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Indian government is to ban the use of cryptocurrency in india, despite that the transaction volume in india are increasing.
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The indian government is said to be levying a complete ban on cryptocurrency investment.
Bloomberg | quint is a multiplatform, indian business and financial news company. The indian government is inching closer to banning cryptocurrencies but crypto companies remain cautiously optimistic. On january 29th the indian government tabled the cryptocurrency and regulation of official digital currency bill, 2021 in its lower house of parliament, the lok sabha. In fact, even the banks in india believe that the advent of cryptocurrency will increase the risk of financial instability. The bill to ban cryptocurrencies is yet to be tabled in the parliament. If passed, the cryptocurrency and regulation of official digital currency bill, 2021 will impact the future of cryptocurrencies in the country. Indian government is to ban the use of cryptocurrency in india, despite that the transaction volume in india are increasing. In india's recent elections, much of the donations to political parties (also known as electoral funding) were provided by corporates. The government had earlier suggested that it will not impose an outright ban on cryptocurrency in india. Indian exchanges launch campaign to avert crypto ban. The indian government's draft legislation proposes to ban all private cryptocurrencies. the same bill also mentions the government's central. The government has listed a bill that will prohibit all private cryptocurrencies in india and provide a framework for creation of an official digital currency to be. The indian government has not categorically stated why it is banning cryptocurrencies.
