Breaking: India plans to introduce a law to ban all private cryptocurrencies such as Bitcoin and put in place a framework for an “official digital currency” to be issued by the central bank, according to a legislative agenda listed by the government.
The law will create a facilitative framework for the creation of the official digital currency to be issued by the central bank, according to the agenda published on the Lok Sabha website on Friday.
Breaking: India plans to introduce a law to ban all private cryptocurrencies such as #Bitcoin and put in place a framework for an "official digital currency" to be issued by the central bank, according to a legislative agenda listed by the government
— Frontal Army (@FrontalArmy) January 30, 2021
The proposal to ban cryptocurrency is among the 20 bills to be considered at the Budget session of parliament.
In a recent note, the Reserve Bank of India (RBI) mentioned that it was working on developing its digital legal tender that has the backing of the state.
This is not the first time that the central bank has spoken about such an effort. In the past, statements have been made about putting in place RBI’s very own cryptocurrency. But nothing substantial has taken place on that front, apart from periodic remarks made by the bank’s top executives.
While the RBI did mention the need for a central bank digital currency (CBDC), it added, for good measure, that regulators and the government continue to be apprehensive about the associated risks around cryptocurrency. As per the Money Control report on the matter.
