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India looks to ban private Cryptocurrencies in the proposed bill

Cryptocurrency is a grey market in India since any government law does not regulate it; however, that might change during Lok Sabha’s next session. The government has proposed a cryptocurrency bill to be submitted for consideration, but the bad news for most crypto enthusiasts is that it’s looking to ban most of the private cryptocurrencies.

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, announced in a Lok Sabha bulletin on Tuesday, aims to create a framework for the official digital currency issued by the Reserve Bank of India.

The same bill also proposes the prohibition of all private cryptocurrencies in India, barring exceptions essential to “promote the underlying technology of cryptocurrency and its uses”.

Some cryptocurrencies, including Cardano and Shiba Inu, saw a decline shortly after the announcement, but at the same time, India-based Polygon Matic seems to be rising up the charts.

While the details of the proposed bills are unclear as the draft isn’t yet publicly available, it seems like the government will restrict who is allowed to issue new cryptocurrencies in the market to ensure meme coins and pump-and-dump schemes don’t make in-roads into a regulated Indian crypto market. Of course, this also safeguards the interests of the investors in the country.

The growth of several crypto apps, including CoinDcx, Coinswitch Kuber and WazirX, swayed the expectations of investors as well as those involved directly in mining that the new crypto bill by the government will relax the regulations, but it seems that’s not going to be happening during the ‘winter session’ of the Parliament.

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