Thread by @VireshwarTomar, From last 2 years, mainstream Indian media is threatening about a ban [...]

Vireshwar Tomar

VireshwarTomar

From last 2 years, mainstream Indian media is threatening about a ban on #bitcoin

& #cryptocurrency in India. However, past incidents and current reality are much different from media reports.
#cryptoisLegal #BeInformed

In Feb 2018, Finance minister Arun Jaitely said that cryptocurrencies are not the legal tender but at that time, mainstream media reports, " #crypto is illegal in #India." Fact: Gold is also not a legal tender here, but nobody interprets it as illegal.
#cryptoisLegal #BeInformed

In April 2018, RBI imposed a banking ban for crypto trading. However, according to media reports, "Cryptocurrency is illegal in India."
#cryptoisLegal #BeInformed

In June 2019, 'Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019' draft came into the public domain. again, mainstream media bypass all the parliamentary proceedings and report this 'draft bill' as a final Law.
#cryptoisLegal #BeInformed

Now, few days back, another news came with a quote from 'source.' Fact: There are multiple if&buts to make a law from the proposed draft or 'note.' This is not clear that 'note' is about to discuss the ban #cryptocurrency in India. #cryptoisLegal #BeInformed

Also, there is a long journey of parliamentary proceedings. Loksabha can refer it to parliamentary committees. Both the house has the power to pass or reject the bill. #cryptoisLegal #BeInformed

At multiple stages, there is no time limit to move further. There may be a deadlock situation, where the President can call for a joint session.
#cryptoisLegal #BeInformed

Also, the President can withhold the bill with infinite time. He can use Pocket veto. Example: Indian post office (amendment) bill 1986: President didn't sign, nor sent back to the parliament.
Also, most famous, Lokpal & Lokayukta bill takes 35 years.
#cryptoisLegal #BeInformed

At last, This is just a note moved by Finance Ministry & 'if' this is about to ban cryptocurrency in India, there will be a long journey with multiple different factors.

So, no need to panic, be informed.
#cryptoisLegal #BeInformed

@jcassano @antiprosynth @rogerkver @bitcoincom @cryptokanoon @NischalShetty @eth_us @smtgpt @ind_cryptobulls @_BitcoinSV

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