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<ul><li>With the cryptocurrency bill looming large, consumers have been worried about their investments in <keyword id="2420795" type="PERSON" weightage="20" keywordseo="cryptocurrencies">cryptocurrencies</keyword> like <keyword id="6354947" type="UNKNOWN" weightage="20" keywordseo="bitcoin">Bitcoin</keyword>, Ethereum and others.</li><li>We spoke to industry sources and exchanges to answer your questions, and help you understand if you should sell your Bitcoin and Ethereum investments.</li><li>One of the key takeaways is that you should not panic.</li><li>Read on to find out what you should do in case cryptocurrencies are banned.</li></ul>One of the biggest questions in the minds of Indians holding cryptocurrencies is if they should sell their crypto investments before the Indian government bans them. It is not an easy question to answer as there is little information from the government in this regard as of now. If you are panicking about your investments in Bitcoin, Ethereum, dogecoin and other cryptocurrencies, we are here to answer your questions. <cmsannotation type="cmsannotation" annotationid="Should I sell my cryptocurrencies?" comment="subhead" text="Should I sell my cryptocurrencies?">Should I sell my cryptocurrencies?</cmsannotation> Don’t panic. Panic selling could prove to be counterproductive, especially since we don’t have enough information about the bill. “Cryptocurrency holders in India should not panic. They should wait for the government to reveal all the details about what is being banned or not, and then take a decision accordingly,” said Nischal Shetty, co-founder of WazirX. “Consumers need not panic and sell their crypto investments. CoinDCX has put in safeguard measures to ensure investors are protected, and we have the liquidity to help consumers liquidate their investments if they want to,” said Sumit Gupta, co-founder and CEO of CoinDCX. “Consumers who are holding cryptocurrencies should not sell their investments in haste. The information in the public domain is incomplete, the details are still not finalised and ban may not materialize,” said Arjun Vijay, co-founder of Giottus Cryptocurrency Exchange. What happens if the government bans cryptocurrencies? The government will likely give investors some time to liquidate their cryptocurrency holdings, so you should not worry about it right now. “Even if the government bans cryptocurrencies, it will likely give some time to Indian investors to liquidate their assets,” Vijay further added. Will the government ban holding cryptocurrencies in foreign countries? The details are not available right now, so it is suggested that you wait and watch for official information from the government. Can I invest in cryptocurrencies via the Liberalised Remittance Scheme? It might be possible to invest in foreign countries taking advantage of the Liberalised Remittance Scheme that allows resident individuals in India to invest up to $2,50,000. However, in view of absence of details about the crypto ban, you should adopt a wait and watch approach. Will banks freeze my account if I invest in cryptocurrencies? This is unlikely as your bank account and cryptocurrency investments are not related. Will I be able to withdraw money from cryptocurrencies into my bank account? As things stand right now, there is no restriction on selling cryptocurrencies and withdrawing those funds into your bank account. Even if the government bans cryptocurrencies, it is likely to give some time to investors to liquidate their assets. “Consumers need not worry about cashing out their investments and receiving money in their bank accounts,” Gupta added, assuring that your money will not go down the drain. According to Shetty, millions of Indians hold over INR 10,000 crore in total in various forms in cryptocurrency investments. The government will give them a way out even if it bans cryptocurrency trading. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/heres-what-6-crypto-experts-said-about-teslas-1-5-billion-investment-into-bitcoin/articleshow/80754586.cms">Here's what 6 crypto experts said about Tesla's $1.5 billion bitcoin investment</a> <a href="https://www.businessinsider.in/stock-market/news/a-crypto-fear-and-greed-indicator-is-flashing-a-warning-signal-that-shows-investors-are-being-extremely-greedy-as-top-cryptocurrencies-hit-record-highs/articleshow/80771973.cms">A crypto 'fear and greed' indicator is flashing a warning signal that shows investors are being extremely greedy as top cryptocurrencies hit record highs</a> <a href="https://www.businessinsider.in/stock-market/news/bitcoins-spike-drives-rebound-in-hard-hit-crypto-mining-stocks/articleshow/80589491.cms">Bitcoin's spike drives rebound in hard-hit crypto mining stocks</a>

