Bitcoin/Cryptocurrency Ban in India, Crypto Market Hustle with Government Bill News!

This news is not less than a shock for the people investing in cryptocurrencies. The Government of India is going to bring a bill regarding cryptocurrencies in the winter session of Parliament, in which preparations are being made to ban all private cryptocurrencies with some exceptions. This bill named ‘Cryptocurrency and Regulation of Official Digital Currency Bill 2021’ is set to be introduced in the upcoming Parliament session. The official document that came out regarding the bill states that this bill talks about banning all private cryptocurrencies with ‘some exceptions’. However, there is no clarity in the document on what exceptions the government is talking about. It has been said that the decision has been taken to promote the official digital currency, which will be issued by the Reserve Bank of India. A few days ago it was reported that the pilot of digital currency of Reserve Bank of India can be launched in the first quarter of the next financial year.

The Crypto Bill is one of the 26 bills that the government is planning to introduce in the winter session of Parliament. After the news of private cryptocurrencies being banned in the country in the coming times, the cryptocurrency market went into a tizzy. All private cryptocurrencies, including bitcoin, have seen a sharp drop in prices. On Wednesday morning at 10:40 am, a decline of 10.88 percent was recorded in bitcoin in India and it was trading at 41 lakh 28 thousand 700 rupees. Other cryptocurrencies have also seen a decline. Ether was trading at Rs 3 lakh 12 thousand 410 with a fall of 8.13 percent. The same was the case with XRP, with a fall of 10.14 percent, its value came down to Rs 77.13.

Significantly, the government was planning to ban all cryptocurrencies last year as well. It had plans to introduce a bill during the budget session this year as well. However, the bill was struck down and a committee was formed to discuss the matter further with the stakeholders.

Just a few days ago it was reported that the pilot of digital currency of Reserve Bank of India can be launched in the first quarter of the next financial year. A newspaper quoted P. Vasudevan, Chief General Manager, Department of Payment and Settlement, RBI, writing, “I think somewhere it was said that a pilot launch could be done by the first quarter of next year. So we’re excited about it.” It is believed that only Central Bank Digital Currencies (CBDCs) will be digital or virtual currencies. These will basically be the digital version of fiat currencies, which is the rupee in India. That is, it can be a digital rupee in a way. Earlier, the governor of the central bank had said that a soft launch of CBDC can be expected by December, but RBI has not given any official timeline for this.

Prime Minister Narendra Modi has also expressed his concern about cryptocurrency. Recently, while participating virtually in the Sydney Dialogue, PM Modi had said that all democratic countries should work together on this and ensure that it does not fall into the wrong hands, otherwise it can harm our youth.

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