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What is the future of cryptocurrencies in India
Cryptocurrency sceptics say there is good reason to believe that governments around the world will eventually ban all cryptocurrencies. They argue that governments and their central banks will not allow the dilution of their monopoly power over money. The Indian government has been giving conflicting signals on this matter. Finance Minister Nirmala Sitharaman in March said that there won’t be a total ban on the use of cryptocurrencies in the country. But the Centre soon plans to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, which is said to contain provisions completely banning the use of all cryptocurrencies. The future of cryptocurrencies in India, thus, still hangs in the balance.
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