“Should I sell my cryptocurrencies?” and other questions answered on India’s proposed Crypto Ban bill

The Reserve Bank of India’s <a href="https://www.rbi.org.in/scripts/FS_Notification.aspx?Id=11243&amp;fn=2&amp;Mode=0">proposed ban</a> on <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword> transactions among regulated entities like banks is all set to come into effect. Yesterday, India’s <keyword id="6354977" type="ORGANIZATION" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword> refused to lift the <keyword id="6354651" type="PERSON" weightage="20" keywordseo="ban">ban</keyword>, which will be effective from July 6th. The order prohibits all financial institutions from facilitating cryptocurrency transactions between individuals and businesses. This includes settling trades, allowing the transfer and receipt of earnings between accounts and recognising cryptocurrencies as collateral when extending loans. In anticipation of the ruling, Zebpay, a prominent Indian virtual currency trading platform, issued <a href="https://www.zebpay.com/news/zebpay-announcement-inr-withdrawals/">a warning last month</a> to all its customers that it might not be able to honour withdrawal requests from traders. It explained that the “outcome was beyond its control”. After the court’s ruling, it was forced to disable withdrawal and deposit options for Indian rupees on its mobile app. A risk control measure When the <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> order was issued in April, banks were only given three months to end relationships with trading outfits. The central bank’s purpose was to prevent banks from the risks associated with virtual currencies. The move followed a statement from Finance Minister Arun Jaitley that virtual currencies would not be accepted as legal tender in the country. The main problems linked to cryptocurrency trading include capital flight, money laundering and an inherent lack of price stability. Rather than drafting regulations aimed at tackling these problems, the RBI and Supreme Court are choosing to block banks from facilitating trades altogether. No respite for traders As a result, India’s cryptocurrency traders, of which they’re many - including people as removed from the mainstream <a href="https://www.facebook.com/BusinessInsiderIndia/videos/1605549726217438/">as housewives in rural Punjab</a> - will have no choice but to settle their transactions in cash. Additionally, cryptocurrency trading platforms will not be allowed to clear trades through banks, and can only facilitate crypto-to-crypto trades. This will definitely dent the popularity of cryptocurrencies in India. Almost all banks and deposit-taking institutions are regulated by the RBI. Without banking support, people will be hesitant to invest in these currencies and trade them on platforms. In order to circumvent this hurdle, cryptocurrency exchanges will have to develop a system for transferring and withdrawing deposits made in Indian rupees. All is not lost, however. The Supreme Court will hear a petition from the Internet and Mobile Association of India against the ruling later this month. It will also deliberate on other appeals.

India’s Supreme Court has effectively banned banks from dealing with cryptocurrencies

