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India bans Bitcoin, Ethereum and other cryptocurrencies. Details here

New Delhi: India will introduce a bill to ban private cryptocurrencies after the government announced it would introduce a new bill on financial regulation. According to a press release from Lok Sabha, the bill, which “aims to ban all private cryptocurrencies in India,” is one of the 26 bills to be presented to parliament in the session starting next week.Also Read – DGGI Raids Large Cryptocurrency Service Providers, Finds Massive Tax Evasion Of Rs 70Cr: Report

India currently has no regulation for cryptocurrencies – a range of decentralized digital currencies like Bitcoin, Dogecoin, and Ethereum that are not regulated by any banking regulator. It should be noted that the cryptocurrency bill is listed at a time when the interest in the topic is very high. Also read – year-end 2021: six cryptocurrencies that rose by more than 10,000 percent in 2021

Bill to ban all “private cryptocurrencies”

  • “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021” is on the list of new bills to be introduced, examined and passed.
  • The bill will provide a facilitating framework for the creation of the official digital currency issued by the Reserve Bank of India.
  • The bill also aims to ban all private cryptocurrencies in India, but allows for certain exemptions to promote the cryptocurrency’s underlying technology and uses

Prime Minister warned that young people would fall into the crypto trap

At an event last week, PM Modi also urged collaboration between the world’s democracies to ensure that cryptocurrencies like Bitcoin don’t “fall into the wrong hands.” Also Read – Top Cryptocurrency News: What Happened In The Cryptocurrency Market In 2021? Do you know which cryptocurrencies made the headlines this year | Consider

“Nations should recognize national rights while promoting trade, investment, and greater public goods. Take, for example, cryptocurrency or bitcoin. It is important that all democratic nations work together to ensure that it does not fall into the wrong hands, which can spoil our youth, ”said Prime Minister Modi.

On November 13, Prime Minister Narendra Modi chaired a meeting to discuss the future of cryptocurrencies amid concerns that unregulated crypto markets could become avenues for money laundering and terrorist financing.

RBI is working on its own digital currency

The Reserve Bank of India has highlighted on several occasions that cryptocurrencies like BitCoin, Ethereum, and Dogecoin, and many others pose a risk to financial stability, and has also questioned their market value claims while urging investors to break away from the promises made by lure returns on cryptocurrencies.

The RBI had banned the banking system from cryptocurrency transactions in 2018, which the Supreme Court rejected in 2020.

In July, RBI announced that it was working towards its own digital currency and the Central Bank’s digital currency (CBDC). “A CBDC is legal tender that is issued in digital form by a central bank. It is the same as a fiat currency and can be exchanged one for one for the fiat currency. CBDC is a digital or virtual currency, but it doesn’t compare to the private virtual currencies that have mushroomed over the past decade. Private virtual currencies are in considerable contradiction to the historical concept of money, ”said RBI Deputy Governor T Rabi Sankar.

Cryptocurrency Prices Today

According to CoinDesk, the world’s largest and most popular cryptocurrency, Bitcoin, traded at $ 56,671. Ether, the coin connected to the Ethereum blockchain and the second largest cryptocurrency, gained more than 3% to $ 4,270. Dogecoin price rose nearly 2% to $ 0.22 while Shiba Inu plunged more than 7% to $ 0.000041.

The performance of other cryptocurrencies such as Litecoin, XRP, Polkadot, Uniswap, Stellar, Cardano, Solana was also traded mixed in the last 24 hours.

While the government and RBI have been debating legislation on this issue for several months, interest in cryptocurrencies has risen sharply among several people, including seniors, who invest in private digital currencies.

It is estimated that India has the largest number of cryptocurrency investors in the world, although the value of the investment could be less than western countries.

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