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Indian government set to ban cryptocurrencies

It seems that India aims to follow its plan to ban most cryptocurrencies along with a long awaited bills.
Many argued in recent months that the government may soften its view on digital currencies. The ban was set relative to all private cryptocurrencies with certain exceptions to allow the promotion of the underlying technology and its usage.
As the decision on the bill’s future was announced, cryptocurrency prices dropped in Indian exchange.
As the government previously announced, the ban is part of the proposed Cryptocurrency and Regulation of Official Digital Currency Bill which will be introduced in its winter session.
Experts explained that the legislation was planned to create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India (RBI).
The plan to prohibit all private cryptocurrencies appeared to be essentially similar to the draft on bills which was issued in January.

Many believed that Indian government may soften their views to cryptocurrencies, and possibly regulate them as assets instead of a means of payment.
However, the description of the bill has remained with no change, and exact differences are not confirmed since the latest draft is not yet publicly available.

About Tiffany Ellis

She is a smiley curious writer from the USA. She loves Cryptocurrencies, Arts an also NFTs.

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