RT.com
23 Nov 2021, 23:42 GMT+10
A proposal to ban all private cryptocurrencies has been added to the agenda of India's parliament, just days after Prime Minister Narendra Modi argued things like bitcoin could end up in the ?wrong hands? and 'spoil our youth.?
The bill would create a framework for an official digital currency and "prohibit all private cryptocurrencies in India," according to Tuesday's announcement by the Lok Sabha, India's house of representatives. It will be on the legislature's agenda when it convenes for the winter session on November 29.
India's previous ban on cryptocurrency was overturned in April 2020, leading to a booming cryptocurrency market. While no official data is available, industry estimates cited by Reuters have put the number of crypto investors in India between 15 and 20 million people, with holdings worth up to 400 billion rupees ($5.4 billion).
The government in New Delhi has been less enthusiastic, however. Last week, PM Modi said it was "important that all democratic nations work together" on cryptocurrencies such as bitcoin, and "ensure it does not end up in wrong hands, which can spoil our youth."
India's central bank has expressed "serious concerns" about private cryptocurrencies such as bitcoin or ethereum, and said in June it was working on its own digital currency, to be introduced by the end of the year.
China effectively banned bitcoin in September, outlawing all crypto-related trading activities at home and banning foreign exchanges from doing business with the mainland investors.
Meanwhile, the Central American nation of El Salvador has declared bitcoin legal tender alongside the US dollar, and set up crypto mining facilities powered by geothermal energy from volcanoes.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of Herald Globe news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Herald Globe.
More InformationWASHINGTON, D.C.: President Donald Trump is drawing praise from his core supporters after halting key arms shipments to Ukraine, a...
MOSCOW, Russia: This week, Russia became the first country to officially recognize the Taliban as the government of Afghanistan since...
CAIRO, Egypt: This week, both Hamas and Israel shared their views ahead of expected peace talks about a new U.S.-backed ceasefire plan....
WASHINGTON, D.C.: The Trump administration has made public a visa decision that would usually be kept private. It did this to send...
MADRID, Spain: Liverpool footballer Diogo Jota and his younger brother, André Silva, have died in a car accident in Spain. Spanish...
LONDON, U.K.: An unrelenting heatwave sweeping across Europe has pushed early summer temperatures to historic highs, triggering deadly...
MADRID, Spain: Liverpool footballer Diogo Jota and his younger brother, André Silva, have died in a car accident in Spain. Spanish...
(250707) -- ALEXANDRIA, July 7, 2025 (Xinhua) -- Matej Lukes of the Czech Republic competes in the obstacle during the UIPM 2025 Pentathlon...
(Photo credit: Matt Marton-Imagn Images) Matthew Boyd celebrated his All-Star Game selection by striking out nine batters in five...
(Photo credit: Allan Henry-Imagn Images) Padres right-hander Yu Darvish will make his season debut when San Diego hosts the Arizona...
(Photo credit: Alonzo Adams-Imagn Images) After winning an NBA title in his rookie season, guard Ajay Mitchell received a multi-year...
New Delhi [India], July 7 (ANI): 'Thala', skipper, icon, legend, trophy collector, ICC Hall of Famer. A man with every trophy he could...