China in 2021 cryptocurrency He made one after another negative statements about the cryptocurrencies and literally bled the crypto money industry. Although these movements of China led to a sharp fall in the Bitcoin price, the recovery did not last long. The leading cryptocurrency broke the all-time record by going up to $ 69,000 again after getting over this shock. Now it seems that the Indian government wants to go exactly in China’s way.
India to Ban Cryptocurrencies
The Indian government has revealed in a recent statement that it will introduce a comprehensive ban on cryptocurrencies. Having a hostile attitude towards “privately released” cryptocurrencies, in fact all cryptocurrencies, India plans to adopt it in parliament.
While discussing the general prohibition of cryptocurrencies in the draft law in question, it is emphasized that some exceptions will be made. It is emphasized that these exceptions will be made especially to help the development of technology. The goal of this, predictably, is to enable the Reserve Bank of India to issue its own digital currency and ban all other private cryptocurrencies.
Big Breaking: Govt to introduce ‘Cryptocurrency and Regulation of Official Digital Currency’ Bill in the winter session. The Bill will create a facilitative framework for an official digital currency to be issued by the RBI, and ban all private cryptocurrencies. pic.twitter.com/rMEeYMEKJe
— Ruchi Bhatia (@29_ruchibhatia) November 23, 2021
The first version of the draft containing the ban is expected to be discussed in 2022. In fact, although India had banned cryptocurrencies before, it had to take a step back with a court decision. Now the situation looks much more serious and India may enact the related law.