India plans to abolish local cryptocurrencies and replace state-created cryptocurrencies
We know that the Chinese government recently announced a ban on the circulation of Bitcoin in the country, and now the Indian government is drafting a law banning and banning all forms of cryptocurrency, and has caused a wave. The sale of cryptocurrencies by Indian crypto owners makes the crypto market seem to be declining slightly.
The news of the draft law comes after Chinese authorities as well as the People’s Bank of China declared that all transactions or use of cryptocurrencies were illegal, which then led to a wave of currency depreciation. Some cryptocurrencies as well.
However, in order to stop the use of local cryptocurrency trading, India will create a National Digital Currency (CBDC) powered by Blockchain technology contained in the cryptocurrency to the people of India. According to Indian Prime Minister Narendra Modi last week, the reason for the closure of the cryptocurrency was because it was hurting Indian youth, as well as causing macroeconomic problems and financial instability. .