A Ban On Private Cryptocurrencies In India?

[Anta Assamey]

A draft bill that is expected to be introduced in this legislative session, proposes a complete ban on all private cryptocurrencies. If it becomes an act, Indian companies, individuals, traders, exchanges, and other financial systems’ participants will not be allowed to deal with cryptocurrencies.

The bill also proposes huge penalties for the violation by individuals and any company that trades with cryptocurrencies. More than 7 million Indians hold cryptocurrencies worth over a billion dollars and there has been a more than 700 percent increase in the last year.

The bill is also expected to introduce an official digital currency, that can be regulated by a country’s central bank and with its ties with the Reserve Bank of India. The inter-ministerial committee along with RBI decided that private cryptocurrencies disrupt the financial stability in the country due to the untraceability and vigorous valuation.

Already the RBO and the government warned about the virtual currencies and asked all te financial institutions to stay away from dealing with cryptocurrencies. The Reserve Bank Of India in April 2018 ordered financial establishments to cut ties with individuals or businesses dealing in virtual currency like Bitcoin. Later in March 2020, the Supreme Court allowed banks to handle cryptocurrency transactions from exchanges and traders.

This proposal by India comes after Elon Musk of Tesla and SpaceX announced he invested $1.5 Billion in bitcoin and also saying that there are plans to allow customers to buy electric vehicles of Tesla with digital currency.

Bitcoin blew past $48,000 to hit another record high and it is up more than 60 percent since the start of the year.

[JustChill_Mama]

Effect untadha ? Do I need to sell ?

[Picheshwar]

@aath nirbhar

[jambalhaatraja]

41 minutes ago, JustChill_Mama said:

Effect untadha ? Do I need to sell ?

sell immediately man . India has ukkupadam on cryptos

[Dosakai]

India keeps proving that its a silly stupid country. Lol

[Dosakai]

47 minutes ago, JustChill_Mama said:

Effect untadha ? Do I need to sell ?

Better get out of India man. 

[TOM_BHAYYA]

India starting its own coin CowCoin

[Dosakai]

Just now, TOM_BHAYYA said:

India starting its own coin CowCoin

Worth less than cow dung

[tom bhayya]

2 minutes ago, TOM_BHAYYA said:

India starting its own coin CowCoin

gaupaisa 

[Kool_SRG]

3 minutes ago, TOM_BHAYYA said:

India starting its own coin CowCoin

 

Just now, tom bhayya said:

gaupaisa 

Relaince Trying to plan aah madya talk their own digital cryptocurrency...

[Kool_SRG]

Reliance Jio planning own cryptocurrency called JioCoin

JioCoin: Reliance planning own cryptocurrency, Akash Ambani to lead project

The company aspires to get into the Internet-of-things business and blockchain will help its foray

[Dosakai]

3 minutes ago, Kool_SRG said:

 

Relaince Trying to plan aah madya talk their own digital cryptocurrency...

The richest man in Asia planning to create something that a high school dropout can create in about 2weeks of code marathon. And if he uses ethereum contracts, just couple of days

Lol capitalist merit world. 

[Assam_Bhayya]