The Coin Shark: RBI Will Issue CBDC, But Ban Private Cryptocurrencies
RBI Will Issue CBDC, But Ban Private Cryptocurrencies?
The Indian government is considering a bill to ban private cryptocurrencies. Country To Allow CBDC And Ban All Private Cryptocurrencies
Voting on the bill will be held at the next parliamentary session from January 29 to April 8. The title of the document is "Draft Law on Cryptocurrency and the Regulation of the Official Digital Currency, 2021".
On the one hand, the bill aims to create a national cryptocurrency. This is supported by the local central bank and the main regulator of PBI. This is good news and is overshadowed by the data from the second part of the document.
The authorities are offered to ban all private cryptocurrencies in India. Some exceptions are possible, but not reported yet. Also, nothing is said about what is meant by the phrase - private cryptocurrencies. By what criteria they will be determined.
As a reminder, this is not the first attempt to ban cryptocurrency. In 2019, such a bill was already submitted to the authorities for consideration. Fortunately, it was not accepted.
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- Read full article on: The Coin Shark
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