India will introduce a legislation to regulate cryptocurrencies during the winter session of parliament that begins Nov. 29, sparking panic in the crypto market as traders speculated that the government will ban some—if not all—digital currencies.
Prices of major cryptocurrencies fell on Indian exchanges on the news. Bitcoin dropped by 17%, Ethereum by 15% and Tether by almost 18%.
The planned legislation comes after Reserve Bank of India (RIB) Governor Shaktikanta Das said earlier this month that he had “serious concerns” about cryptocurrencies impact on financial stability, alluding to hordes of small investors who were attracted by speculation in the asset.
The notification for the proposed bill, posted Tuesday on the lower house of parliament Lok Sabha’s website, seeks to prohibit all “private cryptocurrencies” in India, with exceptions to “promote the underlying technology and its uses.” It also seeks to “create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India.”
Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.
Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.
An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.