INDIA to Prohibit Private Cryptocurrencies Countrywide

  • Indian Parliament is set to release a Bill affirming ‘A Prohibition on All Private Cryptocurrencies in India!’
  • Furthermore, RBI plans to devise its Digital Currency which can be converted or exchanged; similarly as Fiat Currency

RBI in the latest Financial Bill is about to declare the prohibition of all private cryptocurrencies in India. The Bill is set to release on February 1, 2021. After the Bill is circulated, all private cryptocurrency would become illegal except for the Digital Currency introduced by the Reserve Bank of India. Still, the proposed bill would allow certain exceptions to promote the underlying technology of cryptocurrency.

Source: Booklet released by RBI

Crypto Community in Panic

The unfortunate news of crypto Prohibition in India has devised a panic within the crypto community. However, the government of India has been planning the prohibition since its previous Monsoon Session. Furthermore, RBI is also prepared to devise its own Digital Currency; according to the authority, it is essential to Prohibit other cryptos to facilitate a steady framework.

Was the Ban planned in 2018?

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In 2018, India’s central bank had effectively banned the crypto transactions after they observed a series of frauds and scams related to money laundering. Indian Prime Minister, Narendra Modi also stated the cons and gave a decision for banks to halt all crypto activities in the country. Since then, the crypto ecosystem in India has not flourished. But the cherry on top is Indian Parliament’s proposed bill stating the ban of private crypto countrywide!

The Reserve Bank of India seems to explore possibilities of digital currency!

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Ritika Sharmahttp://www.thecoinrepublic.com
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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