rbi will prohibit the use of cryptocurrency on their new bill

After a few years and a lot of research, a new digital currency known as cbdc was created by the federal reserve bank of the united states. the government organized a conference in october 2021 after receiving a request to change the 1934 reserve bank of india act. in this way, the word “banknote” would be expanded to include digital currency as well as paper currency. an official in the indian government’s Ministry of Finance, pankaj chaudhary claims that the decision will have a major positive impact on the country. government officials are expected to include a cryptocurrency regulation bill that includes reserve bank of india’s central bank digital currency, according to industry sources.

in an interview, a source said that unregulated cryptocurrency exchanges had the ability to destabilize the macroeconomic system and generate massive speculative bubbles. trade on private bitcoin exchanges would be prohibited by the cryptocurrency and regulation of digital currency bill, 2021. in december, testing for the launch of the official digital currency will commence, and the official digital currency will be deployed in january.

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