Why India is banning Bitcoin instead of the hype in the financial market?
The Indian Government is planning to cut Bitcoin and other cryptocurrencies that are regulated by private companies. This step is taken by the government due to the lack of adequate laws to manage cryptocurrencies. Anurag Singh Thakur, a junior minister in the finance department has proposed to Parliament that SEBI and RBI do not have a legal framework to regulate cryptocurrencies. Cryptocurrencies are volatile in nature, they are not currencies, assets, securities, commodities used by identified users. This makes it really difficult to keep a record of transactions without a uniform legal law and order.
Shiv Sena MP Sanjay Raut said, "...the government does not approve of cryptocurrency legal tender or coin and will soon be eliminating all the crypto-assets in financing illegal activit...