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

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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.

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2/ https://www.theguardian.com/world/2021/nov/24/india-to-ban-private-cryptocurrencies-and-launch-official-digital-currency

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