Connect with us


India to Ban Private Cryptocurrencies and Launch Official Digital Currency | India




The Indian government is preparing to ban private cryptocurrencies and allow the country’s central bank to launch an official digital currency.

The proposed legislation follows a crackdown on cryptocurrencies in China, where financial regulators and the central bank have made all digital currency transactions illegal.

The Indian proposals were reported in a parliamentary bulletin listing upcoming legislation which included a paragraph on the Cryptocurrency Bill and Official Digital Currency Regulation, 2021.

The description of the accompanying bill, however, seemed to leave some room for the use of cryptocurrencies. To create a framework to facilitate the creation of the official digital currency to be issued by the Reserve Bank of India, it reads. The bill also seeks to ban all private cryptocurrencies in India, however, it allows certain exceptions to promote the underlying technology of the cryptocurrency and its uses.

Indian Prime Minister Narendra Modi said last week that cryptocurrencies could spoil our youth and the country’s central bank has repeatedly warned, according to other central banks, that they could pose serious problems. macroeconomic and financial stability.

In September, El Salvador became the first country to accept a cryptocurrency, bitcoin, as legal tender. But major economies have generally been wary of digital currencies, with Bank of England Deputy Governor Sir Jon Cunliffe warning they could cause a financial collapse. Nonetheless, the BoE and the Treasury are due to launch a formal consultation on a digital currency from the UK central bank next year.

India’s move sparked strong selling in the country’s digital currency markets, with the dollar-linked stable tie (USDT) collapsing 25% to nearly 60 rupees on Wednesday. In global markets, the price of bitcoin, the signature cryptocurrency, fell 2.7% to $ 56,171.

Laith Khalaf, head of investment analysis at the AJ Bell investment platform, said: India’s plan to ban cryptocurrencies did not cause the same damage to the price of bitcoin than China’s summer crackdown, but it nonetheless marks another obstacle to the advancement of cryptos as an economic force in the real world.

Khalaf added that the adoption of bitcoin by El Salvador appeared to be an outlier and that it was inevitable that cryptocurrencies would continue to be subject to more stringent regulation or ban in more jurisdictions than worldwide.

El Salvador’s cryptocurrency rush was warned by the International Monetary Fund on Tuesday, a day after the country announced proposals to develop bitcoin’s first city.




The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos


to request, modification Contact us at Here or [email protected]