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Ban or No Ban? Conflicting Reports Coming Out of India on Crypto Regulation

Ban or No Ban: Conflicting Reports on Crypto Regulation Coming Out of India

Ever since the Indian government listed a cryptocurrency bill to be taken up in parliament during the upcoming session that starts next week, much debate has transpired about whether the government will ban cryptocurrencies, such as bitcoin and ether.

Crypto Regulator Is Coming, but There Are Conflicting Accounts about What Is Inside It

Indian crypto legislation is near. The Indian government has listed a cryptocurrency bill to be taken up in Lok Sabha, the lower house of India’s parliament, for the winter session which starts on Monday, Nov. 29.

The bill titled “The Cryptocurrency and Regulation of Official Digital Currency Bill 2021” seeks to “prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.”

Much debate has transpired about whether the Indian government will ban cryptocurrencies such as bitcoin (BTC) and ether (ETH).

The crypto bill has not been made publicly and the government has not issued any statements about it. Many publications and industry insiders speculated on the matter and quoted various sources.

Kumar Gaurav is the CEO of cryptocurrency banking platform Cashaa. He tweeted Wednesday:

I just got off with a call with a few high-level officials from MOF [Ministry of Finance]. Although there is not a complete ban, the directive is to regulate crypto according to FATF guidelines.

Gaurav stated that crypto will be a class of assets regulated by Securities and Exchange Board of India. Crypto exchanges will have to apply for licenses from this regulator. He wrote, “All positive notes.”

AvinashShekhar, coCEO of Indian cryptocurrency exchange Zebpay told CNBC’s “Squawk box Asia” that Thursday:

My belief is that we will have some kind of coherent regulation, but on the tougher side.

Shekhar said: “There have been a lot of positive vibes coming from the government. Two weeks ago, we met with the finance committee of Parliament…. We are receiving the message from the government that they want some form of regulation. But not a complete ban .”

Tanvi Rahna, CEO at Policy 4.0 commented that “Yes, it is expected that the government would pass legislation in this session.” However, it may not be a complete legislation … It is expected that some basic coins such as BTC, ETH etc could be allowed in some form.”

Some media outlets reported that the government plans to ban all cryptocurrency and only regulate central bank digital currencies. This will be done by the Reserve Bank of India (RBI).

Priyanka chaturvedi is a Rajya Sabha member. She commented on the news that the Indian government was planning to ban cryptocurrency via Twitter:

If true, this is a recipe for disaster India doesn’t need. Banning all crypto currencies private is effectively killing the space and robbing India from creating an ecosystem for Fintech.

The Blockchain and Crypto Assets Council (BACC) of the Internet and Mobile Association of India (IAMAI), issued a statement Thursday asserting that “a blanket ban on cryptocurrencies will encourage non-state players thereby leading to more unlawful usage of such currencies.”

Last Wednesday, the Indian Prime Minister NarendraModi called on all democratic countries to cooperate on cryptocurrency. He said that it should not be in “wrong hands” and that this could lead to “spoiled youth.” The Indian Parliamentary Standing Committee on Finance also met with representatives of the crypto industry.

Do you think India will ban cryptocurrencies like bitcoin? Comment below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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MEXC launches STORY (IP) launchpool & airdrop+, offering 68,500 IP & 50,000 USDT in bonuses

MEXC, the world’s leading cryptocurrency trading platform, has announced the launch of its Launchpool initiative in collaboration with the renowned blockchain project STORY (IP). This initiative highlights the close partnership between MEXC and STORY, showcasing their joint efforts to expand the STORY network. By introducing two major events—a Launchpool featuring a 60,000 IP reward pool…

MEXC, the world’s leading cryptocurrency trading platform, has announced the launch of its Launchpool initiative in collaboration with the renowned blockchain project STORY (IP).

This initiative highlights the close partnership between MEXC and STORY, showcasing their joint efforts to expand the STORY network. By introducing two major events—a Launchpool featuring a 60,000 IP reward pool and an Airdrop+ offering 8,500 IP plus 50,000 USDT—this collaboration further accelerates the growth of the STORY network while driving innovation in the blockchain space.

MEXC Supports the STORY Network with the Launch of IP Launchpool

In the digital age, traditional intellectual property (IP) management faces growing challenges. Centralized platforms and complicated intermediaries often lead to inefficiencies, high costs, and trust issues for creators. As a Layer 1 blockchain built with Cosmos SDK, STORY combines DeFi and AI technologies to offer automated, transparent, and cost-effective IP management solutions. With full EVM compatibility and a modular architecture, STORY empowers creators to tokenize their IP assets, automate royalties, and simplify licensing processes. MEXC’s support of the STORY network highlights the growing importance of such innovations in blockchain.

