PM Modi Wants to Ban Cryptocurrencies
The central government will table a bill to ban cryptocurrencies in the upcoming Winter Session of Parliament.
Earlier, the RBI had completely banned cryptocurrency like Bitcoin. However in March 2020, the Supreme Court lifted the ban. The highest number of cryptocurrency investors are in India. Till date, Indians have invested over Rs 6 lakh crore in it. However the crypto market has been unregulated. This is why the Indian government had been planning and thinking to ban private cryptocurrencies. Last week PM Narendra Modi met top government officials and had a meeting. cryptocurrency. He said that it could spoil the youth and is very dangerous as cryptocurrency can be used for money laundering and to finance terror attacks. The winter session of the Indian Parliament will start from 29 November and during that time the Central Government will introduce 26 new laws for discussions.
One of these laws will be about banning cryptocurrencies. The bill is called ‘The Cryptocurrency and Regulation of Official Digital Currency Bill’, 2021. The RBI said they will make their own cryptocurrency but they haven’t said when they will launch it. When the news about the government banning cryptocurrency came out, the prices of it crashed in the market.
