Why does India ban Cryptocurrency?

Why does India ban Cryptocurrency?

Amid reports that the Centre might introduce a new bill that would bar many private cryptocurrencies, which triggered heavy selling in the country’s digital currency markets, Congress leader and national spokesperson Abhishek Singhvi on Wednesday said the government has decided to ban it as it could not see some of its …

Is crypto allowed in India?

Let’s get one thing straight, cryptocurrencies are not banned in India. Actually, they have never ever been banned in India. The confusion behind this comes from a couple of moves by the Reserve Bank of India (RBI) in 2018. It all started with an official directive the RBI issued to banks and financial institutions.

Will India ban cryptocurrencies?

India will propose a law banning cryptocurrencies, fining anyone trading in the country or even holding such digital assets, a senior government official told Reuters.

Are cryptocurrency exchanges banned?

Cryptocurrency exchanges or trading platforms were effectively banned by regulation in September 2017 with 173 platforms closed down by July 2018. In early 2018 the People’s Bank of China announced the State Administration of Foreign Exchange led by Pan Gongsheng would crack down on bitcoin mining.

What is China’s new cryptocurrency law all about?

The bill, one of the world’s strictest policies against cryptocurrencies, would criminalize possession, issuance, mining, trading and transferring crypto-assets, said the official, who has direct knowledge of the plan.

Which countries do not accept cryptocurrency?

In September 2017 the Bank of Namibia issued a position paper on virtual currencies entitled wherein it declared cryptocurrency exchanges are not allowed and cryptocurrency cannot be accepted as payment for goods and services. The Reserve Bank Of Zimbabwe is sceptical about bitcoin and has not officially permitted its use.