The Indian government taking proactive steps to regulate crypto

After a string of frauds following Modi's sudden decision to eliminate 80 percent of the nation's currencies, it effectively banned crypto transactions in 2018, but the Supreme Court overturned the restriction in March 2020.

The Indian government taking proactive steps to regulate crypto
(Prime Minister Narendra /Modi Source- Twitter)

Prime Minister Narendra Modi chaired a comprehensive meeting on the future of cryptocurrency and related issues indicating that the Centre is on the verge of developing a long-term digital currency strategy.

In India, there have been calls to impose stricter rules for virtual coin transactions, as an unregulated environment may push more domestic savings toward the asset class, potentially jeopardizing household savings.