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

Cryptocurrency remains a hot button effect for just about anyone with something big at pale when it comes to the shakeup of monetary systems as nosotros know them. Billionaires such as Elon Musk and Mark Cuban accept weighed in on the crypto situation, and El salvador has openly embraced the idea of building an entire Bitcoin Urban center side by side to a volcano. But India is not nearly every bit jazzed well-nigh the state of crypto, and has a more than bourgeois approach to the subject in the pipeline.

Equally tin can exist seen in a to-be-considered bill the country may soon laissez passer and adopt, entitled "The Cryptocurrency and Regulation of Official Digital Currency Bill, 2022," private cryptocurrency may soon go the mode of the dodo inside the country'south borders. Here's the bill's described purpose: "To create a facilitative framework for creation of the official digital currency to be issued by the Reserve Banking company of India. The Bill also seeks to prohibit all private cryptocurrencies in Republic of india, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses."

In other words, blockchain usage may still exist fine, just not if you're in the Ethereum business or take similarly crypto-focused ambitions.

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

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

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