<ul class="summary-list"><li>The <keyword id="6354335" type="ORGANIZATION" weightage="60" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> on Thursday said it is considering a "phased" rollout of a <keyword id="6472011" type="UNKNOWN" weightage="60" keywordseo="Central-Bank-Digital-Currency">central bank digital currency</keyword>.</li><li>Deputy Governor T. Rabi Sankar said a <keyword id="6791630" type="UNKNOWN" weightage="60" keywordseo="CBDC">CBDC</keyword> will protect citizens from the volatility of cryptocurrencies, <a href="https://www.bloomberg.com/news/articles/2021-07-22/india-eyeing-phased-roll-out-of-central-bank-digital-currency">Bloomberg</a> reported.</li><li>But Sankar added that a launch will need to overcome some legal hurdles first.</li></ul>The Reserve Bank of India on Thursday said it is considering a "phased" rollout of a central bank digital currency.Deputy Governor T. Rabi Sankar during a speech said politicians are eyeing a CBDC to protect citizens from the volatility of cryptocurrencies, <a href="https://www.bloomberg.com/news/articles/2021-07-22/india-eyeing-phased-roll-out-of-central-bank-digital-currency">Bloomberg</a> first reported.A digital currency, he said, will also decrease cash usage in India's economy, especially as more consumers adopted offerings like <a href="https://e.insiderintelligence.com/click/23223491.4/aHR0cHM6Ly9jb250ZW50LW5hMS5lbWFya2V0ZXIuY29tL2dsb2JhbC1jYXNoLXVzYWdlLWV4cGVjdGVkLWRyb3Atb2ZmLXNoYXJwbHktbmV4dC0zLXllYXJzLWhlcmUtcy13aGF0LXRoYXQtbWVhbnMtbW9iaWxlLXdhbGxldHMtY2FyZHMtYWNyb3NzLWdsb2Jl/5d233c18f730436f2414784fBcece84c2" target="_blank" rel="noopener">contactless payments</a> during the pandemic."Central banks have increased their attention on digital currencies," Sankar said.A CBDC is a type of central bank liability issued in digital form, which could be used by the general public.Sankar added that an introduction of a CBDC will need to overcome some legal hurdles in foreign exchange rules and information-technology laws.In the US, Federal Reserve <keyword id="1727754" type="PERSON" weightage="60" keywordseo="Jerome-Powell">Jerome Powell</keyword> <a href="https://markets.businessinsider.com/currencies/news/jerome-powell-cryptocurrencies-cbdc-stablecoins-digital-currency-testimony-2021-7">questioned</a> the necessity of cryptocurrencies once the Fed rolls out its own CBDC.Powell in <a href="https://markets.businessinsider.com/currencies/news/federal-reserve-central-bank-digital-currency-cbdc-research-report-summer-2021-5?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">May</a> revealed that the central bank has taken further steps in exploring a digital currency and will be releasing a discussion paper this summer outlining its thinking on digital payments. Apart from the US, a <a href="https://markets.businessinsider.com/news/stocks/fed-boston-president-rosengren-cbdc-central-bank-digital-currency-launch-2021-5-1030422818?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">number of central banks</a> have been exploring CBDCs, spurred by strong momentum in the cryptocurrency space. China has been leading the government-backed digital currency race since developing its CBDC in 2014 and testing a pilot program in 2020. The statement from the Indian deputy governor follows the European Commission's proposal to <a href="https://markets.businessinsider.com/currencies/news/european-union-ban-anonymous-cryptocurrency-counter-money-laundering-terrorism-financing-2021-7">ban anonymous cryptocurrency transactions</a> as the bloc seeks to clamp down on money laundering and terrorism financing.The Indian government, for its part, has been eyeing cryptocurrency regulation for some time in a bid to prevent terrorism financing and money laundering. A CBDC will remove a certain level of anonymity cryptocurrencies ar known for.

