New Crypto Money Bans From The Giant Country!

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The Indian government shared with the press today the long-awaited cryptocurrency and official digital currency bill for 2021 to create an official digital currency to be issued by the Central Bank of India. The bill also aims to ban all types of private cryptocurrencies and allow only those required for the promotion of the underlying technology.

Regulation of cryptocurrency in India and restriction of purchasing cryptocurrencies through bank accounts has always been a topic of debate. But as time went on, Bitcoin and cryptocurrencies made a huge leap forward in terms of institutional adoption, especially in 2020-21.

The Indian parliament introduced a bill titled "Regulation of Cryptocurrency and Official Digital Currency Act, 2021" today. The bill focuses primarily on the creation of the official digital currency and prohibits all other private cryptocurrencies except those required for the promotion of Blockchain technology.

It is clear from the bill that the new law only allows primary cryptocurrencies like Bitcoin to be traded in India, with the exception of the official digital currency, while XRP, IOTA etc. ICO-based cryptocurrencies owned by private companies such as

Is This Bill Positive Or Negative For Indian Cryptocurrency Investors?

In March 2020, the Supreme Court of India lifted the ban on banking services for cryptocurrency services, thereby making the judicial system a positive step towards the boom of the cryptocurrency industry in India. History shows that the Federal Reserve has always taken a strict stance towards cryptocurrency from the beginning.

Some reports recently reported that the Central Bank of India is investigating the need for cryptocurrency in the payment industry, and the introduction of this bill clearly demonstrated that the cryptocurrency is the "official digital currency".

Clearly, many scams related to ICO and cryptocurrency led the committee to ban private cryptocurrency. Bitcoin, Ethereum etc. Decentralized cryptocurrencies such as publicly available cryptocurrencies will not be that easy to ban due to their adoption rate, and instead, regulating these digital assets may be the preferred step.

In short, the bill looks favorably on large public cryptocurrencies like Bitcoin and will try to regulate them instead of banning them, but this bill closes the doors of many widely used private cryptocurrencies.

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New Crypto Money Bans From The Giant Country!

New Crypto Money Bans From The Giant Country!

The Indian government has adopted the long-awaited cryptocurrency and the 2021 official digital currency bill to create an official digital currency to be issued by the Central Bank of India.