{[{item.pair.split("_")[0]}]} ${[{item.price.toFixed(4)}]}
{[{item.change24}]}%
{[{item.change24}]}%
+ Become a member of Interactive Crypto
+ Create a FREE Interactive Crypto Account to Access Premium Content
We’re sorry, but the content you are trying to access is for members only.
CREATE ACCOUNT
July 23, 2019 |
Darryn Pollock | 0 Comments|346 Views
Get Into Cryptocurrency Trading Today
An inter-ministerial committee (IMC) in India has poured cold water on a fresh, optimistic outlook on the future of Bitcoin in the country. The committee, which boasts some high-ranking officials, have suggested banning private cryptocurrencies such as Bitcoin.
It comes after Anurag Thakur, India's Minister of State for Finance & Corporate Affairs, reaffirmed that Bitcoin remained legal earlier this week and promised that regulations were on their way. Now, however, it could be that these regulations may be a lot stricter than expected.
The report from the minsters not only suggests outlawing private cryptocurrencies but indicates that the creation of a government-owned digital asset should be the way forward when it comes to cryptocurrencies.
The Reserve Bank of India (RBI) has already flexed its muscle in its disapproval of Bitcoin, having blocked its services to any businesses operating with cryptocurrencies. Now with the aid of influential ministers, they are pushing their agenda even further.
The committee comprises of the Secretary (Economic Affairs) as the chairman, along with the Secretary, ministry of electronics and information technology, SEBI chairman and the deputy governor of the Reserve Bank of India.
Their suggestion to ban Bitcoin would thus hand them total control of digital currencies in India as the report also begins to outline the introduction of an official digital currency which can be provided the status of a legal tender, regulated by the RBI.
The relevant parties submitted this report along with a draft bill called the 'Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019', which has been listed on the official Department of Economic Affairs website.
It is a difficult time for cryptocurrency businesses, users, and enthusiasts in India currently. The rumors and reports continue to fly with no official stance being made. One day, a minister states that Bitcoin is legal, then the next a draft bill to ban Bitcoin is put forward.
India has already seen a massive decline in its operating exchanges, and other cryptocurrency-related businesses as the RBI's strict rules have killed off that side of the emerging economy.
The ambiguous regulations and rulemaking also make it hard for any business to get a foot in the door should India not decide to put an outright ban on Bitcoin.
However, what has become more evident is that the RBI and certain Indian officials are not against cryptocurrencies and how they operate; instead, they are not willing to accept a decentralized financial system. The push for banning Bitcoin and then creating an RBI-backed digital currency point towards the intentions of the country's regulators.
All COINS
TRENDING
WATCHLIST
Market Cap {[{ marketcap }]}
Symbol
Price
Change
Chart
Trade
{[{ item.pair.split('_')[0] }]}
${[{ item.price }]}
{[{ item.change24 }]}
{[{ item.change24 }]}
Market Cap {[{ marketcap }]}
Symbol
Price
Change
Chart
Trade
{[{ item.pair.split('_')[0] }]}
${[{ item.price }]}
{[{ item.change24 }]}
{[{ item.change24 }]}
Government Committee Increases Pressure to Ban Bitcoin in India
An inter-ministerial committee (IMC) in India has poured cold water on a fresh, optimistic...
Verge Review
What is Verge?Verge is a decentralized and open-source cryptocurrency that was developed in 2014...
EOS Price Soars by 30% as eosDAC Release Date Approaches
While cryptocurrencies have seen a severe slump in their values during last few months, against...
Coinbase Pro, Home to Coinbase Pro Trading App For Android Users
Coinbase, in May 2018, launched a global cryptocurrency trading exchange. San Francisco-based...
Which is the safest crypto wallet?
Cryptocurrencies are a risky investment. Not only are they highly volatile, but their investors...
1 DOGE to USD | What is Dogecoin, Exchange Rates?
Dogecoin (DOGE) is, according to the official website, a decentralized and “open-source...
Plus500
Risk warning: 80.5% of retail investor accounts lose money when trading CFDs with this...
Free & Fast BTC Mining
The more Bitcoin becomes popular, the more miners it attracts. Mining the coin comes with...
EOS Price Soars by 30% as eosDAC Release Date Approaches
While cryptocurrencies have seen a severe slump in their values during last few months, against...
Best 10 Cryptos to Invest in 2020
Investing in crypto takes time. Besides being a new medium of exchange, several coins available...
How secure is the Coinbase app?
Which is the safest crypto wallet?
How do I start mining bitcoins?
Does Alibaba accept Bitcoin?
How many Bitcoins are left?
Is Ripple The Cryptocurrency of 2018? - In Depth Review of Ripple XRP
What Is Ripple? / DefinitionRipple is a name for a cryptocurrency denoted by Ripple XRP and it's als...
Is IOTA Going to Overtake Bitcoin and Other Cryptocurrencies? - IOTA (MIOTA)Review
Verge Review
Binance Review
Dogecoin Review
LegacyFX
Many forms of cryptocurrency and altcoin trading are available in today’s financial markets. A...
Excentral
Risk warning: CFDs are complex financial products. They have a speculative character. Trading in...
EagleFX
EagleFX is one of the latest forex trading brokerages to join the sector. It got founded back in...
Vantagefx
VantageFX is a leading Australian forex broker that specializes in ensuring the complete and ful...
Xtrade
Xtrade is one of the most popular financial trading sites in the world. Started over a decade ago, t...
Mobi
Are you someone who makes international payments regularly using Bitcoin? Or do you travel a lot and...
Bitcoin.com
Bitcoin.com is a free downloadable Bitcoin wallet that allows users to trade and receive Bitcoins. T...
BTC.com
Created by Bitmain in 2016, BTC.com is a leading open-source Bitcoin and Bitcoin Cash storage platfo...
Cryptopay.me
Updated, Apr 04, 2020 Cryptopay is a revolution for Bitcoin users. This platform offers its custo...
Mycelium
MyCelium is an application for Mobile that offers many possibilities of security and confidentiality...
COMMENTS
0 Comments
Like this article