Cryptocurrency ban prospects grow in India

Banning cryptocurrencies in India is on the agenda. As the country seeks to issue its own digital currency, it wants to curb privately owned cryptos. Previously, China had taken a similar step.

After China, there is an anti-crypto-money move in India.

In India, the most populated country in the world, the possibility of banning cryptocurrencies is getting stronger.

According to the news reflected in the country press, the probability of the adoption of the crypto money ban bill, the first draft of which was presented in January 2021, is increasing day by day.

According to the information published on the official website of the Indian parliament, Lok Sabha, the Cryptocurrency and Official Digital Cryptocurrency Regulation draft outline the necessary framework for the Reserve Bank of India to issue virtual Rupees.

GREENLIGHT TO TECHNOLOGY

The bill also envisions banning all private cryptocurrencies in India. However, the Indian government states that investment in crypto money technologies such as blockchain will continue.

After the bill was published in the Lok Sabha, there were big decreases in crypto money exchanges in India.

Making a statement on the subject at the beginning of the month, Indian Prime Minister Narendra Modi said that all democratic countries should cooperate on crypto money. According to Modi, this is essential so that the cryptocurrency market does not fall into the wrong hands.

THEY WERE CONSIDERING DECLARING IT ILLEGAL

Earlier in the year, the Indian government said it was considering making the holding, distribution, mining, and trading of cryptocurrencies illegal. However, this step was not taken.

Speaking to Reuters news agency, two government officials suggested that crypto products would be treated as assets. Cryptocurrencies, on the other hand, argue that they are an alternative currency to conventional systems.

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