Government Proposed Bill To Ban Cryptocurrency In India. A crypto-currency, crypto-currency, or crypto is a collection of binary data which is designed to work as a medium of exchange. Individual coin ownership records are stored in a ledger, which is a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership. Crypto-currency is a type of digital currency that generally only exists electronically. There is no physical coin or bill unless you use a service that allows you to cash in crypto-currency for a physical token. Bitcoin, Ethereum, Dogecoin,Litecoin are five type of crypto currecies .
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The government of India plans to ban the private crypto-currency at the upcoming amendment of winter season parliament. And they decided to allow the digital coin given by the Reserve Bank of India. According to the bill of parliament, all the private crypto-currencies of India are planned to ban. But the exceptions for the use of crypto-currencies are allowed. It also seeks “to create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India.” And also the value of cryptocurrencies downtrend after the parliament passes the bill to ban private crypto-currencies.
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