Forsige
Economy

Elon Musk’s Tesla Bitcoin Payment Options May Run a Hold of India’s Impending Ban

Elon Musk Tesla's Bitcoin Payment Option May Run a Hold of India's Impending Ban
Photo Credit: FoxNews

As Elon Musk Tesla targets to extend its activities to India, it will have to maneuver around an imminent ban on private cryptocurrencies.

The Indian Parliament is discussing a bill that would make all private cryptocurrencies illegal in the region, called the Bitcoin prohibition.

The Cryptocurrency and Regulation of Official Digital Currency Bill of 2021 aim to prohibit all private cryptocurrencies, such as Bitcoin. Not all cryptocurrencies, though, would be prohibited.

The Reserve Bank of India (RBI) will provide the structure and issue the country’s official digital currency.

According to Coin Telegraph, India seems to be following the same cryptocurrency model as China, where the central bank is developing its own digital currency.

Nigeria has joined the movement of China and India, but unlike others, does not provide an alternative cause of action. According to documents, Tesla intends to establish a production plant in India.

According to local sources, Tesla’s next manufacturing plant may be in Maharashtra or Karnataka. In January, the electric car company bought $1.5 billion in Bitcoin with the goal of embracing the blockchain as a payment option in the future.

Tesla’s Bitcoin plans, especially its efforts to make Bitcoin a payment option, may run afoul of India’s impending ban.

A senior government official told Reuters that India’s Bitcoin ban would make the holding, issuance, mining, selling, and transferring of crypto-assets illegal. Tesla does, however, offer a number of other payment options, including Apple Pay.

Tesla will have to invest in India’s proposed official digital currency if it wants to offer its customers the same cryptocurrency payment choice.

+ posts

Nasiru Eneji Abdulrasheed Is a Forsige breaking news reporter and editor, covering Europe, Africa, and the U.S. from Abuja.

More Stories

Tesla Model 3 Becomes Best-Selling EV in Europe Eclipse 7,000 Deliveries in August

Forsige

Virgin Galactic shares dropped, after Richard Branson took a flight to the edge of space

Nasiru Eneji Abdulrasheed

Zhong Shanshan Beats Jack Ma To Emerge as 'China's' Wealthiest Person'

Forsige

Tesla Signs Supply of Lithium Ore Contract With Piedmont of Australia

Forsige

Tesla Recalls Imported U.S. Vehicles In China, Due To Suspension Issues

Nasiru Eneji Abdulrasheed

Elon Musk Has Been Titled the New ‘Technoking of Tesla,’ and CFO Has Been Dubbed the ‘Master of Coins’

Nasiru Eneji Abdulrasheed

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Homepage for World Breaking News

Forsige uses cookies to improve your experience. Are you OK with this? You can opt-out if you wish. Accept Read More

Privacy & Cookies Policy