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Why banning cryptocurrencies is bad April 18, 2021 The IT industry body, Nasscom, has spoken of the huge potential of cryptocurrencies and its potential contribution to India’s GDP The IT industry body, Nasscom, has spoken of the huge potential of cryptocurrencies and its potential contribution to India’s GDP× While the government is busy looking to shut down the ‘internet’s currency’, analysts say its pros outweigh the cons After at least two unsuccessful attempts at regulation, the government seems to be bent on banning private cryptocurrencies. The intended ban is the essence of the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 that is to be tabled in the next Parliament session. The regulation of cryptocurrencies – ‘tokens’ that can serve as a medium of exchange like money – has limped diffidently more because of the fear of the unknown.

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