Centre lists bill to ban all cryptocurrencies in India create official digital currency The new bill has been titled as The Cryptocurrency and Regulation of Official Digital. The government is planning to bring in a law to ban trade in cryptocurrency sources have told Moneycontrol a move that will come as a huge blow to an industry that has been booming.
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The government had earlier suggested that it will not impose an outright ban on cryptocurrency in India.
Cryptocurrency ban in india latest news in hindi. In a massive development for crypto traders in India the Reserve Bank of India RBI has said that banks or other financial entities cannot cite RBIs 2018 order that barred them from dealing with virtual cryptocurrencies. In mid-2019 an Indian government panel recommended banning all private cryptocurrencies with a jail term of up to 10 years and heavy fines for anyone dealing in digital currencies. India however has decided to go a different route and plans to introduce a law banning trade in all cryptocurrencies except for those issued by the government itself.
However in March 2020 the Supreme Court of India slashed down the ban on the grounds of being unconstitutional. 1 hour agoBengaluru-based technology startup and Indias first entrant into the bitcoin industry Unocoin on September 21 announced the launch of a new app feature that supports users with FASTag account. A report suggests that the government is likely to appoint a panel of experts to explore how virtual coins can be regulated.
The bill would offer the holders of cryptocurrencies up to six months to get rid of their digital assets post which the government would levy heavy penalties. Not only the government but also enthusiastic investors were speculating how bitcoin will turn out to be. While it has not been authorized or regulated as a payment option there has been no ban on such transactions in India.
The development comes after media reports suggested that many banks have been cautioning customers against dealing in virtual currencies citing RBI 2018 circular that barred banks. India anti-cryptocurrency bill. Cryptocurrencies have been in a sort of confusing spot in India for a long time.
1 day agoThe RBI had virtually banned cryptocurrency trading in 2018 and had directed all entities regulated by the central bank to cease dealing in virtual currencies. Cryptocurrency may not face complete ban in India. Get latest Cryptocurrency news in hindi.
Bitcoin dropped on Monday falling from a record high above 60000 roughly Rs. In April 2018 RBI banned banks and other financial institutions from supporting cryptocurrency transactions as a result of the news that these digital coins were being used for fraudulent activities. When after the end of 2016 this revolutionary financial asset made noise the Indian government came to action.
If this does get formulated into a law India would become the first nation in the world to. What happens to the cryptocurrency you buy if India decides to ban it 31 Aug 2021 1110 AM IST. 2 hours agoCryptocurrencies since unregulated can facilitate untraceable transfers Crypto spaces growing in India Pakistan and Vietnam China and Russia are among biggest nations where crypto is banned.
40 lakhs over the weekend as investors digested a potential ban from India on cryptocurrencies. In March 2020 Indias Supreme Court struck down a 2018 order by the central bank forbidding banks from dealing in cryptocurrencies prompting investors to pile into the market. The Supreme Court had asked the Centre in 2019 to frame policies for crypto and in 2020 struck down the curbs imposed by the RBI.
The latest development on the possible ban on cryptocurrencies in India has been reported by Reuters which says that if this does become a law itll make India the first major economy in the world to make holding cryptocurrency assets illegal. While legal experts agree with Minister of State for Finance Anurag Thakur when he says that existing laws to deal with cryptos are inadequate they are divided over the constitutionality of a blanket ban.
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