Bill to Ban Private Cryptocurrency in India has been Proposed: What You Need to Know

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The Indian central government is gearing to impose a complete ban on all private cryptocurrencies in the country. The authority is planning to bring the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in the upcoming winter parliamentary session which will commence from November 29. Also, the government is said to be working on its official digital currency regulated under the supervision of the Reserve Bank of India (RBI).

Cryptocurrency Bill in India

The existence of the cryptocurrency bill was spotted on the official Parliament bulletin among 26 different new bills. It reads, “To create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India”.

Excerpt from LokSabha bulletin

The following statement, however, suggests that the government is looking to exploit blockchain technology to give room for digital currency to flow in the country. As the bulletin says, “The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses”.

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The Indian government is certainly not following the footsteps of China which have completely banned all cryptocurrencies as RBI’s official digital currency is expected sooner or later. Just so you know, El Salvador is the only country to officialize cryptocurrencies for general transactions. 

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The sudden change in events around cryptocurrency was followed after PM Narendra Modi’s national address which was held a week before. He stated in his speech, “Take crypto-currency 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.”

As soon as the news about the ban of cryptocurrency in India hit, leading altcoins like Bitcoin, Ethereum, etc. have seen a major fall of up to 18% in the global market. To know how things go from here, we’ll be keeping tabs on the debate around the future of cryptocurrency in India that will start from November 29 in Lok Sabha.

Sachin Deo VermaSachin Deo Verma

Sachin covers technology news at Smartprix and he also has a keen interest in automobile and electric vehicles. He keenly gains knowledge from various sources to be updated with the latest tech trends. He is also a passionate Potterhead who dabbles in literature, and poetry, and loves to travel.

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