Best P2E Games

India Plans To Ban Crypto

India Plans To Ban Crypto

Game Review 

India Plans to Ban Cryptocurrencies Except Few.

After China and Korea crusades against the crypto industry, India also plans to follow suit. At the end of 2021, India announced a bill aimed at imposing a complete ban on all cryptocurrencies except a few.

India Plans to Ban Crypto currencies - Video Games
India Plans to Ban Crypto currencies – Video Games

Moreover, India also plans to introduce its own digital currency regulated and issued by the country’s central bank. The move comes after China and South Korea’s anti-crypto and anti-crypto games laws. China has already declared cryptocurrency transactions illegal.

Now, India announces to introduce a bill called Cryptocurrency and Regulation of Official Digital Currency Bill. The bill “seeks to prohibit all private cryptocurrencies in India,” according to the the country’s Parliament.

However, the bill also reads, “for certain exceptions to promote the underlying technology of cryptocurrency and its uses.” It further adds, “create a facilitative framework for [the] creation of the official digital currency to be issued by the Reserve Bank of India.”

The Prime Minister of the country showed concern over cryptocurrencies as it tends to “spoil our youth” if they “end up in the wrong hands.”

The new bill worries the NFT and blockchain-based gaming community as the transaction revolving around cryptocurrency might get banned. Many blockchain-based games use cryptocurrency like Ethereum and other tokens to get started.

India Plans to Ban Crypto currencies - Video Games
India Plans to Ban Crypto currencies – Video Games

As for NFTs, there are several pitfalls as the country’s constitution needs revamping if it is to regulate it. “However, for NFTs, there is no separate legal framework, so we might have to rely on regular principles of the Indian Contract Act for the sale/purchase of goods,” Shilpa Mankar, partner and head of the fintech, said.

As of now, there is little clarity on the future of blockchain games in India as the bill is yet to enter parliament. Currently, the Indian-public is not allowed to conduct any cryptocurrency-related transaction.

India is one of the biggest video gaming markets in the world, but the future of NFT and blockchain-based games in the country hangs in the balance.

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India Plans To Ban Crypto

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Best P2E Games list 2024

India Plans To Ban Crypto

P2E News, short for “Play-to-Earn News,” is a category of updates and information within the broader spectrum of Crypto News, Web3 News, NFT News, and Blockchain News. These terms are all interconnected and represent various facets of the rapidly evolving digital landscape.

Play-to-Earn (P2E) is a gaming model that has gained immense popularity within the crypto and blockchain communities. In P2E games, players can earn cryptocurrencies or NFTs by participating in the game, often through activities like completing quests, collecting items, or trading assets. P2E News covers developments, announcements, and trends related to these innovative gaming experiences that allow players to monetize their in-game efforts.

Crypto News, on the other hand, focuses on the broader world of cryptocurrencies, including Bitcoin, Ethereum, and a multitude of altcoins. This category encompasses news about market trends, regulatory changes, new blockchain technologies, and updates related to various tokens. Crypto News is a fundamental aspect of the blockchain ecosystem, as cryptocurrencies serve as the primary means of value transfer and exchange within the Web3 space.

Web3 News is an umbrella term that refers to the next-generation internet, often characterized by decentralized applications, blockchain technology, and smart contracts. The Web3 ecosystem seeks to provide a more user-centric and decentralized internet experience. This category of news covers developments in decentralized finance (DeFi), non-fungible tokens (NFTs), and various other applications built on blockchain technology. For the ultimate and best play to earn games list, check our friends of playtoearngames.com.

NFT News focuses on Non-Fungible Tokens, unique digital assets that are indivisible and represent ownership of a specific item, artwork, or collectible. NFTs have gained prominence in the art world, gaming industry, and entertainment sector. NFT News keeps enthusiasts informed about NFT sales, new projects, and partnerships within the NFT space.

Blockchain News pertains to the foundational technology behind cryptocurrencies and Web3 applications. Blockchains are decentralized ledgers that record transactions across a network of computers, ensuring transparency and security. Updates in this category might include innovations in blockchain consensus mechanisms, interoperability between different blockchain networks, and industry applications beyond cryptocurrencies.

In summary, P2E News is a niche subset of Crypto News, Web3 News, NFT News, and Blockchain News. It focuses on gaming experiences where players can earn cryptocurrencies or NFTs, while the other categories encompass a broader range of topics within the decentralized digital landscape, including cryptocurrencies, web3 technologies, NFTs, and blockchain advancements. Collectively, these categories shape the landscape of the digital economy, offering insights into how technology is revolutionizing various aspects of our lives.