Kumar Gaurav, founder and CEO of cryptocurrency exchange Cashaa, believes the Indian government’s latest efforts to regulate digital currencies are more of an attempt to prevent illicit activities in the industry rather than outright ban crypto.
According to a bulletin released by the Parliament of India on Friday, the governing body will be considering a bill intended to "prohibit all private cryptocurrencies" while also creating a regulatory framework for a digital rupee issued by the Reserve Bank of India, or RBI. The central bank announced last week that it would be "exploring the possibility" of a digital currency. However, the bill also says it will allow for "certain exceptions to promote the underlying technology of cryptocurrency and its uses."