India Planning to Ban Cryptocurrencies and introducing its own Digital Coin

Government of India planning to ban the use of Cryptocurrencies in India and to introduce its own made digital coin issued by Reserve Bank o...

Government of India planning to ban the use of Cryptocurrencies in India and to introduce its own made digital coin issued by Reserve Bank of India. As per the rumours this decision should have been announced in the today's Budget session but it didn't happen so we are expecting might be the government taking there time to announce this decision in public.

The proposed law will provide a framework for creation of an official digital currency issued by the Reserve Bank of India and to allow certain expectations to promote block chain. Currently the central bank looking in to the need of this digital currency and how to implement it in the market.

In 2018 the India's regulatory policy regulators put a ban on the Cryptocurrencies transaction after which they found some proofs of frauds in a month through an investigation because of this PM Narendra Modi immediately made a decision to ban the 80% of the currencies in the country following this decision the Cryptocurrencies exchangers responded with a law suit and the results fall in their side after which Supreme Court ask the government to lift the ban in March last year.