As a global leader in digital asset trading, MEXC consistently supports innovative blockchain projects. Its Launchpool initiative with STORY reaffirms this commitment. This collaboration not only strengthens the STORY ecosystem but also empowers global creators and developers to explore the potential of decentralized IP management. MEXC’s broad market coverage and strong liquidity offer the environment for blockchain projects like STORY to thrive and bring new possibilities to the digital economy. By allowing users to stake USDT, MX, and IP tokens to earn rewards, MEXC provides a platform for increased exposure and growth for STORY. Visit the STORY (IP) pre-market page to see this innovation in action.

Celebrate the IP Launchpool & Airdrop+ with a Prize Pool of 68,500 IP & 50,000 USDT

As a pioneer in the cryptocurrency industry, MEXC continues to foster innovation and support emerging blockchain ecosystems. MEXC is hosting two major STORY (IP) events: the Airdrop+ event, running from February 12, 2025, 10: 00 (UTC) to February 26, 2025, 10: 00 (UTC), featuring 8,500 IP plus 50,000 USDT in rewards, and the Launchpool, taking place from February 12, 2025, 10: 00 (UTC) to February 15, 2025, 10: 00 (UTC), with a 60,000 IP reward pool. These initiatives underscore MEXC’s ongoing commitment to advancing blockchain innovation and delivering valuable opportunities to the crypto community.

These activities include:

Event 1: IP Launchpool – Stake USDT, MX & IP to Share 60,000 IP
Event 2: Join Airdrop+ to Share 8,500 IP & 50,000 USDT bonus
- Perk 1: Deposit and Share 5,600 IP (New User Exclusive).
- Perk 2: Spot Challenge – Trade to Share 1,700 IP.
- Perk 3: Futures Challenge – Trade to Share 50,000 USDT in Futures Bonuses.
- Perk 4: Invite New Users and Share 1,200 IP.

MEXC continues to expand its market share in the centralized exchange space, leveraging its first-mover advantage in listing promising and valuable projects. As one of the leading cryptocurrency exchanges, with its commitment to innovation, user-centric approach, and strategic focus on early-stage token listings, MEXC remains at the forefront of the crypto industry, providing strong access to the rapidly growing blockchain ecosystem.

About MEXC

Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto”. Serving over 30 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, frequent airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.

MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC

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Jailed BTC-e operator Vinnik released in US-Russia prisoner swap

US to release jailed BTC-e operator Alexander Vinnik in a prisoner swap with Russia. Vinnik, arrested in 2017, is part of the exchange that saw Russia release jailed US schoolteacher Marc Fogel. Alexander Vinnik, jailed in the US after being convicted on charges of money laundering, is being released as part of a prisoner swap.…

US to release jailed BTC-e operator Alexander Vinnik in a prisoner swap with Russia.
Vinnik, arrested in 2017, is part of the exchange that saw Russia release jailed US schoolteacher Marc Fogel.

Alexander Vinnik, jailed in the US after being convicted on charges of money laundering, is being released as part of a prisoner swap.

The former operator of the Russian crypto exchange BTC-e will head to Russia after the Kremlin reportedly agreed to an exchange involving US national Marc Fogel.

According to the BBC, the White House confirmed the prisoner exchange,with Trump having spoken to Fogel.The schoolteacher left Russia on Tuesday, Feb. 11.

Who is Vinnik?

Alexander Vinnik, 44, is a crypto kingpin that operated the Bitcoin exchange BTC-e. Authorities arrested Vinnik in 2017 in Greece, with the Department of Justice filing charges of money laundering involving nearly $4 billion.

According to prosecutors, Vinnik allowed cyber criminals to use BTC-e to launder and store proceeds of crimes, including crypto hacks, ransomware attacks and identity theft.

The Russian national’s reign at the helm of the exchange saw him promote the platform to perpetrators of these crimes. US authorities blamed him for the loss of $121 million.

Notably, New Zealand police also seized $90 million from the BTC-e operator.

Vinnik’s guilty plea in May 2024 meant he faced up to 20 years in prison.

The prisoner swap that sees him leave custody comes after his lawyers failed in a previous attempt to have included in other US-Russia prisoner exchanges. One such push involved the deal that saw Evan Gershkovich, a Wall Street Journal reporter formerly imprisoned in Russia, released.