RATE Group | An Analysis Of ‘Banning Of Cryptocurrency & Regulation Of Official Digital Currency Bill…
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An Analysis Of ‘Banning Of Cryptocurrency & Regulation Of Official Digital Currency Bill…

28 Jul An Analysis Of ‘Banning Of Cryptocurrency & Regulation Of Official Digital Currency Bill…

Posted at 10:53h in Cryptocurrency News by

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Much awaited report of the Inter-ministerial Committee constituted under the Chairmanship of Shubash Chandra Garg (Secretary, Department of Economic Affairs) to study the issues related to Virtual Currency and propose specification recommends that all Private crypto-currency, except any cryptocurrency issued by the state government, be banned in India because of volatility in their price and there is no underlying intrinsic value of it. In addition to the ban, fines upto Rs. 25 Crore and the imprisonment of 10 years for carrying any activities connected with cryptocurrencies in India. While crypto community criticised the report that it’s a regressive step and closing doors for innovation.

No Crypto but Digital Currency for India–

In the third chapter of the report committed projected the idea of Central Bank Digital Currency (CBDC) that shall be the “Digital Rupee” to be the sole cryptocurrency in India having the following key attributes as a) It is…

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