- Indian crypto ban attempt from 2019 is still fresh in minds of Indian crypto users
- India’s SC overturned RBI’s previous partial ban
- Recent reports of the ban have hallmarks of clickbait
Indian crypto ban alleged to be clickbait – that is the speculation after so multiple reports from media around the world. This subject has circulated the crypto world since the former Indian finance secretary proposed a bill to ban cryptocurrencies in this country about one year ago.
Reports by the media have caused a lot of problems and confusion, not only at the time of first publication, but also as “unnamed” sources are used as reference points. These “sources” are individuals that are supposedly well versed and often allegedly close to the primary source.
Recent reports indicate that India is again on the path to banning crypto, once again. The things that is missing – a credible source for that information. Almost all media reported about the possibility of a ban on crypto in India, but without named or known sources.
The uncertainty about the Indian crypto ban isn’t the same as the year-ago
Crypto-trading in India has been expanding since the 4th of March this year after the Supreme Court (SC) overturned a ban imposed by RBI earlier in April 2018. As a reminder, the RBI forbade banks to be involved with companies and individuals dealing in crypto transactions.
This ban per SC ruling is effectively non-existent. In the wake of such a decision of the court, a recent onslaught of contrary stories looks to be just a new wave of clickbait articles. Readers should be warned that these articles mainly lack a shred of truth, and to take them not with a pinch, but a bucketful of salt.
What is behind the latest reports of Indian crypto ban?
Fresh reports seem to be motivated by memories of the draconian anti-cryptocurrency bill introduced last year by the Indian Parliament. In reality, representatives of India’s ruling party have publicly stated that there are no bills related to the crypto industry scheduled for discussion for the Monsoon Session of the Parliament.
It is safe to say that no Indian crypto ban exists, either as a bill or in any other form. Having in mind all available facts and a certain degree of panic caused by the report, it has been confirmed that crypto-trading in India will not be banned.