Express
Indian Parliament Considers Bill To Ban Private Cryptocurrencies
Summary: The Indian Parliament will consider a government-introduced bill that would ban private cryptocurrencies in its upcoming budget session, as reported by CoinDesk. Currently the ruling party controls both houses of Parliament, meaning there are good chances the bill will pass. The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, seeks to prohibit all cryptocurrencies in ...
The Indian Parliament will consider a government-introduced bill that would ban private cryptocurrencies in its upcoming budget session, as reported by CoinDesk.
Currently the ruling party controls both houses of Parliament, meaning there are good chances the bill will pass. The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, seeks to prohibit all cryptocurrencies in India and provide a framework for creating an official digital currency to be issued by the Reserve Bank of India (RBI), according to the Lok Sabha Bulletin published Friday.
While the bill is anti-private cryptocurrencies, it will allow certain exceptions to promote the underlying technology of cryptocurrency and its uses, the bulletin said. If the bill is approved, India would become the only major Asian economy to ban private cryptocurrencies rather than regulate.
By Emily Mason
Tags: India,Regulation,Reserve Bank Of India
Link: Indian Parliament Considers Bill To Ban Private Cryptocurrencies [Copy]
