Private crypto currency will be banned in India
The Indian government is going to ban private cryptocurrency.
The Indian government is going to introduce a bill to ban private cryptocurrency. The government has said that guidelines will be set for a digital currency backed by the Central Reserve Bank. This bill proposes to ban all types of private cryptocurrencies. Only last week, the Prime Minister of India, Narendra Modi said that bitcoin is posing a threat to the youth. She had said that if they fall into the wrong hands, they can ruin our youth. India is the second major economy to announce a ban on cryptocurrency. Earlier in September, China had declared all transactions in cryptocurrency illegal. Concerns over private currency The cryptocurrency market in India has grown tremendously in the last year.
In April last year, the Supreme Court overturned the order banning cryptocurrency, after which people invested in it in large numbers. According to an organization called Chainalysis, investment in cryptocurrency has increased by 600 percent in the last year. Know, how bitcoin works, according to an estimate, the number of cryptocurrency holders in Asia's third-largest economy can be between 1.5 to 100 million. Its value has been estimated in billions of dollars. This order of the Government of India has put the investment of these people at risk. In June last, the Reserve Bank of India announced that it is working on a plan to bring its own digital currency and it could be introduced by the end of this year. The bank also raised concerns about bitcoin, ethereum, and other private currencies.
But no further information has been given about this bill at the moment. The language of this proposed bill has given sleep to crores of investors. Kashif Raza, who runs crypto-education platform Bitining, says, "The language has upset people. The industry expected more favorable measures after the recent talks with the government." Raza said, "Obviously the industry will be completely shut down. Slowly this industry will die its own death. Intellectual property will go elsewhere. Investors will suffer."