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Cryptocurrency ban in India: Important announcement by FM Nirmala Sitharaman

Last Updated on November 30, 2021 at 4:50 pm

Finance Minister has made an important announcement after reports of cryptocurrency ban in India. The government has brought a bill on cryptocurrency in India on Tuesday after reworking on the previous bill.

The cryptocurrency bill will be presented in the cabinet and once approved, it will bring new laws regarding the same.

“That bill has been reworked. So, the intent was to either approve the bill or come up with a proposal that is going to be far more recent. Now we are coming out with a new one. The earlier attempt was also to come up with a bill. But, later a lot of things had to come into play, so we started working on a new bill. Once the Cabinet clears it, it’ll come here in the House,” the minister added.

People associated with cryptocurrency in India were awaiting an announcement by the government regarding the same as they believed that it may be banned in the country. There were fears that private cryptocurrency may be banned to give way to the one by Reserve Bank of India (RBI).

Private firms had even planned to move out of the country if government brought in a law to ban cryptocurrency in the country. However the announcement by Nirmala Sitharaman will provide some relief to them.