INDIA's CRYPTO BAN : what does that mean
A Lok Sabha bulletin released today said The Cryptocurrency & Regulation of Official Digital Currency Bill, 2021, will “allow for certain exceptions to promote the technology”
The government is set to introduce a bill to ban private crypto and create a framework for an official digital currency issued by RBI during Parliament’s Winter Session starting November 29.
RBI has already warned and said in July it was working towards the introduction of its own digital currency and the Central Bank Digital Currency (CBDC).
A CBDC is the legal tender issued by a central bank in a digital form. It is the same as a fiat currency and is exchangeable one-to-one with the fiat currency.
India, which has seen keen interest among investors to invest in cryptocurrency continues to warn citizens against putting their money on cryptocurrencies citing high financial risks.
In previous meetings centre said that it is planning new changes in the income tax laws in a bid to bring crypto gains under the tax radar and introduce them during the Union Budget next year.
Meanwhile, the SC nullified the RBI circular banning crypto in 2020 and also set aside an RBI circular of April 6, 2018, prohibiting banks and entities regulated by it from providing services .
People already showing outrage on twitter . One tweet said "The web 3.0 is the future and if you ban it then it will be like banning www. domains in 2000's
Another tweet said "There is only one effective way of banning all cryptocurrencies and that is banning the internet! which is technically impossible. "