India is considering a phased roll-out of a central bank digital currency

<ul class="summary-list"><li>China ordered domestic banks and payment platforms not to provide crypto services, <a href="https://www.reuters.com/article/us-china-cryptocurrency-pboc/chinas-central-bank-urges-financial-institutions-to-crack-down-on-cryptocurrencies-idUSKCN2DX0VE">Reuters</a> reported.</li><li>The bank also ordered them to cut the payment channels of clients involved in crypto. </li><li><keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">Bitcoin</keyword> dropped 8% on Monday amid a wide crackdown by Chinese regulators.</li></ul>China has ordered domestic banks and payment platforms not to provide services related to virtual currencies on Monday, further escalating the country's crackdown on the cryptocurrency ecosystem, <a href="https://www.reuters.com/article/us-china-cryptocurrency-pboc/chinas-central-bank-urges-financial-institutions-to-crack-down-on-cryptocurrencies-idUSKCN2DX0VE">Reuters</a> first reported. The People's Bank of China released a <a href="https://mp.weixin.qq.com/s/RYyyxezUMkhWGgZF72-5lQ">statement</a> that revealed it met with several banks, including the Commercial Bank of China, the Agricultural Bank of China, the Construction Bank of China, Postal Savings Bank of China, the Industrial Bank, and Ant Group's mobile payment platform Alipay. <keyword id="131486" type="ORGANIZATION" weightage="60" keywordseo="PBOC">PBOC</keyword> also ordered the institutions to cut the payment channels of clients involved in <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" id="docs-internal-guid-5f1d5d28-7fff-0b86-69aa-1f13b3751686">cryptocurrency</a> transactions. "Speculative trading in virtual currencies roils economic and financial order, spawns the risks of criminal activities such as illegal asset transfers and money laundering, and endangers people's wealth," the <a href="https://www.reuters.com/article/us-china-cryptocurrency-pboc/chinas-central-bank-urges-financial-institutions-to-crack-down-on-cryptocurrencies-idUSKCN2DX0VE">PBOC said in a statement</a>. After the meeting, some banks-such as <a href="http://www.abchina.com/cn/PersonalServices/SvcBulletin/202106/t20210621_2011168.htm">AgBank</a>, <a href="http://www.icbc.com.cn/icbc/%e9%87%8d%e8%a6%81%e5%85%ac%e5%91%8a/%e5%85%b3%e4%ba%8e%e7%a6%81%e6%ad%a2%e4%bd%bf%e7%94%a8%e6%88%91%e8%a1%8c%e6%9c%8d%e5%8a%a1%e5%bc%80%e5%b1%95%e8%99%9a%e6%8b%9f%e8%b4%a7%e5%b8%81%e4%ba%a4%e6%98%93%e7%9a%84%e5%a3%b0%e6%98%8e20210621.htm">ICBC</a>, <a href="http://www1.ccb.com/cn/v3/include/notice/20210621_1624266880.html">CCB</a> - and <a href="https://www.yicai.com/brief/101087999.html">Alipay</a> all released individual statements saying they would be more thorough in identifying the clients to root out illegal cryptocurrency-related activities. China has been ramping up its regulation of <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">cryptocurrencies</keyword>. Over the weekend, authorities stepped up their crackdown on <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" id="docs-internal-guid-5f1d5d28-7fff-0b86-69aa-1f13b3751686">cryptocurrency</a> mining by <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-btc-china-mining-crackdown-sichuan-cryptocurrencies-ether-2021-6-1030538480">ordering 26 of the biggest miners</a> in the Sichuan province to halt operations. <a href="https://markets.businessinsider.com/currencies/btc-usd?utm_source=markets&amp;utm_medium=ingestgest" target="_blank">Bitcoin</a> dropped 8% on Monday following the news. Other cryptocurrencies also dropped sharply, with <a href="https://markets.businessinsider.com/currencies/eth-usd?utm_source=markets&amp;utm_medium=ingestgest" target="_blank">ether</a> down around 6% and <a href="https://markets.businessinsider.com/currencies/bnb-usd?utm_source=markets&amp;utm_medium=ingestgest" target="_blank">binance coin</a> roughly 4% lower, according to <a href="https://coinmarketcap.com/" target="_blank">Coinmarketcap</a>. <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 href="https://www.businessinsider.in/cryptocurrency/news/trading-on-crypto-exchanges-based-outside-of-india-may-get-more-expensive/articleshow/83747213.cms">India is reportedly mulling over a new crypto tax which could make trading on foreign exchanges more expensive</a> <a href="https://www.businessinsider.in/cryptocurrency/news/indian-crypto-exchanges-are-eyeing-more-industry-bodies-to-expand-influence/articleshow/83742929.cms">There’s a new Indian crypto lobby in the making and Zebpay has confirmed its participation</a> <a href="https://www.businessinsider.in/cryptocurrency/news/investments-in-crypto-hit-17-billion-in-the-first-six-months-of-2021/articleshow/83740327.cms">Investments in crypto hit a new record of $17 billion, but Indian funds are yet to jump on the bandwagon</a>

China's central bank has ordered domestic banks and payment providers not to offer crypto services

