The Indian Government has listed a bill which prohibits the use of private cryptocurrency. It has decided to issue its own digital currency – a stablecoin backed by rupee – and proposed to ban cryptocurrency.
The cryptocurrency ecosystem in India has always been a grey area with no regulations whatsoever. There is no clarity with regards to the possession, trading, or dealing of cryptocurrencies till date. Rather than regulating, the Indian government is planning to ban cryptocurrency.
In the budget issue of the 17th Loksabha session, the government has listed a bill which proposes a ban on all private cryptocurrencies.
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