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Legal experts in India have been seen suggesting that it is impossible to impose an outright ban on cryptocurrencies in the country otherwise there will be legal consequences because a huge stake has been put into the digital currency economy by the Indian investors.
A word of caution has been advised by the Indian legal community to the Government of India against the proposal of banning cryptocurrencies.
The government of India had drafted crypto regulation which was pending discussion in a Parliamentary Session commenced at the end of November 2021. But before bringing the law into the debate, the Government of India and its officials had said time and again that they will avoid banning cryptocurrencies. Even the country’s Finance Minister also committed to the people that banning cryptocurrencies is not the ultimate solution. She even insisted that the way forward for India is in the adoption of digital currencies and their underlying technology of ‘blockchain’.
However, this view has been changed totally. Indian Government is now proposing that an outright ban should be implemented in full force upon the use of cryptocurrencies. Sitting Government officials, as well as the leaders of the opposition parties too, have endorsed the proposal of banning cryptocurrencies. What the supporters of the crypto ban in India forget is that India is the world’s second adopter of digital currencies. Big, medium, and small Indian investors have been investing in digital currencies which is more than what they usually invest in other products. But it seems as if the Government of India would be willing to impose a ban instead of finding a way out.
In this connection, the legal fraternity of India too has started to take interest in the ongoing issue of banning cryptocurrencies. They have commented that a ban should have been imposed when digital currencies paved their way into the Indian market. It is too late for now to impose a ban because billions of dollars have already been invested in the digital economy by Indian investors. Too much stake is there which is impossible to be ignored otherwise there will be legal consequences.
The legal community of India has therefore advised the Indian Government not to proceed with the ban as it is impossible now. Since ‘right to do business is a fundamental right that is guaranteed under the Constitution, the Court will be bombarded with enormous litigation. On the other hand, the Courts are the guardians of the Constitution and therefore the litigations will likely be decided in favor of the investors.
As regards the advice of the legal community, no comments have been made by the Government officials. Still, the Government is working on the law for amending it further for the purposes of inserting a crypto restriction clause in the law.
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