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‘The RBI is studying numerous features of a digital foreign money including its safety, impression on India’s financial sector in addition to how it will affect financial policy and foreign money in circulation,’ he added. Although the federal government has previously mentioned it goals to advertise blockchain technology, the proposed law will also deal a blow to its use in addition to to the non-fungible token market in India, lawyers stated. Prime Minister Narendra Modi’s government has beforehand flagged that it plans to ban most cryptocurrencies – a transfer which follows measures by China this September that intensified its crackdown on cryptocurrencies. Although the government has beforehand mentioned it goals to promote blockchain technology, the proposed regulation may even deal a blow to its use as nicely as to the non-fungible token market in India. All the top 20 cryptocurrencies were within the green today, except Polygon and dollar pegged stablecoins. Bitcoin Falls 5%,