Way back when Bitcoin was invented, India was the first country to acknowledge it as an alternative monetary system. Though India started lauding Bitcoin without knowing the plethora of scams it could encourage, the political and economic conditions in the country were favorable for Bitcoin to thrive. However, the recent trends show that India is becoming the first country on the globe to regulate the cryptocurrency. The effects of demonetization When the Reserve Bank of India announced the demonetization of 500 and 1000 rupee currency notes on November 8, 2016, the Indian public started realizing that cash was unreliable. During that time, the scenario gave a great impetus for the young people in the country to turn to Bitcoin. In fact around this time, a sizeable chunk of the corporate world in the country was already using Bitcoin. Since the digital coin gave a safer system for the public to invest their money, a growing number of people started resorting to the use of Bitcoin. Does not need a bank account A large segment of the Indian population still does not have a bank account. Bitcoin enables such individual to make financial transactions quickly and securely without a bank account. Indian companies and Bitcoin More than 500 merchants in India and five large enterprises in the country including Dell accepted payments in cryptocurrency. This number is fast growing today. No doubt Bitcoin is still not that popular in India. A lot of Indians highly prefer paper money. However, as per the study of the emerging trends in the country, the frenzy for Bitcoin is fast spreading in the country. Indian government and Bitcoin Earlier in 2019, the Supreme Court of Indi came up with a four-week deadline urging the government to bring in some regulations of the cryptocurrencies in the country. The government has already taken a firm stand to deal with cryptocurrency in a strict way and looking forward to banning it. Consultations have already begun on the bill called "Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019". These moves by the country show us that the government of India is clear with its hostile stand against cryptocurrency. What can happen to Bitcoin in India Expert circles say that the country could be seen banning cryptocurrency under the Prevention of Money Laundering Act (PMLA). Meanwhile, the Ministry of corporate affairs has pointed out that those dealing with Bitcoins are falsely induced of massive returns. These schemes are not transparent and they never fall into any legal framework that are regulated. Many gullible investors are seen falling victims to a number of scams connected with Bitcoins. RBI has gone a step further to announce that it can never provide services to individuals and businesses that are dealing with Bitcoins or settling in virtual currencies. BP Kanungo, Deputy Governor, RBI has stated, “We have decided to ring-fence the RBI regulated entities from the risk of dealing with entities associated with virtual currencies. They are required to stop having a business relationship with the entities dealing with virtual currencies forthwith and unwind the existing relationship within a period of three months". Severe measures contemplated in India It appears that the "Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019" draft has also on its proposal 10-year prison sentence for those individuals found mining, generating, selling, holding, transferring, disposing of, dealing with or issuing cryptocurrencies. Hence we could possibly see a ban on Bitcoins in India in the near future.

