New Delhi: The Central government, on Tuesday (November 23), revealed its plans to ban private cryptocurrencies in India. The government also announced its plans to roll out a digital coin that will be regulated by the Reserve Bank of India (RBI).
The government cleared that it will bring the changes into effect with the “Cryptocurrency and Regulation of Official Digital Currency Bill, 2021”. The bill is expected to be tabled in the parliament during the upcoming Winter Session which will start from November 29.
The bill, however, gives room for certain exceptions, along with the promise to promote the underlying technology of cryptocurrency. With the bill, the government appears to be aiming to create a “facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India”.
However, India isn’t the first nation that is all set to put a ban on digital coins. Here’s the list of countries that have banned cryptocurrencies:
Nepal: In August 2017, India’s neighbouring nation Nepal had declared Bitcoin illegal in the country.
China: Another neighbouring nation that has banned cryptocurrencies is China. The nation was amongst the first to block digital coins. However, the country has launched its own centrally-regulated digital currency called Digital Renminbi (RMB).
Vietnam: In Vietnam, there are strict rules against the issuance, apply or use of cryptocurrencies. According to the State Bank of Vietnam, the fine ranges from 150 million VND (€5,600) to 200 million VND (€7,445), as per the State Bank of Vietnam. However, one can still trade or hold Bitcoin as an asset in the country.
Colombia: Financial firms were banned from facilitating Bitcoin transactions in the country. In 2014, the Superintendencia Financiera, the Colombian government agency responsible for overseeing financial regulation, had earlier warned financial institutions that not “protect, invest, broker, or manage virtual money operations.”
Russia: Use of Bitcoin as payment for goods or services is completely banned 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: The Bolivian government banned Bitcoin and all cryptocurrencies that are not regulated by nation or economic zone in the country in 2014.
Algeria: The nation brought a low in 2018 to completely ban buying, selling, or holding digital currencies in the country in 2018.
Egypt: Egypt’s Dar al-Ifta, in 2018, classified Bitcoin transactions as ‘haram’, which means prohibited under Islamic law. With the law in effect, all transactions are considered as ‘haram’ in the middle-east nation.
Indonesia: The use of cryptocurrencies as a means of payment has been banned in Indonesia after Bank Indonesia, the country’s central bank, issued new regulations that come into effect from January 1, 2018.
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