Cryptocurrency Transactions Illegal: Preparing To Be Brought To India, China Declared All Cryptocurrency Transactions Illegal.

Finance Minister Nirmala Sitharaman has said that she is waiting for the Cabinet’s nod on a bill related to cryptocurrencies. The proposed bill is before him.

China’s central bank, the People’s Bank of China, declared all crypto transactions illegal, issued new rules.

Taking a major step to crack down on illegal activities of cryptocurrency trading, China’s central bank on Friday declared all crypto transactions illegal. The central bank banned foreign exchanges from providing services to Chinese investors via the Internet.

Taking a major step to crack down on illegal activities of cryptocurrency trading, China’s central bank on Friday declared all crypto transactions illegal. The central bank banned foreign exchanges from providing services to Chinese investors via the Internet. The People’s Bank of China also said that the new law would bar financial institutions, payment companies and Internet firms from facilitating trade in cryptocurrencies. as well as strengthen the monitoring of risks from such activities.

China Crypto News.

It is known that China’s State Council or cabinet in May committed to crack down on bitcoin mining and trading as part of efforts to address financial risks. Ten Chinese government agencies, including the central bank, the People’s Bank of China, as well as banking, securities and foreign exchange regulators, said in a joint statement that they were calling for action to crack down on speculative trading in cryptocurrencies, news agency Reuters reported. Will maintain and work together.

While the Reserve Bank of India (RBI) is preparing to introduce the digital currency model in India, on the other hand China’s central bank on Friday declared all transactions done in virtual currency including bitcoin illegal. China has taken this step to discourage the use of unauthorized digital money. The handling of cryptocurrency by Chinese banks was banned in 2013, but the government issued a reminder again this year. Which shows that despite the concern of the government, the mining and trading of cryptocurrencies in the country is going on clandestinely or there may be an indirect risk to the public financial system.

The notice issued on Friday said that bitcoin, ethereum and other digital currencies are disrupting the financial system and are being used for money-laundering and other crimes. The People’s Bank of China has stated on its website that virtual currency derivative transactions are all illegal financial activities and are strictly prohibited. Promoters of the cryptocurrency say they allow for privacy and flexibility, but Chinese regulators worry they could undermine the ruling Communist party’s control over the financial system and facilitate criminal activity.

The People’s Bank of China is developing an electronic version of the country’s official currency, the yuan, to promote cashless transactions that can be monitored and controlled by Beijing.   

RBI may bring digitized currency model by the end of this year

The Reserve Bank of India may bring a model of digital currency by the end of this year. Central bank deputy governor T Ravi Shankar said the central bank is assessing the possibilities of introducing digital currency. It is looking into its various aspects like scope, technology, delivery mechanism and approval mechanism. Earlier on July 22, Shankar had said that India is also looking at digital currency in a phased manner. This is the right time for it.

Shankar said that we can bring its model in the near future, probably by the end of this year. Reserve Bank Governor Shaktikanta Das clarified that the central bank continues to be concerned about the private digital currency and has conveyed this to the government.

Awaiting Cabinet Approval on Cryptocurrency Bill.

Cryptocurrency Transactions Illegal: Preparing To Be Brought To India, China Declared All Cryptocurrency Transactions Illegal.
Cryptocurrency Transactions Illegal: Preparing To Be Brought To India, China Declared All Cryptocurrency Transactions Illegal.

Finance Minister Nirmala Sitharaman has said that she is waiting for the Cabinet’s nod on a bill related to cryptocurrencies. The proposed bill is before him. The Inter-Ministerial Panel on Cryptocurrencies, constituted under the chairmanship of the Secretary of Economic Affairs, to study the issues related to digital currencies and propose specific actions, has already submitted its report.

The report recommended that all private cryptocurrencies, except any digital currency issued by the government, be banned in India. The Finance Minister said that the Cabinet note on Cryptocurrency (Bill) is ready. I am waiting for the Cabinet to approve it.

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