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Has Indian Government Accepted Cryptocurrencies As Legal Tender?

Cryptocurrencies have created a very vast area for themselves in the hearts and minds of people from all around the world, especially the people living in India. 

Several countries accept transactions from these cryptocurrencies in some parts of their country as a mode of payment or transaction. 

In terms of the craze of cryptocurrencies in India, we can see the data and can conclude that the Indian people favor the use of this decentralized currency for payments and transactions. Indian investments in cryptocurrency grew from 923 million dollars to 6.6 billion dollars in just a year which is outstanding.

 Steps Taken by Government of India

But the Government of India has some other thoughts about this currency and pointed out some dangerous effects of it. 

So, in order to remove those cons, the Financial Minister of India has been working for a time period of two years to bring up a bill about Cryptocurrency in Lok and Rajya Sabha. 

When the bill was released and debated in some sessions of Lok and Rajya sabha, many brokers who provided trading means to trade crypto removed the deposit or withdrawal of money in Rupees option from their apps. 

Many things came out of the debate that took place in the houses of Lok and Rajya Sabha which later turned out to be rumors. 

The government of India also showed interest in banning cryptocurrency due to it being decentralized which can harm the economy of any country drastically. So, to settle this issue of banning, they also laid out the framework to design or build their Cryptocurrency or Digital Rupees by Collaborating with RBI.

This type of currency is indeed risky but with proper safety trading or investment measures, it is a boon as it is the Currency of the future. 

For now, the Government of India has not shown their stance on this issue due to COVID- 19 issues which may mean that they have accepted the crypto wave for now but they may take action in the future at any time.

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