Government of india could soon introduce a bill to ban cryptocurrencies

Government of india could soon introduce a bill to ban cryptocurrencies

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Introduce a bill to ban cryptocurrencies

cryptocurrencies the bill in question

will be called the crypto currency regulation of official digital currency

bill it is expected to be tabled in the upcoming winter session of the parliament …

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Government of india could soon introduce a bill to ban cryptocurrencies

…. and from what we know this bill will essentially ban all private cryptocurrencies and create an official digital currency in their place.

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one that will operate under the reserve bank of india or the rbi it’s a big decision it’ll certainly ruffle some feathers

india as you know is a hotbed for cryptocurrency investments

in cryptocurrency in this country have risen from 923 million dollars in 2020 to 6.6 billion dollars in 2021.

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if you were to put a number an estimated 100 million indians have put their money in at least one form of cryptocurrency

100 million they account for eight percent of india’s total population they’ve invested a cumulative 70 000 crore rupees

and they only have a few days to recover this amount as for the government’s decision it’s unclear what the motivations really are but last week the prime minister of india did drop a hint speaking at an online cyber security forum

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he had warned that virtual money needs to be regulated because it presents a risk to the younger generation and it could spoil our youth.

he said if it ends up in the wrong hands He Said…

“take cryptocurrency or bitcoin for example it is important that all democratic nations work together on this and ensure it does not end up in wrong hands which can spoil our youth friends we are at a historic moment of choice whether ,all the wonderful powers of technology of our edge will be instruments of cooperation or conflict coherence or choice domination or development operation or opportunity”

Government of india could soon introduce a bill to ban cryptocurrencies

this was last week today the government has made its intentions clear reports say the proposed bill will allow some exceptions initially in order to promote cryptocurrency technology no further details have been released yet the story is still developing we’ll keep track

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