India’s one official digital currency may be on the way, other cryptocurrencies risk being banned
Not every country is El Salvador.
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What you need to know
Cryptocurrency remains a hot button issue for just about anyone with something big at stake when it comes to the shakeup of monetary systems as we know them. Billionaires such asElon MuskandMark Cubanhave weighed in on the crypto situation, and El Salvador has openly embraced the idea of building an entireBitcoin City next to a volcano. But India is not nearly as jazzed about the state of crypto, and has a more conservative approach to the subject in the pipeline.
As can be seen in ato-be-considered billthe country may soon pass and adopt, entitled “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021,” private cryptocurrency may soon go the way of the dodo within the country’s borders. Here’s the bill’s described purpose: “To create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India. The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.”
In other words, blockchain usage may still be fine, but not if you’re in the Ethereum business or have similarly crypto-focused ambitions.
Like India, the U.S. is also taking a cautious approach to crypto, withsanctions targeting the currency typegiven its convenience forransomware schemes.
Ransomware aside, crypto has also been aleading causein the widespread shortage of thebest graphics cards— the other major cause being the ongoingglobal chip shortage.
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Robert Carnevale is the News Editor for Windows Central. He’s a big fan of Kinect (it lives on in his heart), Sonic the Hedgehog, and the legendary intersection of those two titans, Sonic Free Riders. He is the author ofCold War 2395. Have a useful tip? Send it to robert.carnevale@futurenet.com.
