Will Crypto Currency Get Banned In INDIA ?

Regulation of Crypto currency and new Government crypto currency

As you have came here by seeing title and thumbnail that crypto will get banned by INDIAN Government . Yes, There are most of the possibilites that all the private crypto currency will be banned by INDIAN Government . And yes, this the official news from the RBI.

The Government has passed 26 bills ,2021 to the parliment for discussion and crypto ban is also one of the bill considered in the bill.

Will Crypto Currency Get Banned In INDIA ? The government will introduce a bill to ban cryptocurrencies and create a digital currency backed by the central bank, parliament said in a shocking announcement late Tuesday.

The proposed bill “seeks to curb all secretive investments in India”, Lok Sabha said, and comes after Prime Minister Narendra Modi warned last week that Bitcoin posed a threat to younger generations and could “harm our youth” if it keeps its wrong hands “. It is such a recent move for a large emerging economy, after China announced that all cryptocurrency transactions were illegal in September.

India’s cryptocurrency market has grown since the country’s Supreme Court overturned a previous ban in April last year, growing by more than 600 percent last year according to a study by Chainalysis. Between 15 million and 100 million people in Asia’s third-largest economy are estimated to own cryptocurrencies, worth billions of dollars.

Their investment now will face an uncertain future.

Central Bank India has announced in June that it is working to launch its digital currency by the end of the year, while warning that it is “deeply concerned” about secret currencies such as Bitcoin, Ethereum and others.

The bill, which will come before a new law session, will allow alternatives to promote cryptocurrency technology, according to a future business report, but no further details about the proposed legislation were released.

The Bitcoin market price appeared unaffected and rose by 2.0 percent in Tuesday’s trading.

The current crypto holders don’t become panic wait for the Government to give any consesions.

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