Will Modi bring policy to regulate cryptocurrency?
New Delhi: Will Prime Minister bring a new policy to regulate cryptocurrencies?
Mr. Modi held a review meeting on digital currency on Saturday. The move of the Centre would bring changes in regulating the use of cryptocurrencies. The government has decided to continue a dialogue with experts and other stakeholders to regulate the technology.
There is a demand from many circles to impose stringent rules for transactions of virtual coins. In 2018, India as banned crypt currency transactions after a sting of frauds following PM Modi’s sudden decision to eliminate 80% of the nation’s currencies, but the Supreme Court struck down the restrictions in March 2020.
The Reserve Bank of India remains a critic but is now working on a digital currency. The government may bring in a crypto bill for the cabinet's approval. The proposed bill will be placed in the House in the next session.
