India announces bill to ban cryptocurrencies

India announces bill to ban cryptocurrencies. Credit: Photo by Worldspectrum from Pexels

India announces bill to ban cryptocurrencies.

The proposal to prohibit all private cryptocurrencies will be presented to parliament at the winter session starting November 29.

INDIA has announced today (November 23) that the country is set to ban most private cryptocurrencies in a new bill to regulate virtual currencies ahead of the country’s launch of its first official cryptocurrency. If passed, the bill would mean that other cryptocurrencies are set to be banned, including Bitcoin and Etherium.

A description of the bill posted on parliament’s website Tuesday, November 23, read: “The bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.”

Through the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, the parliament of India will only allow certain cryptocurrencies to promote the underlying technology and its uses, according to Indian Times.

The announcement of the potential ban comes ahead of India getting ready to launch the country’s first official digital currency, which could be issued by the Reserve Bank of India as early as December.

The prime minister of India has stated that all nations should work together to ensure the safety of cryptocurrencies and make sure they don’t “end up in the wrong hands”.

The minister claimed the current state of cryptocurrencies is prone to money laundering and financing terrorist acts due to its unregulated nature. But the unregulated nature is what gives cryptocurrencies their worth to many.

In related news, an alleged cryptocurrency fraudster, who the Guardia Civil described as “one of the biggest cryptocurrency con artists based in Spain” and had been on Interpol’s wanted list since 2015, has finally been arrested in Latvia.

Thank you for taking the time to read this article, do remember to come back and check The Euro Weekly News website for all your up-to-date local and international news stories and remember, you can also follow us on Facebook and Instagram.

FacebookTwitterRedditWhatsAppTelegramLinkedInEmailCopy Link
Go Back
Written by

Matthew Roscoe

Originally from the UK, Matthew is based on the Costa Blanca and is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]


    Leave a comment

    Your email address will not be published.