New Delhi: Union Finance Minister Nirmala Sitharaman said cryptocurrencies, including Bitcoin, will soon be banned in the country. Nirmala explained this in the Rajya Sabha. From now on, only government-issued digital currencies will be allowed to exchange in the country.
A high-level ministerial committee has been formed under the supervision of the Minister of Finance to study the issue. The minister said the commission recommended that all private cryptocurrencies be banned.
Finance Minister Anurag Thakur said that a meeting of the Enabling Technology Group on the ban will be held soon. The Reserve Bank of India has taken a decision in this regard. The bill is also being prepared. It will be presented to Parliament soon.
The Supreme Court recently lifted a ban on cryptocurrency transactions. However, the government has begun to move to introduce the embargo bill. At the moment, none of the financial regulators like RBI and SEBI have legal frameworks to regulate cryptocurrency. Earlier this month, the Reserve Bank of India said it intends to launch a digital version of the rupee.
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