The Indian government has introduced a bill to ban private cryptocurrencies. The bill seeks to create a framework for digital currency to be issued by India and the central bank.
The bill, introduced in the Lok Sabha, says the proposed bill aims to ban all private cryptocurrencies in India, according to AFP.
The move comes as Prime Minister Narendra Modi warned last week that the bitcoin was a threat to the younger generation and could hurt our youth if it fell into the wrong hands.
This is the latest move by a major emerging economy since China outlawed all cryptocurrency transactions in September.
In April last year, the Indian Supreme Court overturned a previous ban on cryptocurrency, which led to a surge in the cryptocurrency market in India and a rise of more than 600 per cent.
In Asia's third-largest economy, between 1.5 million and 100 million people own cryptocurrencies, valued at billions of dollars, but the future of investing in the currency is uncertain.
The SBP announced in June that it was working to introduce its digital currency by the end of this year, while raising serious concerns about bitcoin, etherm and other private cryptocurrencies.
The bill, to be introduced in the new legislature, will allow for some exceptions to the development of cryptocurrency technology, although no further details have been released on the proposed legislation.
Despite this important announcement, the market price of bitcoin seems to be unaffected and the value of the currency in India rose another 1.6% on Tuesday, but local traders and buyers are looking worried after this announcement.
0 Comments