India wants to ban Bitcoin and create its own cryptocurrency
India wants to replace Bitcoin and Co. with a state crypto currency. (Photo: Chinnapong / shutterstock)
No time right now?
India wants to introduce an official cryptocurrency and ban all others. A similar attempt failed last year.
India wants to ban private crypto currencies like Bitcoin and instead introduce its own state crypto currency. That goes out of one Plan for a law which the House of Commons published. The law aims to “ban all private cryptocurrencies in India.”
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Create your own cryptocurrency
At the same time, a framework for an official digital currency is to be created. This is to be issued by the Indian central bank.
However, the law should contain some exceptions “in order to promote the underlying technology of the cryptocurrencies and their use.”
Across from India Today Nischal Shetty, founder of the Indian crypto exchange Wazirx, criticized the plans: “There is no such thing as a private crypto currency. Cryptocurrencies are decentralized and public per se. ”He hopes the government will see that.
A similar attempt has already failed
Three years ago, the Reserve Bank of India Crypto Transactions had already asked all banks to stop trading in cryptocurrencies. This order was lifted by the Supreme Court last year. Now another ban threatens.
