India's one official digital currency may be on the way, other cryptocurrencies risk being banned

Cryptocurrency remains a hot button effect for merely about anyone with something big at stake when it comes to the shakeup of monetary systems as we know them. Billionaires such as Elon Musk and Mark Cuban have weighed in on the crypto situation, and El Salvador has openly embraced the idea of building an unabridged Bitcoin Urban center adjacent to a volcano. But India is not nearly equally jazzed about the state of crypto, and has a more than bourgeois approach to the field of study in the pipeline.

As can be seen in a to-be-considered bill the country may soon pass and adopt, entitled "The Cryptocurrency and Regulation of Official Digital Currency Neb, 2022," private cryptocurrency may soon become the way of the dullard within the state's borders. Here'south the beak's described purpose: "To create a facilitative framework for creation of the official digital currency to exist issued by the Reserve Bank of India. The Bill also seeks to prohibit all individual cryptocurrencies in Bharat, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses."

In other words, blockchain usage may even so be fine, but not if you're in the Ethereum business or have similarly crypto-focused ambitions.

Like Republic of india, the U.Southward. is also taking a cautious approach to crypto, with sanctions targeting the currency type given its convenience for ransomware schemes.

Ransomware aside, crypto has besides been a leading cause in the widespread shortage of the best graphics cards — the other major cause being the ongoing global chip shortage.

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