TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
|

India are planning to release their own cryptocurrency

India are planning to release their own cryptocurrency
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

India have been refusing to make cryptocurrencies legal and the court case against the Reserve Bank of India has been delayed once again. 

The Reserve Bank of India have banned the public from using cryptocurrencies like Bitcoin and maybe we have just found out why.

According to reports on Friday afternoon the central bank are planning to release their own. Shaktikanta Das the governor of RBI, noted that the issuance of the cryptocurrency is coming as a sovereign mandate.

Meanwhile, the ban on cryptocurrencies remains in place until the court release another date. Two months ago, the Pune City police in India reportedly seized 85 million Rupees (USD 1.2 million) realized from the sale of 244 confiscated bitcoins due to RBI’s regulation on cryptocurrencies.

Also, there have been many other cases of fraud and improper business activity related to digital currencies in the nation. 

It was also said that any launch of an Indian cryptocurrency will not be handed over to a private company, as there is a huge challenge around money laundering.

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

More from Rajan Dhall, MSTA
Share:

Editor's Picks

Pi Network Price Forecast: PI risks another lower leg as the broader crypto market slips

Pi Network Price Forecast: PI risks another lower leg as the broader crypto market slips

Pi Network is trading in the red on Thursday, retreating toward a near-term support around $0.0740. The Fear and Greed Index declines to 43 on Thursday, while total liquidations exceed $350 million over the last 24 hours, suggesting a deterioration in investors' risk appetite and a sell-side bias. The technical outlook for PI is bearish, with selling pressure building.

Ripple and Stellar outlook: XRP and XLM lose ground as hawkish Fed tone weighs

Ripple and Stellar outlook: XRP and XLM lose ground as hawkish Fed tone weighs

Ripple and Stellar remain under pressure on Thursday as bearish derivatives positioning and on-chain signals weigh on sentiment. XRP slides toward key support at $1.30, while XLM gives back some of its recent gains. Meanwhile, the Federal Reserve held interest rates unchanged at 3.75%-4.00% at its two-day October policy meeting.

Cardano Price Forecast: ADA extends bearish reversal as sell-side pressure intensifies

Cardano Price Forecast: ADA extends bearish reversal as sell-side pressure intensifies

Cardano faces intense selling pressure, with over 4% losses so far on Thursday, pushing the price below $0.2000. The sell-off aligns with the broader cryptocurrency market pullback after the US Federal Reserve decided to pause the federal funds rate at 3.75%-4.00% on Wednesday.

Cardano Price Forecast: ADA extends bearish reversal as sell-side pressure intensifies

Cardano Price Forecast: ADA extends bearish reversal as sell-side pressure intensifies

Cardano (ADA) faces intense selling pressure, with over 4% losses so far on Thursday, pushing the price below $0.2000. The sell-off aligns with the broader cryptocurrency market pullback after the US Federal Reserve (Fed) decided to pause the federal funds rate at 3.75%-4.00% on Wednesday.
Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot Exchange Traded Funds recording $442.67 million in net inflows through Thursday.