TL;DR: One of the country’s oldest and most respected newspapers, The Hindu, recently published an Editorial in favor of regulating cryptocurrencies in India rather than banning them outright. Last month, a draft document appeared to show a ministerial agency preparing to suggest legislation be passed to outlaw crypto altogether, including jail time for those who disobey.

The Hindu: Regulate, Don’t Ban

As CoinSpice reported back in early June, hastily taken photographs of the document, Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019, surfaced, and its target was those who “mine, generate, hold, sell, transfer, dispose, issue or deal in cryptocurrencies directly or indirectly.” Authors included the Economic Affairs and Finance Secretary, Subhash Chandra Garg, former Executive Director of the World Bank, along with members of the Central Board of Direct Taxes (CBDT) and the Securities and Exchange Board of India (SEBI). Within that document were fines and a jail term of up to ten years should it pass into law.

The Supreme Court is reportedly ready to hear the government’s contention, along with enthusiasts’ disapproval, regarding the country’s central bank’s blanket ban on its affliated banks dealing with crypto-related businesses. Various government agencies are proposing other versions of crackdowns. One thing is clear: a decision to ban crypto and its enforcement among more than 1 billion people will take a very long time in theory and practice.

For enthusiasts, however, mild relief came in the form of a respected and widely read newspaper, The Hindu (the first Indian online newspaper). It has been running for 140 years, and reaches millions daily. In its “Ban or regulate?” unsigned Editorial, the paper argued in favor of regulation to the exclusion of prohibition. “There are issues with cryptocurrencies,” they wrote, “but a ban might not be the best answer.”

The Hindu goes through the various anti-crypto arguments, noting India’s troubled history with the innovation. “The question then is whether banning cryptocurrencies is the most effective way to respond,” noting “six of the seven jurisdictions that its report cites have not banned cryptocurrencies outright. Many of them, including Canada, Thailand, Russia and Japan, seem to be moving on the path of regulation, so that transactions are within the purview of anti-money laundering and prevention of terror laws.” They further explain how China’s ban has only driven such transactions underground. “But why would an outright ban be a superior choice to regulation,” The Hindu asked, “especially in a field driven by fast-paced technological innovations?”

DISCLOSURE: The author holds cryptocurrency as part of his financial portfolio, including BCH.

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