Prime minister Narendra Modi recently held consultations on how india would react to the cryptocurrency trade.
Many people have invested in cryptocurrency trading in India. indians are investing in many leading cryptocurrencies such as Bitcoin, Shiba Inu, Dozcoin and the Enemy.
China bans cryptocurrency trading; But after the united states approved the ETF through Bitcoin, many countries began to allow cryptocurrency trading.
Prime minister Narendra Modi recently held detailed consultations with RBI, Finance Ministry and home Ministry officials on how india would react to the cryptocurrency trade.
In this context, it has been reported that the federal government has decided to ban all private cryptocurrencies.
Journalist Ruchi Patia has said that the federal government will introduce the "Regulation of Bitcoins and the Official wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital currency Regulation" bill at the winter session starting on november 29.
He added that the bill would create an easier framework for official wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital bitcoins to be issued by the Reserve bank and ban all private cryptocurrencies.
2018
The bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india (RBI) has said in its first policy statement for the current fiscal that financial institutions should not be associated with e-commerce companies such as Bitcoin.
Banks have been given three months to complete their cryptocurrency transactions. It is estimated that there are about 50 lakh electronic money users in India.
Electronic money transfer centres have collapsed due to the announcement of the Reserve Bank.
"The move comes unexpectedly. people are thinking of selling their electronic money quickly as they will not be able to convert their electronic money into cash after three months".
