Indian Government Mulls a Law to Ban Cryptocurrencies In India and Will Create Official Digital Currency by RBI

Indian Government Mulls a Law to Ban Cryptocurrencies In India

The Indian government has listed a legislative agenda to ban all cryptocurrencies including Bitcoin in India. They have also proposed a put in place a framework for an official digital currency to be issued by the central bank.

In this bill, the government will discuss to “create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India (RBI)” said the agenda, published on the lower house website on Friday 29 Jan 2021.

The government has listed this legislation for debate in the current parliamentary session to prohibit all private cryptocurrencies in India.

In 2019, an Indian government panel had recommended banning all private virtual cryptocurrencies, with the punishment of jail term up to 10 years with a heavy fine for anyone dealing in digital currencies in India.

The panel has also asked the government to launch an official government-backed digital currency to function like banknotes through RBI (Reserve Bank of India).

Governments across the globe have been looking into ways to regulate cryptocurrencies. But no government has taken any large step yet.

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I am Pawan Kashyap currently living in Amritsar. I always try to grab new things from the cryptocurrency market. From my observations and trends in the market, I always try to provide the best and accurate information in the form of articles from this blog. Follow us on Facebook, Instagram, and Twitter to join us.
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