Cryptocurrency Ban in India: ‘Be Careful’

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As the news of Indian government seeking to ban all private cryptocurrencies in the upcoming Crypto Bill 2021 came out on Tuesday, Bitcoin, Ethereum, Shiba Inu and other cryptos fell down big time. Meanwhile, experts and leading industry players on Wednesday said that provisions relating to “banning” private cryptocurrencies would have to be looked at very carefully, reported news agency IANS.

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 reportedly seeks to prohibit all private cryptocurrencies in India in the Winter Session of Parliament starting November 29. It, however, allows for certain exceptions to promote the underlying technology of cryptocurrency and its usage. Several high-profile meetings have been held to discuss the regulation of cryptocurrencies in recent days. The Parliamentary Standing Committee had also called for the regulation on cryptocurrencies and its ecosystem.

Prime Minister Narendra Modi had earlier said that all democratic countries need to work together on cryptocurrency and ensure that it does not end up in the wrong hands. Giving an example of the virtual currency, he had said: “Take cryptocurrency or Bitcoin for example. It is important that all nations work together on this and ensure it does not end up in the wrong hands, which can spoil our youth.”

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