Bitcoin Future in India: Ban or Asset Class, Govt to Decide on Cryptocurrency Bill Soon

Indians have invested around $ 6.6 billion in cryptocurrencies till May 2021

The proposed bill narrowly missed out on being tabled during the Monsoon Session of the Parliament. Cryptocurrency bill’s key purpose will be the “creation of the official digital currency to be issued by the Reserve Bank of India,” according to the bulletin for the Budget Session prepared by the Lok Sabha Secretariat. The bill also “seeks to prohibit all private cryptocurrencies in India” but it would permit “certain exceptions to promote the underlying technology of crytptocurrency and its uses,” the bulletin mentioned. The inter-ministerial panel has recommended that all private cryptocurrencies, except any virtual currencies issued by state, will be prohibited in India, according to reports. Click here to read the full article

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