Latest Crypto News India: Our objective is to keep you up to date with latest crypto news. We provide reliable piece of information from the trusted sources.
What is the Latest Crypto News From India
As per the media rumor, the Indian government is planning to ban private cryptocurrency in India. The government is planning to launch its own cryptocurrency through RBI (Reserve Bank Of India) Instead of private cryptocurrency coins like WRX, etc.
Former finance minister Shri Arun Jaitley Ji was trying to ban cryptocurrency permanently in India. They were going to make some strict rules and regulations on crypto fraud and money laundering activities.
But Supreme Court allow Indians to trade, hold, and mine cryptocurrency in India.
Why Nirmala Sitarama Finance Minister Producing Bill To Ban Crypto
The cryptocurrency market is very sensitive. Sometimes we see a sudden hype in crypto price and suddenly the price gets dropped. In early 2018 Bitcoin price was at the highest peak and now in 2021 beginning again Bitcoin price is about 35000$. The highest price in the last 2 years.
People who invest in crypto market remain on high risk of loosing money. As it’s price can drop over night and vice versa.
Also, there are high risk of money laundering, smuggling, hacking, etc because of KYC absence.
Finance minister is planning to introduce a new digital currency regulated by RBI. It will be safe and secure along with price stability.
Why RBI Launching Digital Cryptocurrency?
Cryptocurrency is based on blockchain and ledger technology. Blockchain is considered the world’s most secure and reliable technology. Also, it has many other features.
- Blockchain technology is the safest technology.
- The central virtual coin will be stable.
- Money tracking is very simple and easy.
- Fraud detection is very clear.
Conclusion: Latest Crypto News from India is about banning all private crypto coins. Finance Minister Nirmala Sitaraman introducing a bill to ban crypto and launching official digital currency by RBI.
Also, Read: How to earn money from WazirX Exchange.
What are private Cryptocurrencies?
As per the current news Indian government is planning to ban private cryptocurrency in India. But till now government did not explain the definition of private cryptocurrency.
Some experts are saying that India will ban bitcoin and Ethereum cryptocurrency. And instead of these coins, they will launch their own digital cryptocurrency regulated by the Reserve Bank of India.
Some crypto experts are saying that Bitcoin and Ethereum are based on the public ledger. Hence government can’t ban cryptocurrencies like Bitcoin and Ethereum. But till now Government didn’t disclose the definition of private cryptocurrency.
The Indian government is planning to ban all private cryptocurrencies in India. They are building their own digital coin based on blockchain technology. This will be limited to all central banks including China.
As per Article 20 from the Indian constitute if you already have cryptocurrency it means you are not violating the law. Because as per the law article 19 g says everyone is free to choose his career.
So, from the legal point of view no need to sell your current cryptocurrency.