The government is likely to introduce a bill during Budget session 2021 that would ban private cryptocurrencies including Bitcoin.
The government is likely to introduce a bill during Budget session 2021 that would ban private cryptocurrencies including Bitcoin. The government aims to introduce an official digital currency that would be directly issued by the Reserve Bank of India. The bill to ban cryptocurrencies is among the 20 bills that the government wants to produce during the Union Budget, which will be presented on February 1. The bill is titled ‘The Cryptocurrency and Regulation of Official Digital Currency Bill,2021’. “To create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India. The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses,” the government booklet read.
