May 29, 2023

Great Indian Mutiny

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India introduces bill to ban private cryptocurrencies

Parliament on Tuesday announced that the Government of India will introduce a law to ban private cryptocurrencies and create a framework for digital currency controlled by the central bank.

The law proposes to “seek to ban all private cryptocurrencies in India”, which will be announced after the Prime Minister. Narendra Modi On Monday these virtual currencies a Risk of “harming our youth” If they fall into the “wrong hands”.

September, China bans cryptocurrency transactions.

In India, the market for virtual currencies has soared by more than 600% in the last 12 months after the Supreme Court ruled in April 2020 to withdraw from a similar ban, the Special Cabinet said. Chain analysis.

Rated as Country with a population of 1.3 billionThere are 15 million to 100 million cryptocurrencies.

The Central Bank of India announced in June that it would launch its own virtual currency, starting later this year, while expressing concern about private platforms such as Bitcoin, Ethereum or other.

The bill, which is due to be tabled in parliament next week, will allow exceptions to improve on basic technology such as “blockchain”.

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