The Cryptocurrency Bill Of India

Cryptocurrency is a form of payment that can be exchanged online for goods and services. Many companies have issued their own currencies, often called tokens, and these can be traded specifically for the good or service that the company provides. Think of them as you would arcade tokens or casino chips. You’ll need to exchange real currency for the cryptocurrency to access the good or service.


In The Parliament of India, State Finance Minister Anurag Singh Thakur said a cryptocurrency bill is being finalized and will soon be submitted to the Union Cabinet of Ministers.


In response to a query in the Rajya Sabha on the government's decision to issue cryptocurrency trading guidelines, Finance Minister Nirmala Sitharaman said That a high-level committee was created to research issues related to cryptocurrency trading. In 2018, the Reserve Bank of India banned banks from carrying out crypto-currency transactions. Last year, in March, the Supreme Court of India lifted the ban, stating that, adhering to Article 19 of the Constitution, it violated freedom of business and profession. Cryptocurrency has existed in a legal Back-and-Forth in India since then.



Cryptocurrencies are not regarded by the Indian government as legal currency or coins. Thus, the government wants to eliminate the use of cryptocurrency and does not want to become part of the financial mechanism for those currencies. Therefore, it mentioned a bill in Parliament aimed at banning all private cryptocurrencies in India and setting the basis for an official digital currency. The bill's comprehensive details have not yet been published to the media outlets or to the Public. Cryptocurrencies are not regarded by the Indian government as legal tender or coins. Thus, the government wants to eliminate the use of cryptocurrency and does not want to become part of the financial mechanism for those currencies. Therefore, it mentioned a bill in Parliament aimed at banning all private cryptocurrencies in India and setting the basis for an official digital currency. The bill's comprehensive details have not yet been published to the media.


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