.https://t.co/bfbm2Yplk6— Michael Saylor (@saylor) November 24, 2021
Moreover, the Indian government crypto regulation bill is titled “Cryptocurrency & Regulation of Official Digital Currency Bill 2021.” In the same news, Harsh Rajat, Founder of the Ethereum Push Notification Services explained:
This bill actually facilitates the allocation of a budget for the creation of a fiat cryptocurrency called the digital Rupee and creates the infrastructure required for mass adoption and usage in the country just like China.
Furthermore, according to Nischal Shetty, CEO of WazirX, the lawmakers understand crypto much better now vs last year. Besides, the new regulation bill seems to differ from the earlier plans to ban crypto in the country.
To clarify, the cryptocurrency regulatory environment in India remains unclear as the government has talked about banning digital currencies in the past. However, the Supreme Court had stopped the Reserve Bank of India from banning cryptocurrency transactions in the past.