India to ban private cryptocurrencies.
India is now on a path to banning all private cryptocurrencies. Cryptocurrency Bill is one among the 26 new bills listed for introduction in Winter Session 2021 of the parliament. In addition to Cryptocurrency Bill, this winter session will look into the Banking amendment bill, IBC amendment Bill and repeal of farm laws..
Cryptocurrency Bill.
The ‘Cryptocurrency and Regulation of Official Digital Currency’ will not only ban Cryptocurrency. But also provide a framework for an official digital currency issued by the center. This Cryptocurrency Bill may discourage the advertising and marketing of cryptocurrency. No official data, but according to industry estimates, there are 1.5 to 2 crore crypto investors in India.
Also Read: India’s Central Bank Digital Currency(CBDC) could launch the trials by December.
Future of Cryptocurrency.
In a recent meeting, PM Modi discussed the future of Cryptocurrency. And informs about the unregulated crypto markets could become a place for terror financing and money laundering. The attempts to mislead youths through over-promising and non -transparent advertising should be stopped.
The definition of ‘Private cryptocurrency is not available anywhere. It can be like only those backed by the government will be allowed. But this is not final, we should wait until the full bill is to be placed in the parliament.
