Bitcoin News: Why It Will be Banned In India?

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Bitcoin in 2021
Bitcoin in 2021

Bitcoin News: Why It Will be Banned In India?

Currently, bitcoin news is trending these days about banning by the Government of India.  On Friday the Lok Sabha had the budget session, The Cryptocurrency, and Regulation of Official Digital Currency Bill, 2021 bill sought to ban all “private cryptocurrencies” in the country such as bitcoin except “for certain exceptions to promote the underlying technology of cryptocurrency and its uses,” the legislation read.

The bill, nonetheless, intended to “create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India.”

An earlier government bill on cryptocurrency in 2019 reportedly sought to ban cryptocurrency and criminalize its possession in India. However, it was not introduced in Parliament.

A description of the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in the order of business said that certain exceptions to promote the underlying technology of cryptocurrency and its uses would be allowed.

Bitcoin news: Effect on bitcoin price?

Definitely, this will adversely affect the Bitcoin price.

With cryptocurrency seeing a record rise in recent months, the government is seeking to ensure that Indian investors are not expose to risks.

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