“Cryptocurrency Prohibition and Control of the Official Digital Currency Bill 2019” – It took some time to create – Indian Prime Minister Narendra Modi formed a panel in November 2017 to investigate how to best control cryptocurrency. The Indian government is considering a complete ban on cryptocurrency, to see if anyone caught doing business, mining or holding was sentenced to ten years in prison.
The entire ban has the backing of several government agencies, including the Income Tax Department and the Central Board of Indirect Taxes and Customs (CBIC), but Reserve Bank of India (RBI) officials have denied all knowledge, the report said. The government’s concern is that cryptocurrencies are being used for criminal activities such as money laundering. Most importantly, insiders have expressed some doubts about the real-life impact of the law if it happened before it went into effect, a fact that is not yet certain.
Adding the part of the bill that has been discussed so much refers to illegal activities using the cryptocurrency – which is tantamount to saying that the use of rupee for illegal activities is illegal, Live Mint told. “The chief executive of multiple crypto-based currencies is a huge secret,” he said. Cryptocurrencies like Bitcoin have become a subject of controversy. They don’t
just bring a huge carbon footprint – a study has found that they could burn down our remaining carbon reserves in a matter of decades, Although another bitcoin from 2017 suggested that as Ireland grows in strength every year, they have been used for all sorts of random businesses, from illegal pornography to drug
trafficking to counterfeiting. Some astronomers have even expressed concern that it could hurt our quest for extraterrestrial life.
Governments around the world may be forced to dismiss Bitcoin because of its ability to store illegal content, but if the bill goes ahead, a report says, India is not the first person to try and establish its own treaty ban. Egypt introduced a ban in 2018. It was lifted last month. Meanwhile, countries including China, Russia, Vietnam, Bolivia, Colombia, and Ecuador have more or less imposed their own sanctions, Investopedia reported.
While the bubble may burst for Bitcoin, cryptocurrency analysts are feeling optimistic. It is now trading below $8,000 – it peaked at around $20,000 in 2017 approximately it reached in 2017 – but experts expect this value to rise, as big brands like AT&T, Starbucks, and Wholefood are starting to accept cryptocurrency
offerings. In the case of India, the bill also suggested the introduction of a national cryptocurrency, the “digital rupee”, in an attempt to limit the use of cryptocurrencies.