Cryptocurrency Ban: Most private digital currencies are going to be banned in India, the government is introducing new bills.

Cryptocurrency Ban in India: Almost all (with some exceptions) private cryptocurrencies, including Bitcoin, will soon be banned in India. The new bill on crypto control will be introduced in Parliament in the coming winter budget session. The news agency, Reuters, has made such a claim in their report.

               (Picture Courtesy: Google)

Long ago, a new bill on crypto control was about to be introduced in Parliament. So far, however, no clear information has been found about the private currencies that are covered by the "exception".

However, according to sources, a new bill called Cryptocurrency and Regulation of Official Digital Currency will be introduced by the Reserve Bank of India (RBI), which will provide an efficient and accurate framework for the official cryptocurrency and use almost all private currencies in the country except a few currencies will ban.

This pre-verification method will naturally have a negative impact on the large number of cryptocurrencies, which usually thrive out of control.

Incidentally, earlier this month, Prime Minister Narendra Modi took a hard line on crypto. From the stage of the Sydney Dialogue, he sent a message to the world's major democracies to unite with crypto. He also warned the people of the world not to bring misfortune to this digital currency if it falls into the wrong hands. Earlier in the year, the government was planning to make any activity related to crypto a punishable offense.

The Prime Minister recently convened a high-level meeting with officials to discuss the future of crypto in the country and control of crypto-related crimes such as money laundering, terrorist financing, etc., and called for the enactment of a law.

As of Monday, a member of a parliamentary panel discussing the same issue said the forthcoming law would probably curb the hype surrounding all crypto-related advertisements and promotions used to lure investors.

A senior government official told the media that the Center was paving the way for the introduction of official digital currency by banning all private currencies.

According to crypto exchanges, the government is currently considering cryptocurrency as a digital asset, not a means of transaction.

On the other hand, the Reserve Bank of India, which had earlier termed crypto as a 'dangerous concern', is now in the process of launching an official cryptocurrency in the country.

By the way, India is currently one of the largest crypto markets. According to a recent report, the number of crypto users in India has crossed 100 million.