The industry is still unclear about the legal status of cryptocurrencies but believes this is a positive step for the digital assets space. The industry players believe this will increase institutional participations in the crypto space in the country

Underlining the huge role that technology and innovation played in serving the consumers better and faster, Das said the RBI processed 274 crore digital transactions to provide direct benefit transfer to people, most of which happened during the pandemic

Nilekani's posture assumes significance, as he is one of India's most notable technocrats, and has played a key role in creating India's digital rails - be it Aadhaar, FASTag, or GST

The government is contemplating banning the trading in cryptocurrencies like bitcoins, Ethereum and Ripple. There are also plans to issue an official digital currency by the RBI. While an outright ban on private cryptocurrencies will stifle innovations, the cryptocurrencies do need regulations to protect the interest of investors. Currently, cryptocurrencies are not legal tender in most countries, but Japan, Australia, Singapore and few other countries allow these virtual currencies as property and tradable assets. Last week, the finance minister Nirmala Sitharaman said that the  government is going to take a calibrated position on cryptocurrency. The finance minister also said that the government wants to ensure that there is a window for experiments in the Cryptocurrency space. What should be the regulatory framework for cryptocurrencies and why there is a need for regulations. Let's look at the five major areas that need the government's attention.Also Read: India is set to ban Bitcoin, Dogecoin and other crypto money with move that targets miners and traders

The uncertainty around cryptocurrencies in India continues as the government is now planning to propose a new law which will not only ban digital money but will also fine anyone trading in the country or even holding such digital assets.

The bill, one of the world's strictest policies against cryptocurrencies, would criminalise possession, issuance, mining, trading and transferring crypto-assets

While a ban on private crypto currencies will kill all future innovations in the crypto space, the virtual currencies do need a regulatory framework to protect the interest of  investors

\"The cryptocurrency, which has been debated day-in and day-out, has an underlying technology. In an interconnected economy, interconnected world, we cannot isolate ourselves,\" says Financial Services Secretary Debasish Panda

Finance Minister Nirmala Sitharaman hints that the Centre may not go for a blanket ban on digital currencies in the country; says it's open to experimentation with new technologies

Banks' ability to transform themselves with speed and agility to survive the next revolution will determine the winners and losers

Das says RBI does not want to be left behind in the technological revolution, and that the benefits of blockchain technology need to be capitalised on

The central government is in process of bringing legislation that would create the ground for the introduction of an official digital currency and prohibit private cryptocurrencies

\"Only the sovereign has the right to create currency in the world. Tomorrow people will produce 5 lakh bitcoins, which currency will go? Something which fluctuates 5-10% a day, can it be considered as currency,\" says Jhunjhunwala

Rakesh Jhunjhunwala said regulators should step in and ban Bitcoin and they should focus on the digital rupee

I-T department had carried out search and seizure operations at these premises which were located in- Betul and Satna in Madhya Pradesh, Mumbai and Solapur in Maharashtra, and Kolkata in West Bengal

Bitcoin breached $50,000 mark for the first time on Tuesday, mainly due to increasing interest and participation from institutional investors

Bitcoin breached $50,000 mark for the first time on Tuesday, mainly due to increasing interest and participation from institutional investors

Analysts have speculated that the new cryptocurrency bill might impact some existing investors who are already investing in private digital currencies like bitcoin in the country

People, traders, exchanges, and other financial systems' participants will not be permitted to deal in cryptocurrencies with penalties proposed in the draft law for any violation by corporates as well as individuals

Cryptocurrency exchanges in India have witnessed multifold jump in their daily trades after Bitcoin, the world's largest cryptocurrency, soared over 310 per cent in 2020