{"id":562,"date":"2021-11-24T12:30:30","date_gmt":"2021-11-24T12:30:30","guid":{"rendered":"https:\/\/www.withinnigeria.com\/broadnews\/?p=562"},"modified":"2021-11-24T12:30:30","modified_gmt":"2021-11-24T12:30:30","slug":"india-to-ban-cryptocurrencies-and-regulate-the-countrys-official-digital-currency","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/broadnews\/2021\/11\/24\/india-to-ban-cryptocurrencies-and-regulate-the-countrys-official-digital-currency\/","title":{"rendered":"India to ban cryptocurrencies and regulate the country&#8217;s official digital currency"},"content":{"rendered":"<p>The Indian government plans to introduce legislation that would outlaw all private cryptocurrencies while also establishing a framework to regulate digital currency issued by the country&#8217;s central bank.<\/p>\n<p>The Cryptocurrency and Regulation of Official Digital Currency Bill has been scheduled for introduction in the parliamentary session on November 29, according to the official agenda released by the state-run broadcasting service Prasar Bharati.<\/p>\n<p>The bill aims to establish a framework that will facilitate the creation of official digital currency to be issued by the Reserve Bank of India.<\/p>\n<figure id=\"attachment_564\" aria-describedby=\"caption-attachment-564\" style=\"width: 640px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"wp-image-564 size-full\" src=\"https:\/\/www.withinnigeria.com\/broadnews\/wp-content\/uploads\/sites\/11\/images-78.jpeg\" alt=\"\" width=\"640\" height=\"480\" srcset=\"https:\/\/www.withinnigeria.com\/broadnews\/wp-content\/uploads\/sites\/11\/images-78.jpeg 640w, https:\/\/www.withinnigeria.com\/broadnews\/wp-content\/uploads\/sites\/11\/images-78-300x225.jpeg 300w, https:\/\/www.withinnigeria.com\/broadnews\/wp-content\/uploads\/sites\/11\/images-78-86x64.jpeg 86w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/><figcaption id=\"caption-attachment-564\" class=\"wp-caption-text\">Indian Government<\/figcaption><\/figure>\n<p>It also seeks to outlaw all private cryptocurrencies in India, with some exceptions to promote cryptocurrency&#8217;s underlying technology.<\/p>\n<p>In response to the news, all major digital currencies experienced a 15% drop in overnight trading on Indian crypto exchanges.<\/p>\n<p>According to NDTV, Bitcoin was down 18.53 percent, Ethereum was down 15.58 percent, and Tether was down 18.29 percent.<\/p>\n<p>Last week, Prime Minister Narendra Modi urged democracies to work together on cryptocurrency, saying it was critical to prevent currencies like Bitcoin from falling into the hands of criminals.<\/p>\n<p>The Indian government is concerned that cryptocurrencies may be used to fund terrorism and money laundering.<\/p>\n<p>Officials are also skeptical of virtual currencies, citing their volatility and making false promises to investors.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Indian government plans to introduce legislation that would outlaw all private cryptocurrencies while also establishing a framework to regulate digital currency issued by the country&#8217;s central bank. The Cryptocurrency and Regulation of Official Digital Currency Bill has been scheduled for introduction in the parliamentary session on November 29, according to the official agenda released [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":563,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[238],"tags":[248,247,246,245],"class_list":["post-562","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-foreign","tag-ban","tag-cryptocurrency","tag-digital-currency","tag-india"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>India to ban cryptocurrencies and regulate the country&#039;s official digital currency &#187; BROAD NEWS \u2014 WITHIN 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