#Cryptocurrency #RBI #cryptocurrencies
You can by any cryptocurrency in India



In April 2018, #RBI banned banks and other financial institutions from supporting #cryptocurrency transactions, as a result of the news that these digital coins were being used for fraudulent activities. However, in March 2020, the Supreme Court of India slashed down the ban on the grounds of being unconstitutional. According to various reports, Indian citizens are holding around INR 10,000 crore (USD 1.5Bn) in #cryptocurrencies .But as there is no clarity regarding the income tax issue for the gains made via crypto, the need for cryptocurrency regulations is now the new buzz. After giving much thought, the government has now decided to take firm actions. The GOI will soon form a new panel to analyze the possibility of regulating cryptocurrency in India, with the thought of revisiting old views. This new panel will allegedly consider using blockchain technology, new approaches to cryptocurrency as a digital asset instead of currency, and examine ways to operationalize the RBI’s proposal for its 'Digital Rupee'.

‘Official Digital Currency Bill – 2021’ is the proposed crypto regulation that will suspend all private cryptocurrencies and work on laying the foundation for the launch of an “official digital currency” by RBI. This bill was introduced in the Parliament’s Union Budget session, this year. Thinking on the fate of Indian crypto startups: Currently, India has more than 200 blockchain startups. Out of those, many have now been acquired by Binance, a global crypto asset management and trading company, including #Unocoin, #Zebpay, and #WazirX, while leading US-based crypto company #Coinbase has been investing in Indian startups. However, these activities are no longer limited to passive investments.


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