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The Government Of India Is Considering Prohibiting the Use Of Cryptos

The crypto sector has been in a state of constant dilemma in India. The uncertainty was a result of several years of negotiations by the state.


 

During this time, the government had been engaging experts and other stakeholders in the industry regarding the matter. The government has deliberated on the approach it may be used to bar the handling of private digital monies. One of the targeted currencies in these discussions is bitcoin.

The topic of digital currencies was the main issue of discussion during a FSDC meeting headed by the finance minister of India. The participants wanted to come up with measures to eliminate the influx of private cryptocurrencies in India. The department of finance released a press release about the issue of cryptocurrencies. The committee discussed the various problems facing the digital money businesses in the nation.

The government’s select committee decided to ban the use of cryptos. This was after looking at both the advantages and disadvantages of using cryptocurrencies.

Full Details Of The Press Release

The council also discussed the matters and problems facing Crypto assets. They were additionally briefed about resolutions of the committee on digital money headed by the secretary of economic affairs.

The primary intention was to develop a mechanism of abolishing the use of private digital money in India. Instead, the government should encourage the use of DLT. The 2018-2019 budgets also back up the use of Distributed Ledger Technology.

The regulatory framework is only against the use of digital money to trade and its use in disbursements. However, anyone can own private cryptocurrencies in India as long as they do not use them for trading. India has its own domestic cryptocurrency known as CryptoKanoon.

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