India may ban cryptocurrency Industry.

[Yugocean]

Given the increase in the number of cryptocurrency investors in India and the trading volume, the Government of India has listed a new bill regarding cryptocurrency.

In the booklet released by RBI on payment systems on 25 January, it was suggested to to ban all private cryptocurrencies and release a digital version of the Indian rupee.

A bill on cryptocurrency was also enacted in 2019 which attempted to criminalize the use of cryptocurrency, but then no action could be taken due to no information on cryptocurrency and blockchain and the corona outbreak at the time of the Parliament session.

The cryptocurrency industry in India may be brought to an end under the "Digital Currency Bill, 2021", the bill is yet to be introduced; however, path is still open in the Supreme Court for Crypto traders.

 

[Ahmedo24]

I am finding very difficult to know the controversies as regards India move to ban Crypto Currencies over a year now. It is a good to introduce the Indian digital rubee, it is also very important for the government of India to note that for the digital rubee to have high market capitalization Crypto currency activities and Exchange platforms must be allowed to trend because the digital rubee is a stable coin and it is most Crypto enthusiasts in India that will buy it and make them to trade or invest easily into Crypto currencies. I hope they reconcider the bill extensively before they pass it to avoid future implications.