New law proposed by India to ban Bitcoin and other Cryptocurrencies

India is planning to introduce a new law to ban All Private Cryptocurrencies like Bitcoin. The Government has put the plan to discuss further. This is also hope that the Government will take considerations form the stakeholders before coming to any decision. Many stakeholders have came up with different thoughts about the new Law.

Co-founder and Chief Executive of CoinDCX, which is a one of the Cryptocurrency exchange in India said “Since the Government is considering introducing the Bill during the session of Parliament, we are sure that the government will listen to all the stakeholders before any decision.”

Reserve Bank of India (RBI) has started to explore the options whether there is a need of these digital currency and if they found that it is important that how to execute this in the nation. RBI has already made it’s marks in “Payment and Settlement System in India.”

In the year 2018, the Indian government Panel banned all private Cryptocurrencies. Also, with the ban they imposed jail for 10 years for the violators. It was also said by the government to investigate the method of digital version of the fiat currency.

In March 2020, Honourable Supreme Court allowed banks to move Cryptocurrency transactions. This is also kept in mind by the experts that there should be no misuse of consumer data and it’s impact on nation’s financial system.

This is said by many experts that crypto could be one of the important asset for the 21st Century. Being digital and to catch up with the trend is very important for India to be a progressive nation.

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