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Amid reports that the Centre might introduce a new bill that would bar many private cryptocurrencies, which triggered heavy selling in the country's digital currency markets, Congress leader and national spokesperson Abhishek Singhvi on Wednesday said the government has decided to ban it as it could not see some of its citizens making money through crypto trading. Therefore they are deciding to ban it," the Congress leader said in a sarcastic comment. Therefore they are deciding to ban it. The government is mulling to impose some regulation in the crypto market by allowing only certain cryptocurrencies to promote the underlying technology and its uses, a legislative agenda released on Tuesday for the winter session of Parliament revealed. The bill, if passed, would effectively ban citizens in India from transacting in most cryptocurrencies, experts said. Cryptocurrency crash: Bitcoin, Ethereum fall in value.



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India is planning to introduce a ban on almost all private cryptocurrencies in a new clampdown


Currently, there are no particular regulations or any ban on use of cryptocurrency in the country. The issue of cryptocurrency has not been covered in the Economic Survey , Sanyal said in an interaction with media on the Survey tabled in Parliament by Finance Minister Nirmala Sitharaman earlier in the day.

The Reserve Bank has also highlighted various issues, including financial stability impact of such virtual currencies. But there are also other arguments that are made in terms of innovation and so on…. In November, Prime Minister Narendra Modi held a meeting on cryptocurrencies with senior officials, and indications were that strong regulatory steps could be taken on the matter.

There have been a rising number of advertisements, featuring even film stars, promising easy and high returns on investments in cryptocurrencies in recent times, amid concerns over such currencies being allegedly used for luring investors with misleading claims. The Parliamentary Standing Committee on Finance, chaired by BJP member Jayant Sinha, had also met the representatives of crypto exchanges, Blockchain and Crypto Assets Council BACC , among others, and arrived at a conclusion that cryptocurrencies should not be banned in the country but should be regulated.

The RBI has repeatedly reiterated its strong views against cryptocurrencies, saying they pose serious threats to the macroeconomic and financial stability of the country and also doubted the number of investors trading them and their claimed market value. RBI Governor Shaktikanta Das too had earlier this month reiterated his views against allowing cryptocurrencies, saying they are a serious threat to any financial system since they are unregulated by central banks.

Like us on Facebook and follow us on Twitter. Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates. Home Budget Budget Govt to take balanced view on cryptocurrency, says Principal Economic Adviser Sanjeev Sanyal Budget Govt to take balanced view on cryptocurrency, says Principal Economic Adviser Sanjeev Sanyal The Reserve Bank has also highlighted various issues, including financial stability impact of such virtual currencies.

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Indian government set to ban cryptocurrencies

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reuters blockchain explained

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China was initially cautious in the development and application of blockchain technology.

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CNBC reached out to Bitmart to ask about the multimillion dollar discrepancy, but the exchange declined to comment on this point. Bitmart wrote in an official statement Monday morning that it had completed initial security checks and identified the affected assets. The exchange said the security breach was mainly caused by a stolen private key, which affected two of its hot wallets, but other assets were "safe and unharmed. The affected ethereum and binance smart chain "hot wallets" carried only a "small percentage" of the exchange's assets, according to the company. Cryptocurrency can be stored "hot," "cold," or some combination of the two. A hot wallet is connected to the internet and allows owners relatively easy access to their coins so that they can access and spend their crypto.


From ban to regulation, cryptocurrency’s journey so far in India

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However, Nugent explained that while Thomson Reuters is working on private consortium efforts, most of its internal demos have been built so.

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Scale-up nation: six trends of the Israeli tech industry in In April, venture capitalist Amit Karp took a stab at predicting which trends will rule the Israeli tech sector in the months to come, listing large funding rounds and even larger acquisitions, among other phenomena. So how did he do?


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Before blockchain's impact on the working world can be grasped, the technology itself must be understood. Here, three Thomson Reuters professionals provide an easy-to-understand guide. If it fulfills its potential — and the signs are it may — blockchain will dramatically alter everything from established industries like law and accounting to many of the small, routine transactions people perform every day. The easiest way to think of blockchain is as a two-column balance book spread across a network. At its heart, blockchain is a digital platform for recording and verifying transactions.

The company shortly announced its closure and printed its last paper on 24 June.

Google, Twitter and Facebook executives faced heated demands in a meeting with Indian officials, who said their inaction on fake news forced Delhi to order content takedowns, sources said. Indian officials held heated discussions with Google, Twitter and Facebook for not proactively removing what they described as fake news on their platforms, sources have alleged. The officials did not issue any ultimatum to the companies at the meeting, the sources said. The government has been tightening tech sector regulations but wants companies to do more on content moderation. In its transparency reports, Twitter has said the Indian government makes among the highest number of requests to remove content from its platform. Technology website Comparitech in October said India made 97, content removal requests in , the second-highest in the world after Russia, mostly to Facebook and Google. During the meeting, senior tech executives told the officials that they take adequate measures to remove or curb the spread of misinformation on their platforms, and act on legally-valid content removal requests, the sources said.

India is on track to ban all but a few private cryptocurrencies after the government announced on Tuesday it was introducing a new financial regulation bill. The 'Cryptocurrency and Regulation of Official Digital Currency' bill will create a facilitative framework for an official digital currency to be issued by the Reserve Bank of India, and ban all private cryptocurrencies. Such a pre-verification approach would create obstacles for thousands of peer-to-peer currencies that thrive on being outside the ambit of regulatory scrutiny.


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