India To Ban Private Cryptocurrencies, RBI Will Launch Its Own Cryptocurrency

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New Delhi, 24th November 2021: The Modi government is going to adopt a strict attitude regarding Cryptocurrency. It is reported that the regulation bill that the government is bringing for Cryptocurrency in the winter session beginning November 29 will have stringent provisions. For example, all private cryptocurrencies will be banned.

Prime Minister Narendra Modi had said that the whole world should work on cryptocurrency so that it does not fall into the wrong hands. In the Sydney Dialogue, PM Modi said that if cryptocurrency goes into the wrong hands, it can ruin our youth. PM Modi said, we are in an era of era change, where technology and data have emerged as new weapons. We are working on a framework to manage and track investments made in cryptocurrencies.

Modi said today’s digital age is changing everything around us. It is refining our society, politics and economy here. It is raising new questions on sovereignty, governance, morality, law, rights and security. It is reshaping international competition, power and leadership.

Modi had chaired a high-level meeting on cryptocurrency and related issues. The meeting was the result of a consultation process, as the Reserve Bank of India, the Ministry of Finance and the Ministry of Home Affairs conducted a detailed exercise on the issues, besides consulting experts from across the country and the world.

During the meeting, all aspects of cryptocurrencies were discussed and global examples and best practices were also looked at. Also, stated that unregulated crypto markets cannot be allowed to become avenues for money laundering and terror financing. It was strongly felt that attempts to mislead young investors through non-transparent advertising should be stopped.