Explained: What is Cryptocurrency in India

<ul class="summary-list"><li>The best option for <keyword id="11892747" type="UNKNOWN" weightage="60" keywordseo="india" source="Orion">India</keyword> is to ban private cryptocurrencies, one of the country's top central bankers said Monday.</li><li>Private <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> is worse than Ponzi schemes and pose a threat to financial stability, Rabi Sankar said.</li></ul>India's best choice is to ban private cryptocurrencies because of the risks they pose to the country's financial systems and sovereignty, a top central banker has warned.Rabi Sankar, deputy governor of the <keyword id="11894000" type="UNKNOWN" weightage="60" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword>, took aim at private crypto in a <a href="https://m.rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1196">speech at a local banking conference</a> on Monday, underlining Indian authorities' tough stance. He said cryptocurrencies can't really be defined as a currency, asset, or commodity, given that they don't have any underlying cash flow or intrinsic value, and that they are like a "Ponzi" scheme or even worse. For these reasons alone, private cryptocurrencies should be kept away from the formal financial system, he said."More substantially, they can (and if allowed most likely will) wreck the currency system, the monetary authority, the banking system, and in general government's ability to control the economy," Sankar said. This adds up to a threat to a country's financial sovereignty, he warned. It becomes vulnerable to manipulation by the private companies that create digital currencies or the governments that control them, according to Sankar."All these factors lead to the conclusion that banning cryptocurrency is perhaps the most advisable choice open to India," he told the conference.Sankar's tough words highlight Indian authorities' efforts to keep a grip on digital currencies in a country with an estimated 15 to 20 million crypto investors. India is second only to Vietnam in crypto adoption, according to the <a href="https://blog.chainalysis.com/reports/2021-global-crypto-adoption-index/">2021 Global Crypto Market Adoption Index</a> from Chainalysis.The government plans to <a href="https://markets.businessinsider.com/news/currencies/india-crypto-blockchain-cbdc-tax-ethereum-bitcoin-digital-assets-finance-2022-2">impose a 30% tax</a> on income from cryptocurrencies and other digital assets such as NFTs, or non-fungible tokens. It also wants to deduct 1% in tax at source on payments related to buying such assets.While<a href="https://www.businessinsider.in/cryptocurrency/news/taxes-gst-and-the-digital-rupee-crypto-policy-in-india-is-going-through-a-big-overhaul/slidelist/89499051.cms#slideid=89499616"> many</a> saw this as a move towards legitimizing crypto,<a href="https://www.businessinsider.in/cryptocurrency/news/taxes-gst-and-the-digital-rupee-crypto-policy-in-india-is-going-through-a-big-overhaul/slidelist/89499051.cms#slideid=89499616"> some</a> were worried the high tax might discourage crypto trading. At the same time, India plans to roll out its own digital currency, nicknamed the "digital <keyword id="6355302" type="UNKNOWN" weightage="60" keywordseo="rupee" source="Orion">rupee</keyword>," suggesting it is the private nature of private cryptocurrencies that is worrying authorities.India plans to introduce its <keyword id="11939356" type="UNKNOWN" weightage="60" keywordseo="central-bank-digital-currency" source="Orion">central bank digital currency</keyword>, or <keyword id="6791630" type="UNKNOWN" weightage="60" keywordseo="cbdc" source="Orion">CBDC</keyword>, before March 2023. Major central banks such as the US Federal Reserve and the Bank of England are already developing CBDCs, which provide a centralized, official alternative to pure cryptocurrencies. But it is the Chinese central bank that is leading the way in CBDCs, and is it several years ahead of its counterparts in its development program. Its <a href="https://markets.businessinsider.com/currencies/news/digital-yuan-china-central-bank-currency-visitors-2022-winter-olympics-2021-4-1030316791">digital yuan</a> is in use at the Beijing Winter Olympics on right now.Lawmakers in India's lower house in December introduced a bill to <a href="https://www.businessinsider.com/crypto-investing-india-ban-bitcoin-retail-investors-kimchi-premium-cbdc-2021-11">prohibit all private cryptocurrencies</a>, but the government later said it could instead <a href="https://markets.businessinsider.com/news/currencies/crypto-ban-india-regulate-bill-fines-sebi-cryptocurrency-digital-asset-2021-12">bring in regulation</a>.But Sankar said none of the arguments for crypto regulation stand up to basic scrutiny. "We have seen that crypto-technology is underpinned by a philosophy to evade government controls. Cryptocurrencies have specifically been developed to bypass the regulated financial system. These should be reason enough to treat them with caution."

India should ban 'Ponzi' private cryptos or risk wrecking the country's financial system, a top RBI central banker has warned

