FM Nirmala Sitharaman makes BIG statement on Bitcoin amid reports of cryptocurrency ban - Finance Minister Nirmala Sitharaman also informed the House that the government does not collect data on Bitcoin transactions.
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Highlights Indians have invested around $1.5 billion or Rs 10,000 crore in digital coins. RBI Governor said that the Central bank digital currency is a work in progress. If you are scared that all your crypto investments will vanish into thin air as soon as the government brings legislation to ban private digital currencies, then we have good news. The Indian government is reportedly looking to offer an exit window to all crypto holders so that they can square off their investments. In inter-ministerial discussions, lawmakers have reportedly discussed granting investors an exit window of 3-6 months before completely banning the trading, mining and issuing of cryptocurrencies in India with the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021.
»Btrust by Dorsey, Jay Z to Promote Bitcoin Development in India Even as Govt Mulls Ban 2-MIN READ Btrust by Dorsey, Jay Z to Promote Bitcoin Development in India Even as Govt Mulls Ban Twitter CEO Jack Dorsey and eminent musician Jay Z’s 500 BTC endowment for Bitcoin development wants to use India’s massive, talented developer pool to build new technologies. FOLLOW US ON: Twitter CEO Jack Dorsey and musician Jay Z have come together as an unlikely pair to form ₿trust – a fund that aims to promote the development of Bitcoin in India and Africa, and find more everyday, regular use cases for digital currencies. The pair have invested a total of 500 Bitcoin, which is about Rs 172.5 crore or $23.8 million, to create the endowment. Interestingly, Dorsey and Shawn Carter (Jay Z’s real name) have stated that they will not be lending oversight or guidance into Bitcoin ventures that will be supported by ₿trust, leaving wide open the scope for work on Bitcoin deployment and development of new technologies and platforms that can bring Bitcoin and cryptocurrencies into the everyday fold.