{"id":205647,"date":"2021-11-25T07:00:51","date_gmt":"2021-11-25T07:00:51","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=205647"},"modified":"2021-11-25T06:24:45","modified_gmt":"2021-11-25T06:24:45","slug":"india-targets-bitcoin-and-crypto-again-in-latest-ban-wave","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/india-targets-bitcoin-and-crypto-again-in-latest-ban-wave\/","title":{"rendered":"India targets Bitcoin and crypto again in latest ban wave"},"content":{"rendered":"

As per the local news source, <\/span>NDTV<\/span><\/i><\/a>, India might ban all major crypto assets when it introduces the new \u201cThe Cryptocurrency and Regulation of Official Digital Currency Bill, 2021″ this winter. The government is also exploring the possibility of issuing a digital currency backed by the Reserve Bank of India.<\/span><\/p>\n

\u201cThe <\/span>Bill<\/span><\/a> also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.\u201d<\/span><\/p>\n

India banning crypto stirs community backlash<\/b>.<\/span><\/h2>\n

According to data from <\/span>Reuters<\/span><\/a>, India accommodates roughly 15-20 million crypto investors in India, with total crypto holding amounting to $400 billion. The news of the government banning major crypto assets has incited crypto community backlash on Twitter where dedicated crypto proponents have strongly criticized the government's stance on barring crypto activities in the country.\u00a0<\/span><\/p>\n

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If true, this is a recipe for disaster India doesn\u2019t need. Banning ALL private crypto currencies is basically killing the space- robbing India of creating an ecosystem for new age FinTech. Anyway, expecting any better from GoI was wishful thinking. https:\/\/t.co\/6hYt2I4LxT<\/a><\/p>\n

— Priyanka Chaturvedi\ud83c\uddee\ud83c\uddf3 (@priyankac19) November 23, 2021<\/a><\/p><\/blockquote>\n