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<ul><li>India’s Finance Minister Nirmala Sitharaman reiterated that the country’s new laws around cryptocurrencies are currently awaiting approval from the Union Cabinet.</li><li>The Union Cabinet is India’s highest decision-making body.</li><li>However, this does not necessarily mean that the new laws will come into existence any time soon.</li></ul>India is racing to keep up with the cryptocurrency craze in the country. India’s Finance Minister Nirmala Sitharaman reiterated that the new regulations around cryptocurrencies in India — the Cryptocurrency and Regulation of Official Digital Currency Bill, 2019 — are waiting on approval from the Cabinet before it can be introduced into the Parliament. She had <a href="https://www.businessinsider.in/cryptocurrency/news/indias-new-crypto-regulations-are-ready-for-the-monsoon-session-of-parliament-according-to-sitharaman/articleshow/84168068.cms">stated</a> this earlier as well, ahead of the Monsoon Session in July this year. The Union Cabinet is India’s highest decision-making body. Only the Prime Minister, Narendra Modi, and other ministers of rank are a part of the Cabinet. The supreme body needs to give the green light before the new laws can be introduced for debate in Parliament. <div type="ExtQuote" text="Cabinet note is ready on cryptocurrency. I am awaiting [sic] Cabinet to clear that." auname="India’s Finance Minister Nirmala Sitharman told reports on August 18"></div> Those in the know, requesting to remain anonymous, told Business Insider that the government is most likely mulling over a softer stance given the recent surge in <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">crypto</a> adoption and awareness within the country. This means that it's possible that the Cabinet will not approve the bill in its current form, as seen in the <a href="https://www.businessinsider.in/finance/news/indian-cryptocurrency-players-in-huddle-as-government-mulls-ban/articleshow/80610668.cms">draft</a> ahead of the Budget Session of Parliament in February. The <a href="https://www.businessinsider.in/stock-market/news/bitcoin-has-surged-to-a-record-60000-as-stimulus-hopes-and-big-name-backers-fuel-demand/articleshow/81486473.cms?utm_source=msn&amp;utm_medium=referral&amp;utm_campaign=msn_content_partnership">massive surge</a> in Bitcoin’s price earlier this year, coupled with <a href="https://www.businessinsider.in/finance/news/rbi-inflation-forecast-for-next-year-is-high-close-to-shaktikanta-das-target/articleshow/85092332.cms">high inflation</a>, has led young investors to invest in <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">cryptocurrencies</a> as an alternative financial instrument, despite their reputation for being heavily volatile. This is partly due to <keyword id="2721952" type="PERSON" weightage="20" keywordseo="crypto">crypto</keyword> exchanges like WazirX, CoinDCX, CoinSwitch Kuber, and others garnering new funding. And that funding is going towards <a href="https://www.businessinsider.in/cryptocurrency/news/wazirx-coindcx-and-other-indian-crypto-exchanges-will-reportedly-have-new-advertisement-guidelines-in-the-next-seven-to-ten-days/articleshow/84756896.cms">heavy-weight sponsorships</a> in the mainstream — like the Euro Cup and the T20 cricket tournament between Sri Lanka and India — which is driving awareness among the masses. <cmsannotation type="cmsannotation" annotationid="What happens if the Cabinet does not approve India's crypto bill?" comment="subhead" text="What happens if the Cabinet does not approve India's crypto bill?">What happens if the Cabinet does not approve India's crypto bill?</cmsannotation> If the bill is rejected by the Cabinet, then it’s possible that things will have to start from scratch all over again, especially if the Indian government is looking to take a softer approach to cryptocurrencies. “The government seems to be still in the process of determining the way forward, which may through either an existing committee or a new one with industry consultation where required," Rameesh Kailasam, the CEO of IndiaTech, told Business Insider in an <a href="https://www.businessinsider.in/cryptocurrency/news/indias-crypto-bill-is-unlikely-to-be-up-for-discussion-this-month-and-it-may-be-a-while-before-we-see-it-in-parliament/articleshow/84401863.cms">earlier interview</a>. The way the passing of a bill works in India is that a committee is assigned to draft the bill. The committee is headed by one, or in this case, multiple ministries. Given the vast application of cryptocurrencies — even though the Ministry of Finance’s Department of Economic Affairs is leading the charge — other stakeholders like the Ministry of Electronics and Information Technology (MeitY), the Securities and Exchange Board of India (SEBI), and the Reserve Bank of India also are a part of the process. Once the committee