India going to banned Cryptocurrencies.

India going to banned Cryptocurrencies.

India going to banned Cryptocurrencies. 

 Cryptocurrencies will be banned in the country. Legislation can be enacted to ban cryptocurrencies. The legislation seeks to overturn a Supreme Court ruling in favor of cryptocurrencies. The government will also approve the Reserve Bank's digital currency in lieu of cryptocurrencies. The Cryptocurrency and Regulation of Digital Currency Bill aims to ban private cryptocurrencies in the country. The Center will allow the Reserve Bank's digital currency to replace cryptocurrencies. At the same time, the bill will include some suggestions for using cryptocurrency technology. In 2018, the central government and the RBI banned cryptocurrency transactions. But the Supreme Court quashed the order.

India going to banned Cryptocurrencies.

The Supreme Court ruled in favor of buying and selling cryptocurrencies. The value of Bitcoin has risen sharply in the country since last November. It is in this context that the Digital Currency Bill is being prepared based on the recommendations of the SC Gorge Committee appointed by the Center.

The committee had recommended banning cryptocurrencies in the country and introducing an official digital currency system. With the ban, no private cryptocurrencies like Bitcoin, Ether and Ripple will be allowed to trade in the country.  

India going to banned Cryptocurrencies.