Economy

Indian lawmakers plan to ban cryptocurrencies

Indian lawmakers plan to ban cryptocurrencies”

"However, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses", CNBC TV18 quoted the bill as saying.

"The bill also seeks to prohibit all private cryptocurrencies in India".

To further this cause, payment networks such as Paypal, MasterCard, and Visa also moved to set up systems that accept payments via cryptocurrencies. "Nevertheless, RBI is exploring the possibility as to whether there is a need for a digital version of fiat currency and, in case there is, how to operationalise it", the booklet said while acknowledging how private digital currencies have gained popularity recently. A 2019 bill sought to do the same, but it never made it to the Parliament. The panel also suggested that the government explore a digital version of the Indian rupee. However, the government didn't bring that proposal to action.

As a result, the Cryptocurrency trade was brought to a halt after the RBI asked all regulated entities, such as banks, to stop any dealings related to private cryptocurrencies as part of that order.

Experts believe that merely proposing a bill doesn't mean that it will get a legal shape any time soon.

In a tweet, Nischal Shetty, Founder of WazirX, said, "Let's not be afraid". "Right regulations will catapult India to the forefront of this [cryptocurrency] technology". While newly launched Sequoia-backed CoinSwitch Kuber raised $15 Mn led by Ribbit Capital and Paradigm, CoinDCX raised around $19 Mn led by Polychain Capital and Block.One in Series A and B rounds of funding.

More news: Ferrari complete nearly 1,000 miles in five-day Fiorano test

It looks like India is planning to introduce a law to ban cryptocurrencies like Bitcoin and provide a framework for the creation of an official CBDC.

"Regulating exchanges is a more sensible option that most countries have adopted", he told Gadgets 360.

"We will engage with our peers and other stakeholders to work towards protecting the interest of the industry", Thakral said in a prepared statement.

Notably, this isn't the government's first attempt at criminalizing cryptocurrencies.

However, Indian crypto professionals contend that Bitcoin and similar digital currencies are "public" and transparent in nature, and therefore outside the purview of the bill that applies to private cryptocurrencies.



Like this

loading...
loading...

Latest


30 January 2021
Man U Loses Ground In Title Race, Drawing 0-0 With Arsenal
Diallo robbed a Liverpool defender of possession in the Premier League 2 fixture at Kirkby, before running through on goal to score.

30 January 2021
CDC Order to Require Passengers to Wear Masks on Ships
He has said consistent mask-wearing could save 50,000 American lives by April. When the cruise industry restarts in the United States, the U.S.

30 January 2021
Prepare for next pandemic like a 'war', urges Gates
When they aren't actively responding to an outbreak, they keep their skills sharp by working on diseases like malaria and polio. Gates also sees a team that would monitor for disease outbreaks as soon as they happen, wherever they might occur.

30 January 2021
Rochester man among first Proud Boys charged with conspiracy after Capitol riots
Pezzola can be seen in a video using a stolen police riot shield to smash a window, while Pepe is shown moving a barrier. On Jan. 9, Federal Bureau of Investigation agents were able to find Pezzola's publicly available Telegram account.

30 January 2021
SOPHIE dead at 34
Rina Sawayama also tweeted out her condolences, proclaiming "the world and our community has lost a handsome soul". We would also ask for respect for her fanbase, and to treat the private nature of this news with sensitivity.

30 January 2021
'Cloverfield' Is Finally Getting a Direct Sequel
Barton's Amazon Studios sci-fi thriller "Invasion" is in post-production, with Riz Ahmed and Octavia Spencer starring. Plot details are also being kept under wraps, but the film will not be in the found footage style as the original was.

30 January 2021
EU Backtracks On Restricting Vaccines To Northern Ireland
Northern Ireland's health minister Robin Swann spoke to the UK Health Secretary Matt Hancock on Saturday to seek reassurance on vaccine supplies.

30 January 2021
Ford government plan to stop spread of COVID-19 variants
Another 2,623 people have recovered from COVID-19 on Saturday and there are 19,724 active cases of the virus across the province. The three primary variants of concern that are being monitored globally are the UK, South African and Brazil variants.

30 January 2021
Everton's Ancelotti defends Pickford after error
After they equalised we had opportunities to win but honestly I think the result is fair'. "The squad are all in good condition". But in the 67th minute Pickford allowed a Youri Tielemans shot to squirm through his arms and into the net.

30 January 2021
Samsung Galaxy M21 Now Receiving OneUI 3.0 Update Based on Android 11
Android OEMs follow staged roll-out for software updates, so you may or may not have received the update on your unit. Talking of specs, the Galaxy Note 10 Lite sports a 6.7-inch 2400 x 1080 punch-hole display with a 32 MP camera.