Over the last few days, crypto-currency investors in India have pulled at least ₹1,000 crore from their accounts after the government said that it would introduce a new piece of legislation banning private crypto-currency activity in the country. Three founders of Indian crypto-exchanges told MediaNama that overnight there has been panic selling by Indian investors in Bitcoins and other cryptos after the news broke of another crypto ban proposal. As part of the Budget session of Parliament for 2021, the government will introduce a bill which will ban trading and investments in crypto-currencies. At the same time, the bill provide the Reserve Bank of India (RBI) with the necessary legal powers to develop a central bank-backed digital currency (CBDC) or digital Rupee. The decision to introduce The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 comes a week after the RBI said it had begun exploring the possibility of issuing and developing a digital currency or digital Rupee. “To create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India. The Bill 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,” — Lok Sabha Bulletin Part II. According to data from domestic crypto-exchange WazirX, Bitcoin was trading at a high of over ₹28.5 lakh on Friday and dropped to ₹21.6 lakh as of February 1 morning. Prices recovered during the day to a little…
- Here are some specs of the time servers the Indian government wants companies to sync their clocks to: RTI December 6, 2022
- RBI Disallows Securitising Loans With Less Than 365-Days Residual Maturity December 6, 2022
- Indian govt may hold social media firms accountable for algorithms under ‘Digital India Act’ December 6, 2022
- Event Announcement: Reworking The Data Protection Bill, Bangalore, 14th Dec #Ad December 6, 2022
- DPDP Bill 2022: A Balance of opportunities and data protection objectives December 6, 2022
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
New bill narrows focus over predecessors that went heavy on data sovereignty, localisation and compliance. What explains this change?
The Structure and Style of a Dogma Community: Conspiracy theories and organized Twitter engagement on Sushant Singh Rajput
Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement
Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?
A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'
India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...