This country refrains from outright outlawing cryptocurrency

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According to NDTV, India prefers to regulate digital currencies rather than outright prohibit them. New Delhi threw the local digital sector into a tailspin last month, revealing steps to outlaw private virtual currencies.

According to NDTV, the government has published a memorandum on the draft law, which states that private digital currencies would be controlled and not recognized as legal tender in India. The Securities and Exchange Board of India, the nation’s market authority, is expected to monitor cryptocurrencies as crypto assets under the law (SEBI).

Citizens with digital currencies will be given a deadline to register their holdings and transfer them to regulator-approved exchange platforms. According to NDTV, failing to do so before the deadline would result in consequences, including a prison term.

The Indian government was rumored to be considering a law in November that advocated establishing an official digital currency and prohibiting all private digital currencies in the nation. Finance Minister Nirmala Sitharaman, on the other hand, indicated last week that the law was being examined and revised to adapt to fast developments in the sector.

Small investors are purportedly protected by the Cryptocurrencies and Regulation of Official Digital Currency Bill, which treats digital currency as a financial instrument. It is anticipated to be presented in parliament during the forthcoming winter session.

There are no official statistics on India’s cryptocurrency world, but according to industry estimates quoted by Reuters, the total amount of digital currency owned in India might be as much as 400 billion rupees ($5.4 billion).

In the previous month, Prime Minister Narendra Modi stated that it was critical to guarantee that digital currencies like bitcoin would not go to the wrong hands, harming our youth.”

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