Crypto Prices crash, People selling before Ban Bill

Ground Report | New Delhi: Cryptocurrency ban in India; Central's government will introduce a law to ban private cryptocurrencies and create a framework for a central bank-controlled digital currency, Parliament announced on Tuesday.

The law proposes to "seek to ban all private cryptocurrencies in India," an announcement that comes after Prime Minister Narendra Modi presented these virtual currencies on Monday as a risk to "harm our young people" if they fall into "the wrong hands".

ALSO READ: Indians buying cryptocurrency like crazy, What if govt. Ban it?

Cryptocurrency ban in India

The 'Cryptocurrency and Regulation of Official Digital Currency' bill will create a facilitating framework for an official digital currency to be issued by the Reserve Bank of India, and ban all private cryptocurrencies such as bitcoin and Etherium.

In the bill, the authorities will also ban "active advertising" from cryptocurrency companies, including crypto brokers and trading platforms.

India's crypto market has boomed since the country's Supreme Court overturned a previous ban in April last year, rising more than 600 percent over the past year, according to research by Chainalysis.

ALSO READ: What is Nothing Coin? how to earn from Nothing Coins

final decision

The government held a meeting with representatives of the cryptocurrency industry on Monday, joining a series of closed-door discussions between the government and the Reserve Bank of India (RBI) that have taken place in recent days.

According to the report, the stock exchanges are pushing for a regulatory sandbox to be created to fine-tune regulations. India's Securities Board could be appointed as the regulator, but a "final decision" on this has not yet been made, the report added.

ALSO READ: India’s first NFT GARI, How you can buy this?

You can connect with Ground Report on Facebook, Twitter, Instagram, and Whatsapp. For suggestions and writeups mail us at [email protected]