Bill to ban crypto part of govt’s Parl agenda

A bill that “seeks to prohibit all private crypto currencies in India” is among 26 pieces of legislation planned be brought to Parliament in the session beginning next week, according to a Lok Sabha release on Tuesday, the clearest sign yet that the Union government is moving to ban instruments such as Bitcoin for transactions in the country. India at present has no regulation for crypto currencies a set of decentralised digital currencies a set of decentralised digital currencies such as Bitcoin and Ethereum that are not regulated by any sovereign banking regulator. No official data is available but industry estimates suggest there are 15 million to 20 million crypto investors in India, with total crypto holdings of around Rs 40,000 crore ($5.39 billion), Reuters reported although some exchanges peg this value as high as $10 billion.

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