What happens if govt decides to ban cryptocurrency?

By Lokmat English Desk | Published: November 24, 2021 10:05 AM2021-11-24T10:05:25+5:302021-11-24T10:07:11+5:30

This news is very useful for you if you are also interested in investing in cryptocurrency or have invested ...

What happens if govt decides to ban cryptocurrency? | What happens if govt decides to ban cryptocurrency?

What happens if govt decides to ban cryptocurrency?

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This news is very useful for you if you are also interested in investing in cryptocurrency or have invested in it. The Indian government is likely to impose a complete ban on cryptocurrencies. The central government will introduce 26 new bills, including three ordinances, in the winter session of Parliament starting November 26. This is according to the agenda of the Legislature for the winter session held on Tuesday evening.

One of the most talked about bills is the cryptocurrency bill. Will Modi government ban cryptocurrency or allow trading with some restrictions? All this will be known only after the bill comes. The bill related to cryptocurrency is called 'The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021'.

It is believed that the bill could create new problems for investors in other cryptocurrencies, including Bitcoin. If the government decides to ban crypto, the transactions between the bank and your crypto exchanges will stop. You will not be able to convert your local currency into buying any kind of cryptocurrency. Also, you will not be able to get them encashed.

Until 2013, BitCoin was the only cryptocurrency in the world, but now there are more than 7,000 different cryptocurrencies in circulation worldwide. These are a kind of digital coin. Bitcoin was launched in 2009, Bitcoin is still the most popular in the whole world including India.

The bill could also discuss digital currency issued by the RBI. A few days before the committee meeting, PM Modi had also discussed the issue of cryptocurrency with senior officials from various ministries and the Reserve Bank. Only after the bill is introduced in the winter session will we be able to get complete information about cryptocurrency.

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