• Sun. Nov 28th, 2021

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India proposes to ban private cryptocurrencies

India is working on a measure to regulate cryptocurrencies, which will be submitted in parliament on November 29.

Prime Minister Narendra Modi’s administration plans to help the central bank by designating it as an official digital currency, according to the bill’s summary. According to the wording of the acquainted sources, the bill’s table of contents has not yet been decided upon.

“The law continues to prohibit any personal cryptocurrencies in India,” the legislation reads, “but it enables specified exceptions to promote the core technology of cryptocurrency and its application.”

India has had a tumultuous history with digital currencies in recent years. In 2018, the Supreme Tribunal essentially banned cryptocurrency transactions, however the restriction was removed in March 2020. There have been calls in recent months for tougher requirements for virtual coin transactions, citing the potential for an uncontrolled environment to divert household money into the asset class.

Traders are worried that if the law is tabled in parliament within the right period, the government would finally restrict cryptocurrency trading. As a result, the value of bitcoins exchanged in Indian rupees plummeted even faster. Bitcoins plunged 12.2 percent on major cryptocurrency exchange Wazirx at 11:31 a.m. in Mumbai, compared to a 1.8 percent loss overall.

India’s central bank opposes personal virtual currencies, and Governor Shaktikanta Das has remarked that the government needs to think about it further.

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