Discussions on Cryptocurrency have intensified recently as the Government of India is about to introduce a bill. The Cryptocurrency and Regulation of Official Digital Currency Bill 2021 is being introduced in the winter session of Parliament. The bill also talks about creating an official digital currency which will be issued by the RBI. According to the bill, all private cryptocurrencies except a few currencies will also be banned in India. This time the winter session is scheduled to begin on November 29. Zerodha co-founder Nikhil Kamath has also raised questions about the same cryptocurrency ban. He tweeted about it. In a tweet, he wrote what would happen if the government restricted cryptocurrencies available in circulation. A similar question is in the minds of those who have invested money in it. The trend of putting money in Cryptocurrency has become very popular in the recent past. In that case, you will find many people who have invested money in it. There is no official data available, but according to the industry, There are 1.5 to 2 0 million crypto investors in India.
All of them have a total crypto holding of about Rs 400 billion. The same Government of India was constantly monitoring it. Pm Modi also discussed it at the Sydney dialogue last week. He said all countries have to make sure that crypto is not in the wrong hands. This will have a wrong impact on the youth. Earlier, an important meeting on cryptocurrencies was held under the chairmanship of Prime Minister Modi. The meeting discussed the regulation of the crypto market and other related things. Now, as soon as the news of the ban came in, the value of the Cryptocurrency decreased very fast.
If the government bans it by bringing a bill in India, transactions between your ban and crypto exchange will stop. You can't use local currency to buy crypto. In addition, you can't even incash them. What will happen to those who have invested money in it after the ban is a big question. The answer will be available only after the bill is introduced. At present, there is no regulation or ban on cryptocurrencies in India. However, its ads have grown very fast in some time now. It also features film stars and talks about giving high returns on investment. Hundreds of cryptocurrencies are currently trading since the start of Bitcoin in 2008. After the ban, it will be difficult for the common people to invest money in it.
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