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Indian Cryptocurrency Stand

We can’t do any cryptocurrency transactions in India due to Indian Cryptocurrency Stand. There are many rumors and real facts about cryptocurrency. We will see all in detail.

The cryptocurrency was started on 3rd December 2009. Likewise, this was the time when everyone came to know that blockchain technology can be used to securely exchange money between two parties without any third-party assistance.

At that time there was no dispute about cryptocurrency in India. Anyone could ask for cryptocurrency payment in their bank account.

And after that time the demand for bitcoin was continuously increasing in the market. Due to which by 2017, the price of bitcoin had reached its peak.

Beginning of Indian Cryptocurrency Stand

As people understood the concept of bitcoin, they started using it incorrectly. People started demanding payment in bitcoin for activities like terror funding, weapons selling, smuggling, and hacking ransomware, etc.

That time India takes its anti cryptocurrency stand. And seized all cryptocurrency payments. RBI issues guidelines to Indian banks and other financial institutions for not accepting payments in cryptocurrency.

It was 2017 when India completely stop all cryptocurrency and altcoin related payments. This was the beginning of the Indian cryptocurrency stand.

Indian Government Make Rules in 2018

The Government of India stopped people from transferring money from bitcoin wallet to Indian Bank. But the Indian government could not stop people from investing and trading in bitcoins and other cryptocurrencies.

The main reason for this is the decentralization of the cryptocurrency. And any person can go to another country and invest money in the exchange there.

In view of all these things, the Indian government and the Financial Institution have made some new rules regarding cryptocurrency. But at that time there was no final result declaration due to the election.

But now everything has passed and a new stand regarding cryptocurrency has emerged in India.

India Making Its Own Cryptocurrency

Just a few days ago there was a news published in Times of India according to which India is making its cryptocurrency. From time to time, we get to hear news related to blockchain technology and cryptocurrency from different states of India.

And now the Reserve Bank has officially confirmed that the Reserve Bank of India is working on a new cryptocurrency with the Central Bank.

Likewise very soon this cryptocurrency will be in front of the world.

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