in , ,

India Planing To Ban Cryptocurrency Trading In New Law

Crypto currency
[PHOTO/ COURTESY]

India is planning to introduce a new law banning trade in cryptocurrencies in new law.

The Bloomberg reports that the federal government will encourage blockchain, the technology underlying cryptocurrencies, but is not keen on cryptocurrency trading.

In 2018, India through its Central Bank had banned crypto transactions but the ban was overturned by the Supreme Court in March 2020.

Cryptocurrency, the global unregulated currency, has gained momentum in the recent years, with countries such as China contemplating on government-backed cryptocurrency coin.

Read: What You Need to Know About China’s New Cryptocurrency

China has been known for its strict regulatory systems significantly on Cryptocurrency investments and online dealings. However, since Facebook announced its plans for Libra, a blockchain digital cryptocurrency, governments around the world are still trying to wrap their heads around the idea of having a private company (Facebook) with over 2.3 billion users worldwide operating its own currency.

It was reported that by March 24, the Bank of China had already completed all important developments and had started drafting laws for implementation of the new technology.

Countries that have issued their own cryptocurrencies include Ecuador, Senegal, Singapore, Tunisia. Estonia, Japan, Palestine, Russia and Sweden are looking to launch their own national cryptocurrencies.

Email your news TIPS to news@kahawatungu.com or WhatsApp +254708677607. You can also find us on Telegram through www.t.me/kahawatungu

Written by Francis Muli

Senior reporter at Kahawa Tungu, Muli has a passion for human interest stories. Believes in unearthing societal rots that have been hidden from the public eye.
Follow me on Twitter @FmuliKE. Email francis@kahawatungu.com

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

COVID-19

COVID-19 Cases Rise By 92 As Toll Jumps To 36,393

cs mucheru

12 Candidates Shortlisted For Data Commissioner Post