India Intends to Ban ‘All Private Cryptocurrencies’

India intends to ban ‘all private cryptocurrencies’, with exceptions. According to the parliamentary agenda for the winter session, India intends to introduce, examine. Also, mplement a bill that would prevent “all private cryptocurrencies” from being used in the country.

It was announced Tuesday evening by the Indian government that the proposed law will allow. For “some exceptions” to be made to promote the underlying technology of cryptocurrencies and its applications.

According to the parliamentary agenda, the law. Which is titled Cryptocurrency & Regulation of Official Digital Currency Bill 2021. Will also provide a “facilitative framework” for the development of the country’s official digital currency. In which it will be a cryptocurrency.

Note that the description of the bill is the same as the one that New Delhi had listed. For the previous parliamentary session earlier this year, which should be taken into consideration. It scheduled to begin on November 29th that the parliament will have its winter session.

For long years, Indian legislators have debated the dangers of cryptocurrency trading. And the feasibility of experimenting with a central government-backed digital currency.

Indians, many of whom have never invested in the stock market or any other asset class, have begun to trade cryptocurrencies. In recent months, creating fears among some that they would lose their money if they do not act quickly.

During the first quarter of this year, local cryptocurrency exchanges reported increased transaction volumes. And user bases, and they raised record amounts of capital from high-profile investors. Earlier this year, CoinDCX, which supported by B Capital, and CoinSwitch Kuber. Which backed by a16z and Coinbase Ventures, both achieved unicorn status.

Narendra Modi, India’s Prime Minister, has met with a number of people

Prime Minister Narendra Modi of India, along with numerous other MPs and representatives. From the cryptocurrency business, have met several times in recent months. To discuss the cryptocurrency field and some of the most recent advances in the industry.

According to a source directly familiar with the situation, at least one top Indian minister. Recently met with a prominent venture capitalist and suggested that India is likely to draft legislation. To encourage innovation in the wake of China’s decision to ban cryptocurrency trading. And mining, according to the source.

Many legislators, on the other hand, have raised worry about the sort of advertisements. Carried by cryptocurrency exchanges in the meantime. During that conference, it agreed that these “irresponsible commercial.” Which promised customers huge rewards by investing in cryptocurrency, were misleading adolescents across the country. And needed to banned, according to a report published earlier by TechCrunch.

Television and newspaper advertisements featuring various Bollywood stars. Including the renowned Amitabh Bachchan, Ayushmann Khurrana, and Ranveer Singh. Who have appeared in several of the country’s biggest blockbusters.Also have been running to raise awareness of bitcoin trading.

Additionally, lawmakers highlighted worries about the possibility for cryptocurrency trading vehicles. To abused for the purpose of money laundering or financing terrorism-related activities.

India intends Government officials, including Shaktikanta Das, Governor of India’s central bank. It have said recently that the country needs to engage in much more in-depth discussions. And about the issue of cryptocurrencies.

Das stated at an event that “when the central bank states that we have major concerns. From the standpoint of macroeconomic and financial stability, there far deeper issues involved.” “I have yet to witness serious, well-informed debates on these problems in the public arena,” says the author.

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