With the declaration of the introduction of the cryptocurrency bill by the central government of India, everyone has been wondering if it’s finally the time for the end of the cryptocurrency era in our country. According to sources, the government has introduced a bill to regulate cryptocurrency trading in India. Previously a panel has been formed to study the issues that are related to digital currency and propose specific action regarding crypto coins.
The cryptocurrency bill aims at prohibiting private cryptocurrency while creating a framework for the creation of an official digital currency by RBI. The panel has come to a decision that all the private cryptocurrencies that have not been issued by the state will be banned.
Although bitcoin trading has been put under a lot of restrictions, it is still safe to say that there will be no definite ban on its usage. As agreed upon by many, cryptocurrency has transformed itself into a store of value with over a market capital of $1 trillion.
According to sources, public cryptos like bitcoin, ethereum, ripple can be considered one of the cryptocurrencies that are likely to be not banned by the government of India. They are said to have continued despite the regulations that are put on.
According to sources, the public cryptocurrencies can be defined as those that run on public blockchains with publicly available verifiable transaction history on the blockchain ledger. In this case, the transaction the transaction is immutable and irreversible. According to Avinash Sekhar, the Co-CEO of ZebPay, they have been waiting on further details as the government reveals more in their winter session.
Cryptocurrencies have gained popularity ever since Elon Musk talked about them. With apps like WazirX, we have gained a lot of crypto users in the Indian subcontinent. The ban will create definitely create some restrictions but overall, it won’t blanket all the privileges provided by digital trading.