Business & Economy

India banned crypto currency.

A couple of weeks back there were discussions and news spreading all over the country about the illegal activity of cryptocurrencies. Cryptocurrency is the digital currency, where people invest or transact money on such currencies by a decentralized authority.

India’s Prime Minister Narendra Modi announced the upcoming parliament session that seeks the government to list a bill and prohibition of private cryptocurrencies in India, but there will be certain exceptions. From November 29th, 2021 the winter session of parliament will be taking place. As per the cryptocurrency and regulation of the official Digital Currency bill 2021, there are 26 new bills to be listed for the government’s legislative agenda.

“to create a facilitative framework for the creation of the official digital currency to be issued by the RBI” is the main objective of the Indian government. PM called for regulating cryptocurrencies and raised concerns about this illegal activity. Indian people were urged to invest in cryptocurrencies for easy and huge returns on investments. India is the first country to regulate the returns on cryptocurrencies. The government had repeatedly stressed that a regulatory mechanism needs to regulate cryptocurrencies investments.

Narendra Modi called the neighboring nations to join hands to ensure that the cryptocurrencies are not misused and addressed the Sydney dialogue a forum on emerging, critical and cyber technologies. For example, we can take up crypto-currency and bitcoin. These currencies are undergoing on wrong hands of our youth and have been working in democratic nations also spoiling the youth investors. This example was given by PM Narendra Modi Ji on 18th November. The parliament panels had converted the discussions regarding this issue and the board contours of crypto finance.

Jayant Sinha, the standing finance committee, chaired by Lok sabha member had disclosed
officially about the crypto exchanges and blockchains or crypto assets, industry, organizations and other stakeholders to explore the concerns about the cryptocurrencies regulatory and promotion in India. Shaktikant Das, India’s central bank chief had said that expressed reservations over cryptocurrency investment in India.

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