has drafted the bill, it then needs to be approved by the Finance Ministry. Once they approve it, it goes over to the Ministry of Law for another layer of endorsement to ensure it ticks all the boxes and doesn’t include any language that could get the government into trouble. Only once the bill has cleared both those thresholds does it make its way to the Cabinet. The ministers then discuss the bill to ascertain if any changes are required. If they feel the bill isn’t up to the mark, it will be sent back to the Finance Ministry. If not, the bill is presented to the public for comments before being introduced into the lower house of Parliament, the Lok Sabha. They then have three readings of the bill before it is passed to the upper house, the Rajya Sabha. Even then, the bill nevertheless needs approval from the President before it is <a href="https://prsindia.org/files/parliament_track/1417684398--Parliament%20as%20a%20Law%20Making%20Body_0.pdf">eligible</a> to come into effect. Depending on the changes suggested, it’s possible that the bill may not clear the Cabinet approval stage of the process. They could request for the Finance Ministry and other stakeholders to form an entirely new committee to draft a new version of the bill. They could even ask for a change at the helm with a department other than the Department of Economic Affairs — that, however, is unlikely. “The government seems to be looking at this afresh considering that there needs to be a different take on how to regulate cryptocurrencies rather than push for an outright ban” said Kailasam. <cmsannotation type="cmsannotation" annotationid="How could a new crypto bill in India be different from the old one?" comment="subhead" text="How could a new crypto bill in India be different from the old one?">How could a new crypto bill in India be different from the old one?</cmsannotation> The original committee that drafted India’s crypto bill was headed by Finance Secretary Subash Chandra Garg. Other members included MeitY Secretary Ajay Prakash Sawhney, SEBI Chairman Ajay Tyagi, and RBI Deputy Governor BP Kanungo. The <a href="https://prsindia.org/billtrack/draft-banning-of-cryptocurrency-regulation-of-official-digital-currency-bill-2019">version</a> of the crypto bill proposed by them, the draft of which was released ahead of the Budget Session of Parliament in February, bans all ‘private’ cryptocurrencies and lays out a plan for India’s apex banking institution to launch its central bank digital currency (CBDC). <div type="ExtQuote" text="Under the draft Bill, mining, holding, selling, issuing, transferring or use of cryptocurrency is punishable with a fine or imprisonment of up to 10 years, or both." auname="Excerpt from the Draft Banning of Cryptocurrency &amp; Regulation of Official Digital Currency Bill, 2019"></div> The definition of ‘private’ cryptocurrencies was however ambiguous. Most speculate, as per the comments of RBI governor Shaktikanta Das, that this covers all cryptocurrencies traded on exchanges including Bitcoin, Ether, Dogecoin, and others. <div type="ExtQuote" text="The RBI has major concerns with respect to private cryptocurrencies. We have conveyed these concerns to the government. The government will examine the issue and act accordingly." auname="Reserve Bank of India (RBI) governor, Shaktikanta Das, during the RBI’s Monetary Policy press conference on 6 August 2021"></div> This, however, does not mean that the central bank is proposing to ban the underlying blockchain platforms. One can ban Ether but the Ethereum blockchain, which facilitates the implementation of smart contracts, does not necessarily have to be pulled down. But, if the government is looking to take a softer stance, in line with the Supreme Court’s judgement in 2020 that abolished the RBI’s ban on cryptocurrencies, a new bill will likely have to be drafted. And, that process will again take its own sweet time cutting through the red tape. This means, just because the crypto bill is awaiting approval from the Cabinet, that it’s a done deal — especially as more and more Indian citizens are investing in cryptocurrency. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/one-third-of-indians-hold-cryptocurrencies-and-youngsters-are-leading-the-charge/articleshow/85364856.cms">One third of Indians hold cryptocurrencies and youngsters are leading the charge, according to a new report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/cricket-is-jumping-on-the-nft-bandwagon-heres-how-fans-can-splurge-on-digital-collectibles-in-the-sporting-world/slidelist/85302503.cms#slideid=85302611">Cricket is jumping on the NFT bandwagon — here’s how fans can splurge on digital collectibles in the sporting world</a>

India’s crypto bill will still have a few hurdles to clear before becoming a law, even if the Cabinet approves

