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With the Reserve Bank of India (RBI) planning to issue its own digital currency soon, the Government of India plans to restrict the supply of Cryptocurrencies in the country.
This comes as a huge blow to the industry after the Supreme Court removed the ban on banks providing services to crypto companies earlier imposed by the RBI.
For a long time in India, Cryptocurrency was neither prohibited nor legally permitted. The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 has not been raised in the Parliament so far, nor has it been mentioned in the ongoing Union Budget session. However, the bill encourages blockchain technology and cryptography for different purposes in the financial services industry.
The future of a fast-growing industry is at stake in India now. Crypto trading and transactions using digital currencies reached all-time highs in 2020. A blanket ban will move the sector backward. Regulations will remove the ambiguity for exchanges to stay in compliance with the law.
Cryptocurrencies can promote more financial inclusion and give users more control over their assets. The government can discuss these sensitive issues with the stakeholders of the industry instead of passing these impactful bills without any consultation.
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