March 21, 2023

Great Indian Mutiny

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The Government of India is banning cryptocurrencies and producing its digital currency

The Government of India has tabled a bill banning all cryptocurrencies in the country. Document entitled ‘Cryptocurrency Law and Regulation of the Official Digital Currency 2021’ Creating a public domain cryptocurrency. The document is due to be tabled in Parliament on November 29 An explanation of that is already on the Parliament website.

News of a possible cryptocurrency ban has rarely affected the price of Bitcoin, which is more comfortable at $ 55,500 than recent support. But, the Government of India Allows “exceptions” to promote the application Of cryptocurrency.

The bill, which will be tabled in the new legislative session, will allow some exceptions Promote cryptocurrency technologyAccording to the forthcoming business report of the parliament, but no further details were given about the proposed law.

This is not the first time the country has banned cryptocurrencies. In 2018, it vetoed cryptocurrency transactions, but in 2020 the deregulation was lifted. Cryptocurrency is widely used by the Indian population, And the government has promised to test the use of digital currency approved by the administration for several months.

The government sought to present a draft law in 2019 following a recommendation by a committee created by the Ministry of Finance to ban digital currencies that carry up to ten years in prison for possession, use or mining of cryptocurrencies.

In May 2020, the Supreme Court of India ruled that the RBI’s ban on cryptocurrencies was illegal and asked the government to regulate this gray section of Indian law.