The government is thinking to launch crypto tokens for financial transactions in India. The sources say that the ban on trading cryptos will continue but the government has developed a soft corner for these cryptocurrencies. The government is also considering to replace smart cards with such tokens, as reported by DNA
The government is making plans to use these tokens in two sectors. Private and Public.
In the private sector, it will be used as loyalty points for example as air miles which can help you to buy the next air ticket in a lesser amount.
In the public sector, these tokens will be initially issued as metro cards.
In future, the government may also allow the usage of cryptocurrencies for trading and making transactions.
There are media reports that show that a committee is made by the government and it is working on the formulation of rules and regulations and also the specific actions that are required regarding this law. Once they are legally vetted, the drafted rules and regulations will be put forward the Parliament.
The government clarifies that people will be needing the fiat currency...to continue reading click
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