India wants to prohibit cryptomoney in favour of a national digital currency

India wants to prohibit cryptomoney in favour of a national digital currency

India’s National Assembly is working on a bill to ban cryptomoney, such as Bitcoin or Ethereum, and launch a digital currency issued by the Reserve Bank of India (RBI), the country’s central bank, according to Reuters.

The text, currently under discussion in Parliament, provides for exceptions to the ban when the objective of promoting the underlying technology is met.

Up to 10 years imprisonment
This prohibition came about in mid-2019 from a working group attached to the Indian government which recommended a ban on all private cryptomoney. The ban is accompanied by a prison sentence of up to 10 years and heavy fines for anyone dealing with digital currency.

The Reserve Bank of India has also repeatedly advocated for a ban on cryptomoney. In April 2018, it had ordered the country’s financial institutions to sever links with companies and individuals using encryption within three months. Seized by the Internet & Mobile Association of India (IAMAI), the order was overturned in March by the Indian Supreme Court, which ruled that the banking ban was unconstitutional.

But this decision only concerns the scope of the RBI’s powers and not those of Parliament and the government, which can always prohibit encryption.

Few countries have banned encryption.
Many countries are seeking to regulate the use of digital currencies to reduce their impact on financial stability, but rarely does a government go so far as to ban them. In some countries, the use of cryptomoney is illegal, such as Pakistan, Bolivia and Morocco.

In France, the time has come not for prohibition but for regulation. In reaction to the beheading of teacher Samuel Paty last October in Conflans-Sainte-Honorine, the Minister of Economy Bruno Le Maire had announced his intention to reinforce the control on cryptomoney, in particular with a view to fighting terrorism.

At the beginning of September 2020, he had already explained the importance of better regulating these currencies, such as Libra, in a joint declaration with his German, Italian, Spanish and Dutch counterparts at the beginning of September. « The question is who has the right to issue currency. Is it the state, the central bank or anyone else? We say it is the states and the central banks, » the minister warned.

How do I use Bitcoin?

How do I use Bitcoin?

How to pay in Bitcoins

  • Scan your QR code.
  • Pay from your wallet.
  • Send the payment manually.
  • Paper and hardware wallets.
  • Wallet on computer or mobile or online.
  • With a personal wallet.
  • With an online wallet.

How do I put money into my Bitcoin account?


  • Open the wallet and click Send or use the Swap-Send Bitcoins option in the wallet menu.
  • Type the address of the destination wallet. …
  • Choose a label to be able to track the transaction.
  • Type the value you want to send in the BTC box.

How does Bitcoin increase in value?

Bitcoin, a volatile asset As with these other assets, the value of Bitcoin is determined by supply and demand in marketplaces. At any given time, economic players make offers to buy and sell Bitcoin at a price they determine based on their own analysis.

How do I pay online with Bitcoins?

How do I pay in Bitcoin? To pay in Bitcoin, you will need to make a transfer from your Bitcoin account (whether physical or online) to the website or merchant’s account. If you wish to pay in Bitcoin on a website, select ‘Bitcoin’ at the time of payment.

Why buy Bitcoins?

Why buy Bitcoins?

* To transfer money easily via the Internet, without having to trust intermediaries. The limited inflation of the Bitcoin system’s money issuance is evenly distributed (by computing power) across the network, instead of being concentrated in the banks. …

What can you buy with Bitcoins?

The IT and high-tech world is over-represented among the global offer (repair, hardware sales, mobile telephony, web hosting, website creation, etc.). Finally, you can rent or buy a property in several Bitcoin-compatible agencies.

Who has the most Bitcoin?

Who has the most Bitcoin?

Satoshi Nakamoto The creator of Bitcoin, who is behind the nickname Satoshi Nakamoto, remains the main holder of Bitcoin. The number of Bitcoins that Nakamoto owns today is estimated at around 1.1 million.

Why has the price of Bitcoin gone up?

The reasons for such an explosion in the price of Bitcoin Various factors played a role. First of all, there was the involvement of PayPal, AFP recalls, because the American company launched a service at the end of October for buying and selling cryptomoney, which also covers payments.

Which country uses Bitcoin currency?

Number of Bitcoin dispensers
Hong Kong 62
Greece 55
Italy 53
Russia 50

Where to buy Bitcoin?

Where to buy Bitcoin?

1. Choosing a platform to buy Bitcoin

  • Bitcoin Trader : Ideal platform to invest in BTC even for beginners.
  • eToro: Best platform for buying Bitcoin in CFDs.
  • Libertex: Platform that offers MetaTrader 4.
  • Coinbase: A powerful application for trading Bitcoin.

Où acheter Bitcoin tabac ?

City Platform Address
Fontainebleau KeplerK 35 bd du General Leclerc
Fresnes KeplerK Parc de la Cerisaie, 5 allée des Fleurs

How do I buy and sell Bitcoins?

To trade Bitcoin (BTC), simply enter its name in the search bar. Then simply click on it and choose the « Buy » option. To resell, simply click on the « Sell » tab.

India wants to prohibit cryptomoney in favour of a national digital currency
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