<ul><li>India’s <keyword id="10822352" type="General" weightage="20" keywordseo="crypto-bill" source="Orion">crypto bill</keyword> is yet to be introduced into the lower house of <keyword id="6354721" type="General" weightage="20" keywordseo="parliament" source="Orion">Parliament</keyword>, the Lok Sabha, for discussion.</li><li>According to a report by the Economic Times, the proposed laws are pending a final stamp of approval from India’s Prime Minister, <keyword id="6354477" type="General" weightage="20" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword>, before the bill can be tabled.</li><li>A high-level meeting was initiated yesterday, on December 9, and is likely to continue discussing its concerns over the crypto bill today as well. </li></ul>India’s crypto bill is expected to be tabled during the ongoing session of Parliament. However, since the session kicked off on November 29, a draft of the bill is yet to be seen. According to Finance Minister Nirmala Sitharaman, the new crypto bill is pending approval from the Cabinet, the highest decision-making body in India. Two weeks in, the <a href="https://economictimes.indiatimes.com/news/economy/policy/pm-modi-to-take-final-call-on-cryptocurrency-regulatory-framework/articleshow/88196615.cms">Economic Times</a> reports that there is still some disagreement over certain aspects of the bill — including concerns voiced by the Reserve Bank of India (RBI) — which are now in the hands of <keyword id="919" type="General" weightage="20" keywordseo="indian-prime-minister" source="Orion">Indian Prime Minister</keyword> Narendra Modi. A high-level meeting was reportedly held on Thursday, December 11, to discuss all the options on the table. And, deliberations are expected to continue today. Only once Modi approves the bill, will it be introduced into the lower house of Parliament — the Lok Sabha. In order to become law, the bill will need to get approved by the both, lower and upper houses of Parliament, and then get the presidential asset. “Many times, bills are tabled, and members debate and propose changes to the bills, which are then referred to parliamentary committees for review. Revised bills again must follow the same process before they become law,” explained Siddhath Mahajan, a partner at Athena Legal, in an email to Business Insider. <cmsannotation type="cmsannotation" annotationid="Here’s what we know about India’s new crypto bill so far" comment="subhead" text="Here’s what we know about India’s new crypto bill so far">Here’s what we know about India’s new crypto bill so far</cmsannotation> The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, is unlikely to grant Bitcoin the status of legal tender, according to Sitharaman. She also confirmed that the 2021 draft is <a href="https://www.businessinsider.in/cryptocurrency/news/india-crypto-bill-gets-a-revamp-but-its-still-a-work-in-progress-says-finance-minister-nirmala-sitharaman/articleshow/88001952.cms">not the same</a> as the 2019 iteration, which banned all ‘virtual currency activity’, including mining, holding, and trading in cryptocurrencies. In the final draft note of the proposed bill, as seen by NDTV, the Securities and Exchange Board of India (SEBI) will be <a href="https://www.businessinsider.in/cryptocurrency/news/no-crypto-ban-in-india-sebi-will-reportedly-be-pulled-in-to-regulate-the-sector/articleshow/88065166.cms">at the helm of regulating cryptocurrencies in India</a>. And, investors in India will have to store their crypto holding on Indian exchanges — not foreign exchanges or private wallets. However, the current debate is over how to regulate not just the crypto exchanges, but also other players within the crypto industry. While no specifics were given by the Economic Times, it’s possible that there are concerns over the burgeoning popularity of non-fungible tokens (NFTs) and the metaverse. At the end of the day, without a final draft available for public purview, it’s impossible to know what the final version of the bill will look like. But, the Indian government has three broad options outside of a blanket ban — a partial ban on cryptocurrencies, allowing all categories of crypto use cases, or allowing a select few use cases within a regularised framework. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrencies-continue-to-float-in-a-sea-of-red/slidelist/88201004.cms">Cryptocurrencies continue to float in a sea of red</a> <a href="https://www.businessinsider.in/cryptocurrency/news/india-to-ban-crypto-exchange-to-exchange-transfers-and-launch-crypto-wallet/articleshow/88184151.cms">India's crypto bill may reportedly restrict exchange-to-exchange transfers and even launch its own crypto wallet</a>

India’s crypto bill is reportedly pending approval from Prime Minister Modi as concerns continue to loom

