The Indian Parliament today released a new bill named "the Cryptocurrency and Regulation of Official Digital Currency Bill 2021, " suggesting that all private cryptocurrencies, except those required to promote blockchain technology (such as Bitcoin), should be banned.

The main purpose is to clear the hurdles for the development of the official digital currency constructed by the Reserve Bank of India (RBI).

This means that except for the official digital currency, only major public cryptocurrencies such as Bitcoin have the opportunity to operate in India, and all other ICO-based currencies or cryptocurrencies issued by private companies such as XRP and IOTA will be banned.

The bill will be further discussed in the Lok Sabha house of Indian parliament.

By Mary Liu