Indian Government BAN cryptocurrencies , create our digital currency

Indian Government BAN cryptocurrencies  , create our digital currency

The Center aims to enact a law prohibiting private cryptocurrency, for example bitcoin and put in place, according to the government's legislative agenda, a mechanism for an official digital currency that would be distributed by the central bank. 

The bill would "create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India [RBI]," The agenda was published on the website of Lower House on January 29. 

 

It aims "to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses," the law, listed for discussion in the current parliamentary session. 

A government commission proposed that all private cryptocurrency be outlawed in mid- 2019, with up
to 10 years in prison and a heavy sentence on those dealing with digital currencies.

But, through the Reserve Bank of India the panel requested the government to consider the introduction of a government-sponsored digital currency in India.In April 2018 RBI directed financial institutions to sever all links within a span of three months with individuals or firms trading with virtual currencies such as Bitcoin.

 

The Supreme Court, nevertheless, allowed banks to deal with transactions for cryptocurrencies in March 2020 from merchants
and prohibitions, and the overthrow of the prohibition on central banks was a big blow to prosperous industry.

Governments around the world are exploring ways of controlling cryptocurrencies, but no major economy have taken the dramatic step of imposing
a general restriction of possession, despite alarm about the abuse of customer data and the future effect on the financial sector.