<ul><li>Ikigai Law’s Anirudh Rastogi represented Indian crypto exchanges in the <keyword id="6354977" type="General" weightage="20" keywordseo="supreme-court" source="Orion">Supreme Court</keyword> case, which led to the Reserve Bank of India’s <keyword id="6441508" type="General" weightage="20" keywordseo="crypto-ban" source="Orion">crypto ban</keyword> getting quashed.</li><li>According to him, the ideal case would be for the government to create a self-regulatory organization (SRO) to oversee the crypto industry in India.</li><li>However, the matter could go to court if the government’s upcoming crypto bill is too restrictive.</li></ul>India’s upcoming crypto bill has been wrapped in speculation since last week, when the government announced it would be introducing the <a href="https://www.businessinsider.in/investment/news/heres-a-quick-look-at-how-the-evolution-of-cryptocurrencies-has-played-out-in-india/slidelist/87902549.cms">long-awaited</a> piece of legislation during the ongoing session of <keyword id="6354721" type="General" weightage="20" keywordseo="parliament" source="Orion">Parliament</keyword>. The industry as a whole is hoping that the government will find the right balance so as to not restrict innovation and provide legitimacy to the sector. The lawyer behind getting India’s 2018 crypto ban quashed, Anirudh Rastogi, believes an overly restrictive stance could lead to another battle in the Supreme Court. Rastogi represented Indian crypto exchanges for Internet and Mobile Association of India (IAMAI), whose members include WazirX, CoinDCX and others, in the appeal at the Supreme Court against the 2018 ban on cryptocurrencies issued by the Reserve Bank of India (RBI). Short of blanket ban, these are some of the wishes that he has from the crypto ban: <ol><li>A self-regulatory organisation to oversee the crypto industry</li><li>Sunset clauses for stringent laws</li><li>A sandbox setup for crypto businesses to develop their use cases</li><li>Allowance of gas fees payments using cryptocurrencies</li></ol>“A blanket ban on payments would be a good reason to go to court. If I can’t make gas payments, that’s the end of a lot of businesses — how do you operate an exchange, for instance, which is built on an Ethereum or Bitcoin network without paying gas fees. This could be challenged as a violation of a person’s ‘right to trade’,” he told Business Insider. <cmsannotation type="cmsannotation" annotationid="What’s the big deal about gas fees?" comment="subhead" text="What’s the big deal about gas fees?">What’s the big deal about gas fees?</cmsannotation> Gas fees, simply put, are transaction fees. These payments are made by users to compensate the network for the computing energy required to process and validate transactions. And, they’re done during cryptocurrencies. If there’s a blanket ban on cryptocurrencies and their use as payments, developers based out of India will face issues developing solutions based on blockchain technology. “If the government bans use of cryptocurrency for payments, the right exceptions within that are important… Licensing for cryptocurrency based cross-border remittances would be desirable since it can make remittances significantly cheaper and faster. So allowing limited payments activity would actually be good,” Rastogi explained. <cmsannotation type="cmsannotation" annotationid="Rastogi’s wish list for India’s crypto bill" comment="subhead" text="Rastogi’s wish list for India’s crypto bill">Rastogi’s wish list for India’s crypto bill</cmsannotation> “I wish our government had taken a slightly more methodical approach towards crafting this regulation,” Rastogi said in conversation with WazirX’s head of public policy, government affairs and content, Aritra Sarkhel, during Business Insider’s webinar. According to him, it’s not a surprise that the Indian government is not looking to recognise Bitcoin as a currency. “That has been a consistent stance taken by the government, right from Arun Jaitley’s 2018 Budget speed,” he said. At the same time, fears persist. An overly restrictive regime could also pose a problem. “Over regulating a new, emerging technology could be deeply problematic because it’s a rapidly evolving space. And, for the government to keep pace with that and in terms of legislation is obviously going to be difficult,” said Rastogi. Instead, he proposes that the government should lay out broad principles but not micro-manage. Other industries, like over-the-top (OTT) services and e-commerce, self-regulated themselves for a good couple of years — and the same allowance should be given to the crypto sector in India. <div type="ExtQuote" text="My ideal case would be for the government to create an SRO [self regulatory organisation], which could then lay down further guidelines on two or three specific issues — one would be investor protection and advertising." auname="Anirudh Rastogi, the founder and managing partner at Ikigai Law, told Business Insider"></div> If the government does introduce more stringent regulation it should come with a ‘sunset