Earlier, the RBI had completely cryptocurrency like Bitcoin. However, in March 2020, the Supreme Court lifted the ban. The highest number of cryptocurrency investors is in India. To date, Indians have invested over Rs 6 lakh crore in it. However, the crypto market has been unregulated. This is why the Indian government had been planning and thinking to ban private cryptocurrencies. Last week PM Narendra Modi meet top government officials and had a meeting. Cryptocurrency. He said that it could spoil the youth and is very dangerous as cryptocurrency can be used for money laundering and to finance terror attacks. The winter session of the Indian Parliament will start from 29 November and during that time the Central Government will introduce 26 new laws for discussion.
One of the laws will be about banning cryptocurrencies. The bill is called ‘The RBI Said they will make their own cryptocurrency but they haven’t said when they will launch it. when the news about the government banning cryptocurrency came out, the prices of it crashed in the market.