Reserve Bank of India to Discuss Banning Private Digital Currency Trades

Centralized banking institutions have recognized the potential of blockchain technology and digital currencies. However, digital currencies created legal loopholes and gray areas that left financial regulators scurrying to rectify the problems. Third-party regulators have pushed forward several attempts to gain control of blockchain’s decentralized exchange platform. The Reserve Bank of India is scheduled to propose banning private cryptocurrency use during its upcoming budget session.

India’s lower parliament house will meet in New Delhi to discuss its financial future. Digital currencies have already been embraced into national economies in places like China, but the crypto market’s volatility hindered future advancements in other countries. India’s government has previously considered banning cryptocurrency use entirely, but the potential benefits of a universal Indian digital currency couldn’t go ignored. The Reserve Bank of India is scheduled to discuss the Cryptocurrency and Regulation of the Official Digital Currency Bill of 2021.


Introducing New Legislation for Digital Currencies
The Reserve Bank of India will review newly proposed legislation to ban private cryptocurrencies. The new proposal leaves room for special exemptions that prove they effectively boost blockchain tech advancements and crypto use. The particular exemptions for private digital currencies would come with strict eligibility criteria but wouldn’t eliminate private crypto trades. India has previously swayed which direction the country would take to address cryptocurrency trading and integration.

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