India Promotes Ban on Private Cryptocurrency

According to an announcement by the House of Representatives on the 29th, the Indian government is planning to introduce the’Private Cryptocurrency Ban Act’ in this session, which began on this day.

The government announced in an announcement that it plans to prepare an official digital currency issued by the Central Bank of India (RBI) instead of banning all cryptocurrencies made by private sectors.

The reason why the authorities banned private cryptocurrency is due to the fact that instability has increased, such as the recent sharp rise in cryptocurrency prices, and that cryptocurrency may be used for illegal transactions.

Authorities are seeking ways to ensure that Indian investors are not exposed to this risk. “At the same time, they are concerned that the current cryptocurrency can be used for money laundering as it cannot be controlled by the financial transaction verification system,” the Times of India reported. did.

It is known that even if the authorities ban private cryptocurrency, they have decided to make exceptions in specific technology-related fields such as block chain development.

As this fact became known, Indian cryptocurrency-related operators expressed concern.

“We are urging the government to consider the opinions of all stakeholders before making a final decision,” said Shibam Tachral, ​​CEO of cryptocurrency trading company BayouCoin. It can affect your livelihood,” he said.

It was also pointed out that the definition of private cryptocurrency is unclear.

Bitcoin, a representative cryptocurrency, is not’private’ because it is not managed by a specific individual or private company.

“Bitcoin is a public good like the Internet,” said Rahul Pagidipati, CEO of another cryptocurrency exchange, Jeppay. did.

Meanwhile, the bitcoin price surpassed $40,000 each for the first time in history on the 8th, and has been somewhat weak recently.

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