Big blow for private cryptocurrency owners

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The central government is all set to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in the winter session of Parliament.

In a big shock to private cryptocurrency buyers, the new bill will seek to ban all private cryptocurrencies, with few exceptions.

The Crypto bill is part of the 26 bills that the government plans to introduce in the winter session. It appears like the centre has decided to promote the official digital currency which will be issued by the Reserve Bank of India. The RBI has shown the intent of introducing its own crypto but is yet to announce one.

It’s worth mentioning that India is one of the biggest cryptocurrency markets in the world. As per reports, the South Asian Country has more than 10 crore crypto owners while the local crypto exchange platforms have reported that around 2 crore Indians have invested in cryptocurrencies.

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