clause’. Simply put, the strictest parts of the law should be accompanied by an expiry date, at which point they should be reevaluated. Alternatively, the government could even set up a sandbox environment for cryptocurrency experiments. “The RBI sandbox in place today specifically bans cryptocurrency businesses, which is bizarre. Sandboxes are meant to be created exactly for these types of businesses, which are cutting-edge, less understood and have regulatory concerns — that’s why you create a sandbox,” explained Rastogi. <cmsannotation type="cmsannotation" annotationid="Questions remain unanswered" comment="subhead" text="Questions remain unanswered">Questions remain unanswered</cmsannotation> According to <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword>, India’s Finance Minister, Bitcoin will not be given the status of a currency. But she did not elucidate on whether or not payments in cryptocurrencies for blockchain operations would still be permitted. The question around whether or not cryptocurrency trade would still be permitted in the country also hangs in the balance until an official draft of the bill is brought in for public review. The silver lining is that Sitharaman clarified that the upcoming bill is most definitely different from its previous iterations. However, it is still pending approval from the Cabinet before it can be introduced into the lower house of Parliament — the Lok Sabha — for discussion. <div type="ExtQuote" text="As my colleague Priyam likes to say, if this bill was a digital asset it would be more volatile than Bitcoin or Ethereum or anything else trading out there." auname="Anirudh Rastogi, the founder and managing partner at Ikigai Law, told Business Insider"></div> Here’s the full conversation with Anirudh Rastogi and WazirX’s head of governance affairs, public policy and content, Aritra Sarkhel: <div type="twitter" handle="BiIndia" handlename="Business Insider India🇮🇳" image="http://pbs.twimg.com/profile_images/1232926719016718336/sfffJHNV_normal.jpg" favoritecount="2" retweetcount="1" status="#LIVE | Two days of #WinterSession in Parliament, two sets of comments from Finance Minister #NirmalaSitharaman —… https://t.co/CQLDkL4pIC" createdat="1638275419000" id="1465659453877805056"></div> Disclosure: This conversation is part of a series on Business Insider, sponsored by WazirX. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/coindcx-clarifies-that-it-has-no-immediate-plans-to-launch-an-ipo/articleshow/87979346.cms">CoinDCX clarifies that it has no ‘immediate’ plans to launch an IPO</a> <a href="https://www.businessinsider.in/cryptocurrency/news/india-crypto-bill-gets-a-revamp-but-its-still-a-work-in-progress-says-finance-minister-nirmala-sitharaman/articleshow/88001952.cms">Indian government confirms that its new crypto bill is not the same as the old one</a> <a href="https://www.businessinsider.in/investment/news/bitcoin-mining-is-bring-immersion-cooling-back-in-vogue/articleshow/87998756.cms">Immersion cooling has been around for over a decade, but it’s coming back in vogue thanks to Bitcoin mining</a>

The lawyer behind getting India’s 2018 crypto ban quashed hasn’t ruled out going to court again

<ul><li><keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">Crypto</keyword> investors in India may be able to use net banking and debit cards to buy cryptocurrencies again.</li><li><keyword id="6368751" type="General" weightage="20" keywordseo="banks" source="Orion">Banks</keyword> in India had withdrawn services from crypto exchanges earlier this year, after an informal warning from the Reserve Bank of India (RBI).</li><li>According to a report by the Economic Times, most customers switched over to using UPI to buy crypto — a channel that falls outside the purview of banks.</li></ul>After months of uncertainty, <keyword id="36838" type="General" weightage="20" keywordseo="indian-banks" source="Orion">Indian banks</keyword> seem to be relaxing their stance on cryptocurrencies. According to a report by the Economic Times (<a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/crypto-gains-currency-again-as-banks-ease-curbs-on-purchases/articleshow/85813536.cms">ET</a>), the country’s top crypto exchange <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">WazirX</a> has listed Internet banking payment options from noted public and private banks in the country. The development comes even as the Indian government yet to make up its mind about how to govern cryptocurrencies in the country. According to Finance Minister <a href="https://www.businessinsider.in/cryptocurrency/news/indias-new-crypto-regulations-are-ready-for-the-monsoon-session-of-parliament-according-to-sitharaman/articleshow/84168068.cms">Nirmala Sitharaman</a>, India’s crypto bill is waiting on approval from the cabinet. However, sources told Business Insider that a <a