- India essentially banned crypto transactions.
- India’s government is ready to hold off on issuing another ban.
In an assertive stance, Indian Prime Minister Narendra Modi cautioned that bitcoin poses a danger to younger people, as his government prepared to regulate cryptocurrencies. Modi portrayed virtual money, which is popular in India and is not controlled by the state or central bank, as a realm that has to be strictly regulated.
Critics say cryptocurrencies’ anonymity and uncontrolled transfers make them ideal for drug trafficking, human smuggling, and money laundering. Several governments have started regulating cryptocurrencies, and exchanges are now subject to the same rules as banks.
In 2018, India essentially banned crypto transactions, eventually overturned by the country’s highest court. The business boomed as the country’s enormous youthful population flocked to see Bollywood and cricket stars through an advertising blitz.
According to recent BrokerChooser research, over 100 million Indians now utilize virtual currencies, placing them behind the United States, Russia, and Nigeria. India’s government is ready to hold off on issuing another ban, choosing instead stringent legislation that may be implemented by the end of the year.
Last week, Reserve Bank of India Governor Shaktikanta Das warned that unregulated cryptocurrencies pose a severe danger to the financial system. Simultaneously, the central bank is considering launching its own digital currency.
Modi used his speech to promote India as a worldwide technological powerhouse. His “Digital India” plan intends to modernize and use technology throughout the 1.3 billion-person subcontinent. Ahead-of-the-curve technologies like quantum computing offer excellent growth, Modi said.
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