In the midst of the government's likely proposal to ban private cryptocurrencies, the Blockchain and Crypto Assets Council (BACC) stated today that a blanket ban on cryptocurrencies will encourage non-state actors and lead to increased illegal usage of such currencies.
The proposed ban has already caused panic among cryptocurrency investors in the country. The remark comes as the government prepares to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, for consideration and passage during the upcoming winter session of parliament. The Crypto Bill, which has been scheduled for the winter session, seeks to outlaw all private cryptocurrencies while making a few exceptions. In addition, the Bill will pave the way for the central bank's digital currency (CBDC).