href="https://www.businessinsider.in/cryptocurrency/news/indias-crypto-bill-is-unlikely-to-be-up-for-discussion-this-month-and-it-may-be-a-while-before-we-see-it-in-parliament/articleshow/84401863.cms">new committee</a> may be formed to reword the bill. The government may be softening its stance on cryptocurrencies in the face of surging popularity in <a href="https://www.businessinsider.in/cryptocurrency/news/wazirx-user-growth-2648-in-2021-so-far/articleshow/85264028.cms">Tier II and Tier III towns</a>. Banks allowing for crypto transactions may not entirely have to do with them becoming crypto friendly, following in the government’s footsteps. According to the report by ET, banks can only monitor transactions going through net banking or debit cards. Those using the Unified Payments Interface (UPI) channels to buy crypto are outside the purview of the banks. “We were not allowing any transaction up until recently, and that is still our official stance. But it’s difficult to monitor so many transactions and some do get through,” a banker told the publication. <cmsannotation type="cmsannotation" annotationid="Banks open up to crypto exchanges" comment="subhead" text="Banks open up to crypto exchanges">Banks open up to crypto exchanges</cmsannotation> WazirX listed top banks like Punjab National Bank, Union Bank of India and Industrial Development Bank of India (IDBI), Deutsche Bank, Federal Bank and more as eligible for net banking. This is in stark contrast to May when Indian banks had stopped doing business with exchanges after an informal communication from the country’s central bank, the Reserve Bank of India (RBI), warned them against working with these firms. Many banks started <a href="https://www.businesstoday.in/crypto/story/zebpay-wazirx-other-indian-crypto-exchanges-flounder-as-banks-cut-ties-after-rbi-frown-300183-2021-07-01">shutting down</a> the accounts of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">crypto exchanges</a> almost overnight, forcing many to stop taking rupee deposits from their users. Further, in a letter to users on May 31, a couple of banks from India started warning their users against dealing with crypto firms. In its <a href="https://www.livemint.com/market/cryptocurrency/indian-banks-warn-indian-investors-against-dealing-in-cryptocurrencies-11622458257496.html">letter</a>, HDFC Bank, the largest private sector bank in India, told customers that virtual currency transactions weren’t permitted, citing a 2018 letter from the RBI, which banned such transactions. This led to widespread concerns about banks’ relationships with crypto exchanges. Interestingly, the RBI letter cited by HDFC Bank and some others, had been struck down by the Supreme Court of India (SC) in May 2020. The SC’s decision was hailed by the crypto industry, which in turn was able to take advantage of the bull run cryptocurrencies like Bitcoin and Ethereum underwent late last year. The RBI also issued a notice on May 31, revoking the letters sent by these banks. Sharan Nair, chief business officer (CBO) of CoinSwitch Kuber, one of the top four crypto exchanges in India, explained that the move from banks comes after a circular from India’s central bank, the Reserve Bank of India (RBI). <div type="twitter" handle="NairSharan" handlename="Sharan Nair (CoinSwitch Kuber)" image="http://pbs.twimg.com/profile_images/1431964167510974475/3V3wym-g_normal.jpg" favoritecount="433" retweetcount="117" status="Good news coming out from the RBI. Banks can no longer caution customers against dealing in #cryptocurrencies citin… https://t.co/U7hdmO9A0O" createdat="1622470220000" id="1399367645888090117"></div> That said, things aren’t fully back on track just yet. “We offer multiple payment modes for Indian investors, such as UPI, Paytm UPI, IMPS, NEFT and RTGS. We also allow users to buy/sell cryptocurrency using their credit/debit cards but we see most of these transactions getting declined by the credit/debit card providers,” Jay Hao, CEO of cryptocurrency exchange OKEx.com told ET. Alternatively, crypto exchanges in India can use multiple transaction channels, including Net Banking, RTGS and UPI. While banks can control the net banking and RTGS channels, they have no control on UPI, which is a digital payments platform built by the government. As long as banks allow crypto firms to hold bank accounts in their establishments, users can use UPI to deposit money on exchanges. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/protests-are-breaking-out-against-el-salvadors-planned-bitcoin-adoption-with-demonstrators-decrying-the-tokens-volatility-and-potential-for-corruption/articleshow/85803487.cms">Protests are breaking out against El Salvador's planned bitcoin adoption, with demonstrators decrying the token's volatility and potential for corruption</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/nft-based-game-mir4-is-all-the-rage-despite-mostly-negative-reviews/articleshow/85799785.cms">NFT-based game MIR4 is all the rage despite ‘mostly negative’ reviews</a>

