New Delhi: The central government on Tuesday (November 23) revealed its plan to ban private cryptocurrencies in India. The government also announced its plans to launch a digital coin that will be regulated by the Reserve Bank of India (RBI).
The government approved that it will bring about changes with the “Cryptocurrency and Regulation of Official Digital Currency Bill, 2021”. The bill is expected to be introduced in Parliament during the upcoming winter session starting November 29.
However, the bill makes room for some exceptions, as well as promises to promote the underlying technology of cryptocurrencies. With the bill, the government aims to create “a facilitating framework for the creation of an official digital currency to be issued by the Reserve Bank of India”.
However, India is not the first country which is all set to ban digital coins. Here is a list of countries that have banned cryptocurrencies:
Nepal In August 2017, India’s neighboring country Nepal declared bitcoin illegal in the country.
China Another neighboring country that has banned cryptocurrencies is China. The country was one of the first to block digital coins. However, the country has launched its own centrally-regulated digital currency called the Digital Renminbi (RMB).
Vietnam : In Vietnam, there are strict rules against issuing, implementing or using cryptocurrencies. According to the State Bank of Vietnam, fines range from 150 million VND (€5,600) to 200 million VND (€7,445), according to the State Bank of Vietnam. However, anyone in the country can still trade or hold bitcoin as an asset.
Colombia Financial firms were banned from facilitating bitcoin transactions in the country. In 2014, the Colombian government agency responsible for overseeing financial regulation, the Superintendence Financiera, previously warned financial institutions “not to protect, invest, broker or manage virtual money operations.”
Russia : The use of bitcoin as payment for goods or services is strictly prohibited in Russia. However, bitcoin is not regulated at all in the country.
Ecuador Digital coins were banned in the country after a majority vote in the National Assembly.
Bolivia In 2014, the Bolivian government banned bitcoin and all cryptocurrencies that are not regulated by the nation or economic sector in the country.
Algeria : The country brought down the low in 2018 to completely ban the buying, selling or holding of digital currencies in the country.
Egypt : Egypt’s Dar al-Ifta classified bitcoin transactions in 2018 as ‘haraam’, meaning prohibited under Islamic law. Under the effect of the law, all transactions in the Middle-East nation are considered ‘haram’.
Indonesia : The use of cryptocurrencies as a means of payment has been banned in Indonesia after the country’s central bank, Bank Indonesia, issued new rules that came into effect from January 1, 2018.
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//$(".main-rhs2413134").theiaStickySidebar();
var prev_content_height = $(content_selector).height();
//$(function() {
var layout = $(content_selector);
var st = 0;
///});
}
}
});
/*}
};*/
})(jQuery);
,