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The Silicon Review Asia

The Government of India will soon introduce a bill to enforce cryptocurrency ban

The Government of India will soon introduce a bill to enforce cryptocurrency ban

Cryptocurrencies are known for operating independently. Cryptos are basically digital currencies in which encryption methods are employed to regulate the production of units and verify transactions. The government of India is preparing to introduce a new bill in the parliament to ban cryptocurrencies of private entities like bitcoin, as it gives them the opportunity to manipulate currencies threatening the overall stability of the financial sector. The new cryptocurrency regulation bill from the government will make sure that it will facilitate the launch of digital currencies that are official.

The Reserve Bank of India (RBI) is all set to launch its own digital currency, while it must also be noted that RBI and the regulators in India were always against private cryptocurrencies. The new bill will provide legal support to the ban, and it is also expected to remove some ambiguities around the same. The introduction of new currencies is a sovereign act, and it is expected to remain that way in India. As people are moving into the digital transaction forte, we must have a certain framework for it. A few years ago, the central government had also issued a public notice to warn traders and holders about the risk involved in dealing with cryptocurrencies.

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