On November 13, a meeting was called by the Indian Prime Minister at the behest of the RBI and the Finance Minister and Home Minister. RBI said that cryptocurrency poses a big threat to the country’s macro-economies.
RBI gave concern against cryptocurrency
1– Cryptocurrency Unregulated High. This leads to misuse like terrorist funding.
PM Modi said in a speech in Sydney…
“ Take cryptocurrency or bitcoin, for example. It is important that all democratic nations work together on this and ensure it does not end up in the wrong hands, which can spoil our youth.”
2– Ponzi schemes.
The Indian government is going to introduce the bill again on 15 November after meeting with the expert of Cryptocurrency (“Crypto Currency and Regulation of Official Digital Currency Bill 2021”)
RBI said that we will take our own cryptocurrency and private cryptocurrency will be banned.
It hasn’t happened yet, it’s a chance to happen.
There has been a 20% clash with this bill in 2 days.