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India to prohibit all private cryptocurrencies

ANI Wednesday, November 24, 2021
India to prohibit all private cryptocurrencies

India government would introduce a bill to ban all private cryptocurrencies in India while providing certain exceptions to promote the underlying technology of cryptocurrency.

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021' is among 26 new bills on the agenda of the government for the winter session of parliament beginning November 29.

The bill seeks to create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India.

While seeking to prohibit all private cryptocurrencies in India, the bill "allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses".

Prime Minister Narendra Modi had earlier this month chaired a meeting on the way forward for cryptocurrency and related issues.

According to sources, the meeting strongly felt that attempts to mislead the youth through over-promising and non-transparent advertising be stopped.

It was also discussed that unregulated crypto markets cannot be allowed to become avenues for money laundering and terror financing.

The meeting was an outcome of a consultative process as RBI, Finance Ministry, Home Ministry had done an elaborate exercise on it as well as consulted experts from across the country and the world.

The new bills will be introduced in Parliament before being taken up for passage.

Apart from the 26 new bills, three bills referred to the standing committees, are also on the agenda of the government for consideration and passage.

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Express your comment on this article

Friday, November 26, 2021
Great decision, any asset without underlying is not good for the economy. Instead governments should release their own electronic currencies rather than CRYPTOs where there is no repository or regulator. No instrument (financial or other) without regulation or without proper monitoring.
I support government decision by all means.

Thursday, November 25, 2021
as usual india will realize that banning crypto is not good decision, the same way they realize for demonetization.

Crypto is future and everyone gonna take advantage with it and only india and stupid bhakts will loose and will regret later.

Thursday, November 25, 2021
@ The Kay..... it was all over the news on NDTV and other channels after the PM''s meeting with the concerned agencies about crypto and finally it was decided to ban any activity with cryptos

Thursday, November 25, 2021
@Zaki.... it is like invisible notes in your wallet and that walled is kept in cyberspace internet. you can buy and sell within your wallet account in cyberspace with people or places accepting such invisible values.
that is why the government has banned it and IT IS A VERY GOOD DECISION. since there is no any central control all your value can disappear in a second.... GOOD LUCK

Wednesday, November 24, 2021
What is exactly Cryptocurrencies? Nowadays, it is viral in many channels. It might be a decade old, but would like to know about it. If someone knows in detail, please share here. Thanks

The Kay
Wednesday, November 24, 2021
Not a single comment from the Government or official spokesperson so far on prohibition. Headlines like this drive fear leading to panic selling. Only Indian centralized exchanges are trading below the global market levels.

Cryptos are like internet in 1990s. If you are investing in cryptos as a quick rich scheme, may god bless you.

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