24.11.2021 12:22 PM
Cryptocurrency in India under threat of ban

This image is no longer relevant

India is preparing a cryptocurrency regulation bill that will be considered in parliament at a meeting starting on November 29. Its contents remain unclear, but one of the reasons why the government raised it is to help the country's central bank create an official digital currency.

"The bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses," said Indian Prime Minister Narendra Modi.

India has had good and bad connections with digital currencies over the past few years, with the country effectively banning cryptocurrency transactions in 2018. The Supreme Court lifted this restriction in March 2020, but recently, there have been calls for stricter regulation as having little rules may push domestic household savings towards a new asset class.

Because of this, Bitcoin fell 12.2% on one of the leading crypto exchanges, Wazirx, since investors fear that the government will end up banning cryptocurrency trading after the bill is introduced to parliament next week. The decline was much sharper than the coin's 1.8% drop globally.

The Central Bank of India opposes private virtual currencies, and its governor, Shaktikanta Das said that the country needs much deeper discussions on the issue of cryptocurrencies.

Andrey Shevchenko,
Analytical expert of InstaForex
© 2007-2024
下载MetaTrader 4并开启您的第一笔交易。
  • Grand Choice
    Contest by
    InstaForex always strives to help you
    fulfill your biggest dreams.
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
  • 30% Bonus
    Receive a 30% bonus every time you top up your account


提出您的问题,用 在线帮助.
Widget callback