"India's Cryptocurrency Ban".
India's Cryptocurrency Ban
18.02.2021
The ongoing budget session of Parliament will consider a bill that would ban all private cryptocurrencies in India and arrange for the issuance of official digital currency by the Reserve Bank of India.
According to the Lok Sabha schedule, Cryptocurrency and Official Digital Currency Bill Regulation 2021 is set to be introduced, considered and passed.
However, some exceptions will be allowed to promote the underlying technology and uses of cryptocurrency, the Lok Sabha bulletin said, adding that the central bank of India had in 2018 banned banks and other financial institutions from accessing cryptocurrency transactions.
Cryptocurrency exchanges responded to a lawsuit filed in the Supreme Court in September 2018, and it was granted relief in March 2020. A bench headed by the judge quashed the RBI's notification of inconsistency.
The purpose of the law-
1. Create a convenient framework for the official digital currency issued by the RBI.
2. India bans all private cryptocurrencies.
They should be bringing regulations to allow people to Atleast use cryptocurrency if not as means of exchanging good atleast for trading purpose.
They aren't seeing how potential these currencies are. Many people can get livelihood from this.
consider this platform only , if India invests and purchase 10M Steem power i e roughly 5000000 dollars atm thousand of people can work here and earn.
It is not all, the are various apps , games etc capable of providing livelihood.
Anyways , thank you for sharing with everyone.
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You are right. Everyone will be able to make a living from this platform. Moreover cryptocurrency should not be stopped to improve the economy of the country, it should be considered them. There are a lot of traders in India who invest in cryptocurrency, so they will have to face huge losses if they close down.
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