<ul><li>India is going to be the testing grounds for Facebook’s attempt at building a ‘stable’ cryptocurrency.</li><li>The tech giant plans to pilot the stablecoin project in India as the country’s market still has room to expand, according to industry insiders. </li><li>India’s central bank has not been very welcoming to the idea of virtual currencies.</li></ul>Most crypto currencies are infamous for their volatility but Facebook is trying to change that. And, India might have the front row seats to the social networking giant’s first attempt at building a stablecoin according to <a href="https://www.bloomberg.com/news/articles/2019-05-08/facebook-s-blockchain-team-is-assembling-its-own-mini-paypal-mafia">Bloomberg.</a> Facebook's has also reportedly set up a company called '<a href="https://www.businessinsider.in/facebook-building-its-cryptocurrency-in-switzerland-report/articleshow/69409657.cms">Libra Networks</a>' in Geneva,Switzerland that will working on building the virtual currency for social networking giant. Insiders say that India has been chosen for pilot testing the virtual currency, as the country’s cryptocurrency market has room to expand. The ultimate aim is to target the Indian remittances market using the stablecoin via WhatsApp, to facilitate overseas transactions. India’s indecision But Facebook might have got the timing wrong. India’s central bank, the Reserve Bank of India (RBI), has <a href="https://economictimes.indiatimes.com/wealth/personal-finance-news/rbi-clamps-down-on-cryptocurrencies-what-will-existing-investors-lose-their-money/articleshow/63640904.cms">clamped down</a> on virtual currencies, banning new investments and future transactions — much to the <a href="https://www.businessinsider.in/indian-cryptocurrency-exchanges-looking-for-leeway-from-rbi/articleshow/64453526.cms">dismay</a> of its passionate advocates. The ban came in despite <a href="http://www.newindianexpress.com/business/2018/dec/26/bitcoin-on-highway-to-being-legit-1916541.amp">media reports</a> that a government committee had favoured virtual currencies in India, just a few weeks back. A member of the committee had stated, “There is a general consensus that cryptocurrency cannot be dismissed as completely illegal. It needs to be legalized with strong riders.” The Indian government is looking to make it the ban official with ‘Banning of Cryptocurrencies and Regulation of Official Digital Currencies bill 2019’, a <a href="https://economictimes.indiatimes.com/news/economy/policy/government-department-discuss-draft-bill-to-ban-cryptocurrencies/articleshow/69048480.cms">draft bill</a> that is yet to turn into law, under the Prevention of Money Laundering Act (PMLA). Troubled waters for Facebook Facebook-owned <a href="https://www.businessinsider.in/whatsapp-rushing-to-launch-its-payments-feature-in-india-by-next-week/articleshow/64386826.cms">WhatsApp Pay</a> has been in the beta testing mode, for over a year now with no signs of an official launch in the horizon. The primary reason for that is RBI’s new data localization <a href="https://barandbench.com/rbi-mandates-data-localisation-for-payment-services/">policy</a> which requires all financial data of Indian users to stored on local servers — a roadblock Facebook is yet to overcome. When it comes to stablecoin or what some call ‘Project:Libra’, most of the details are <a href="https://www.businessinsider.in/facebook-is-working-on-a-secret-plan-code-named-project-libra-to-build-a-cryptocurrency-network/articleshow/69160661.cms">classified</a>. But, insiders say that Facebook’s new cryptocurrency could be either be pegged to the US dollar or a basket of currencies, to keep it stable. Facebook is expected to make an official announcement about stablecoin in the next quarter but an official launch is still far away. Perhaps, by the time that it’s ready to go live, India’s digital economy will be more accepting. See also: <a href="https://www.businessinsider.in/Hackers-stole-40-million-of-bitcoin-from-one-of-the-worlds-largest-crypto-exchanges/articleshow/69237553.cms">Hackers stole $40 million of bitcoin from one of the world's largest crypto-exchanges</a> <a href="https://www.businessinsider.in/facebook-is-working-on-a-secret-plan-code-named-project-libra-to-build-a-cryptocurrency-network/articleshow/69160661.cms">Facebook is working on a secret plan - code-named 'Project Libra' - to build a cryptocurrency network</a> <a href="https://www.businessinsider.in/indian-cryptocurrency-exchanges-looking-for-leeway-from-rbi/articleshow/64453526.cms">Indian cryptocurrency exchanges looking for leeway from RBI</a>

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“Should I sell my cryptocurrencies?” and other questions answered on India’s proposed Crypto Ban bill

Rounak Jain

India’s Supreme Court has effectively banned banks from dealing with cryptocurrencies

Dilsher Dhillon

India is considering a phased roll-out of a central bank digital currency

Isabelle Lee

China's central bank has ordered domestic banks and payment providers not to offer crypto services

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Explained: What is Cryptocurrency in India

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India should ban 'Ponzi' private cryptos or risk wrecking the country's financial system, a top RBI central banker has warned

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Facebook wants to test its cryptocurrency in a country that’s trying to ban it altogether

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