Highlights
Banks have started taking down on some cryptocurrency exchanges.
NPCI has refused to take a central decision to disable the use of UPI and RuPay cards on crypto platforms.
Indian owns digital coins worth over $1.5 billion or Rs 10,000 crore.
New Delhi: Crypto investors can breathe a sigh of relief, as the National Payments Corporation of India (NPCI) has clearly refused to block crypto trades in the country. The umbrella body for digital retail payments in India has left the decision of banning crypto trade on banks’ risk and compliance team.
NPCI’s decision has come at a time when a few banks in India have decided to pull the plug on crypto trading platforms, fearing that the government could announce a complete ban on buying/selling of digital coins. It is important to note that banks have started taking down on some cryptocurrency exchanges and investments in India.
Bitcoin (CRYPTO:BTC) in India:
1. What is the ceiling function of the budget you have in mind?
Presently, the estimated value of a single bitcoin is around 43 Lakh Rupees as of early May 2021.
The usual reader would find this a staggering price for a single commodity, that too, a commodity which has no physical value of its own like other mediums of exchange. The average person does not have the means to spend such an extravagant amount. So instead, why not buy a part of a bitcoin? Such little portions are called Satoshi and you can afford to buy one at the price range of even 500 rupees.
Want to make crypto trading as simple as ordering from Swiggy : Ashish Singhal, CoinSwitch Kuber afaqs.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from afaqs.com Daily Mail and Mail on Sunday newspapers.
Highlights
Indians have invested around $1.5 billion or Rs 10,000 crore in digital coins.
RBI Governor said that the Central bank digital currency is a work in progress.
If you are scared that all your crypto investments will vanish into thin air as soon as the government brings legislation to ban private digital currencies, then we have good news. The Indian government is reportedly looking to offer an exit window to all crypto holders so that they can square off their investments.
In inter-ministerial discussions, lawmakers have reportedly discussed granting investors an exit window of 3-6 months before completely banning the trading, mining and issuing of cryptocurrencies in India with the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021.
Story
Planned Indian law on Bitcoin may give exit window to investors, may lead to probe in past transactions
The Indian government may soon come with a law which is likely to ban all cryptocurrencies, may look into past transactions but, will provide investors with a window to exit from their holdings
India Today Tech | April 22, 2021 | Updated 10:38 IST
The Indian government has maintained a strong stance against cryptocurrencies.
Highlights
New law to provide investors with exit mode.
Government may look at past crypto transactions.
The Indian government may soon come with a law which is likely to ban all cryptocurrencies, may look into past transactions but, will provide investors with a window to exit from their holdings. According to a new report by The Indian Express, which cites a government official, the possibility of providing a three to six month window has been discussed in inter- ministerial discussions. However, a final draft of the bill is yet to be taken by