Indian Govt Can Ban All ‘Private’ Cryptocurrencies; Launch Its Own Digital Currency
What do you think India should prohibit cryptocurrencies?
Finally “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021” is on the agenda for the meeting.
Cryptocurrency And Regulation Of Official Digital Currency Bill
RBI also has often expressed worries about cryptocurrencies creating macroeconomic and financial stability risks, but according to the governor of the central bank, the Reserve Bank of India is set to launch its CBDC by December.
Though, RBI has not provided an official schedule.
“The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021” is on the agenda for the meeting.
“To create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India. The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.”The agenda
“We are on the job and we are looking into the various issues and nuances related to CBDC. It’s not a simple thing to just say that CBDC can be a habit from tomorrow on,”
Vasudevan, chief general manager at the Department of Payment & Settlement of the RBI
Total Crypto Holdings In India
India Should Prohibit Cryptocurrencies Or Regulate Them?
Do you know India has 15-20 million cryptocurrency investors, with total crypto holdings of roughly 400 billion rupees?
But yes, there are no official data regarding these holdings.
Prime Minister Narendra Modi, the government was planning progressive measures on the issue but unregulated crypto markets cannot be allowed to become avenues for money laundering and terror financing.
Prime Minister Narendra Modi said all democratic nations must work together to ensure cryptocurrency “does not end up in wrong hands, which can spoil our youth” – his first public comment on the subject.
“When the central bank says that we have serious concerns from the point of view of macroeconomic and financial stability, there are far deeper issues involved,”
Reserve Bank of India governor Shaktikanta Das said at a recent event.