November 29, 2021

The World Live Breaking News Coverage & Updates IN ENGLISH

The World Live Breaking News Coverage & Updates IN ENGLISH

BJP MP seeks ban on unregulated cryptos

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BJP MP seeks ban on unregulated cryptos
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BJP MP seeks ban on unregulated cryptos
BJP MP seeks ban on unregulated cryptos

NEW DELHI: Cryptocurrencies can be used for illegal activities like drugs and human trafficking, and unregulated crypto exchanges and products should be banned completely, BJP MP Nishikant Dubey wrote to Prime Minister Narendra Modi in a letter dated on November 1, and made available on Wednesday.
In his letter, Dubey batted for a viable and lawful alternative to cryptocurrencies in the form of Central Bank Digital Currencies (CBDC) which several central banks are exploring for use in their economies.
A digital currency issued by central banks may remove intermediaries, such as retail banks, and will use blockchain to ensure it is not replicated or hacked, Dubey said. “Cryptocurrencies can be used anywhere and cannot be easily traced,” the Jharkhand parliamentarian said.

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