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Bitcoins could become the currency of the future as exchange rates weaken and local currencies depreciate over time, leading to people, institutions and even sovereigns using Bitcoins or other crypto-currencies as a means to settle payments internationally, said Rahul Pagidipati, chief executive officer of ZebPay, a leading crypto-currency exchange. This would mean that the US Dollar would be replaced by Bitcoins or other crypto-currencies as it becomes devalued over time as the world’s reserve currency.
In an interview with MediaNama, Pagidipati said that the time for an outright ban on crypto-currencies is over, and that the government should work with the industry to address specific regulatory concerns and encourage innovation.
India to propose cryptocurrency ban, penalising miners, traders: Source Toggle share menu
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Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies. (File photo: REUTERS/Dado Ruvic)
15 Mar 2021 07:50AM (Updated:
15 Mar 2021 09:15AM) Share this content
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NEW DELHI: India will propose a law banning cryptocurrencies, fining anyone trading in the country or even holding such digital assets, a senior government official told Reuters in a potential blow to millions of investors piling into the red-hot asset class.
The Bill, one of the world s strictest policies against cryptocurrencies, would criminalise possession, issuance, mining, trading and transferring crypto-assets, said the official, who has direct knowledge of the plan.
Law on cryptocurrency ban, penalty on miners, traders in pipeline
The bill, one of the world s strictest policies against cryptocurrencies, would criminalise possession, issuance, mining, trading and transferring crypto-assets
Reuters | March 15, 2021 | Updated 09:07 IST
India will propose a law banning cryptocurrencies, fining anyone trading in the country or even holding such digital assets, a senior government official told Reuters in a potential blow to millions of investors piling into the red-hot asset class. The bill, one of the world s strictest policies against cryptocurrencies, would criminalise possession, issuance, mining, trading and transferring crypto-assets, said the official, who has direct knowledge of the plan.
The measure is in line with a January government agenda that called for banning private virtual currencies such as bitcoin while building a framework for an official digital currency