Wednesday, April 17, 2024

Centre Will Move To Ban Cryptocurrency, Prices Crash: 10 Points

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Prices Crash: 10 Points: The Centre is likely to bring a Bill in the winter session of Parliament to bar all cryptocurrencies in India, barring a few exceptions, and create a framework to regulate digital currency issued by the Reserve Bank of India (RBI).

The Centre is likely to bring a Bill in the winter session of Parliament to bar all cryptocurrencies in India, barring a few exceptions, and create a framework to regulate digital currency issued by the Reserve Bank of India (RBI). In response, all major digital currencies saw a fall of around 15 per cent and more, with Bitcoin down by around 18.53 per cent, Ethereum fell by 15.58 per cent, and Tether down by 18.29 per cent. 

Here’s Your 10 Points Cheatsheet To This Big Story:

  • The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, is listed for introduction in the Lok Sabha during the winter session, scheduled to start from November 29.
  • The Bill seeks to “create a facilitative framework for the creation of the official digital currency to be issued by the RBI. It 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.

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