Technology

India announces law to ban cryptocurrencies

Posted on 11/23/2021 10:11 AM, updated on 11/23/2021 at 11:11

The proposed law “seeks to ban all private cryptocurrencies in India, however, it allows certain exceptions to promote the underlying cryptocurrency technology and its uses,” according to the Bulletin of Parliament for its upcoming activities. (Photo: 123RF)

New Delhi: The Indian government will introduce legislation to ban private cryptocurrencies and create a framework for a central bank-controlled digital currency when parliamentarians return next week, Parliament announced Tuesday.

The proposed law “seeks to ban all private cryptocurrencies in India,” an announcement that comes as Prime Minister Narendra Modi on Monday presented these virtual currencies as a risk that could “rot our young people” if they fall into “the wrong hands.” “.

China banned cryptocurrency transactions last September.

In India, the virtual currency market has exploded following the Supreme Court’s decision to reverse a similar ban in April 2020, with an increase of more than 600% in the last 12 months, according to the specialized firm Chainalysis.

Cryptocurrency owners in the country are estimated to be in a wide range of between 15 million and 100 million people, with an outstanding total of billions of dollars.

The central bank of India announced in June that it was working on the introduction of its own virtual currency, starting at the end of the year, at the same time that it expressed its “serious concerns” about private currencies, such as Bitcoin, Ethereum or others.

The law, which will be presented to parliament in the next session, will allow exceptions to promote the underlying blockchain technology, the parliament’s bulletin said without providing further details.

The price of Bitcoin did not appear to be affected by this announcement, with the cryptocurrency advancing 2% on Tuesday.

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