Banks in India are reportedly softening their stance on crypto trading

<ul><li>While no decision has been made yet by the Government to ban Cryptocurrency platforms and their ads yet, if banned in the ongoing winter session in the parliament, it is likely to have a larger impact on India’s advertising sector.</li><li>Here’s a look back at how much Cryptocurrency platforms contributed to ad revenue pie from January to November 2021, as per TAM AdEx.</li></ul>A <a href="http://loksabhadocs.nic.in/bull2mk/2021/23.11.21.pdf">proposed </a>bill in India indicates that the government is mulling over introducing a facilitative framework for the creation of an official digital currency to be issued by the Reserve Bank of India. The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses. This uncertainty has already caused price declines on the local exchanges and crypto advertisers have decided to take it slow until the next hearing. While Union Finance Minister Nirmala Sitharaman had said that no decision has been taken on banning crypto advertisements, there is a new Bill in the making, which implies there will be stringent policies in place. FM Sitharaman further said that the new Bill will take into account the rapidly changing dimensions in the virtual currency space. She had also mentioned that it will be presented to the Cabinet and introduced in the Parliament during the ongoing winter session. Until the next hearing, crypto platforms have either halted or slowed their advertising activities, which is likely to impact advertising revenue collection. As per exclusive data shared by TAM AdEx with Advertising and Media Insider, there was a spike in cryptocurrency-related digital advertisements by 36 times between Jan to Nov 2021. Due to the festive season and IPL 2021, crypto platforms were at their peak during October. The month of Diwali, which was October this year, nearly had a 30% share of the category and it took a dip by 6% in November 2021, whereas on television, there wasn’t a single ad from Crypto platforms in 2020. In 2021, television has seen 33.4 hours of advertising from Crypto platforms. The festive season proved to be bountiful for television too as October had more than 75% share of Crypto platforms, up from 2% in June and 23% in September. More than 85% of cryptocurrency advertisements were on Sports channels, with the rest appearing on News channels, GEC stations, and Movies channels. Cricket was the most popular genre amongst all, with 84% of <keyword id="6376163" type="General" weightage="20" keywordseo="cryptocurrency-advertising" source="Orion">cryptocurrency advertising</keyword> airing in Y 2021. Ad insertions of cryptocurrency grew from 0.01% share in overall Digital advertising during Jan-Nov'20 to 0.27% in Jan-Nov'21, indicating that the competition is getting intense and there’s a wider consumer base for brands to woo now. Simultaneously, the count of advertisers grew fivefold from 15 in Jan-Nov'20 to 59 in Jan-Nov'21 on digital mediums, revealed TAM AdEx. <keyword id="10245463" type="General" weightage="20" keywordseo="CoinSwitch-Kuber" source="Orion">CoinSwitch Kuber</keyword> had the lion’s share of 44% in digital crypto advertising from Jan to Nov, followed by <keyword id="12656736" type="General" weightage="20" keywordseo="coinswitch-co" source="Orion">CoinSwitch.Co</keyword> at 18% and <keyword id="6416838" type="General" weightage="20" keywordseo="coindcx" source="Orion">CoinDCX</keyword> at 18%. <keyword id="6672551" type="General" weightage="20" keywordseo="wazirx" source="Orion">Wazirx</keyword> and Zebpay had 8% and 6% share respectively in digital advertising Between Jan to Oct, CoinSwitch Kuber had the biggest share of 58% on television too, followed by CoinDCX at 36%, Zebpay at 5% and WazirX at 1%. Prime Minister Narendra Modi in the meeting conducted on November 13 had reviewed key issues concerning cryptocurrency. He had discussed misleading, non-transparent advertising practices. It was also discussed that unregulated crypto markets should not become avenues for money laundering and terror financing. In the past few months, we have seen a lot of high decibel campaigns from a lot of crypto players including WazirX, CoinSwitch Kuber, CoinDCX, Zebpay to name a few. Many of the platforms have used prominent faces like Ranveer Singh, Kunaal Kapoor Roy, Vishnu Kaushal to woo young consumers. A lot of people have been speaking about the risks of investing in the currency without fully understanding how the crypto ecosystem works. The government’s move therefore could help bring about more transparency and accountability into the ecosystem.

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Banks in India are reportedly softening their stance on crypto trading

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