For those interested in cryptocurrencies, the government of India has listed a bill to be introduced in the Parliament during the Budget session of the 17th Lok Sabha. The bill seeks to ban private cryptocurrencies like Bitcoin, Ripple, Ether, and others in India.
The government is likely to table the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021. It is aimed at creating a ‘facilitative framework’ for an official digital currency in India to be issued by the banking regulator, the Reserve Bank of India (RBI). The government’s bill also seeks to ban the Bitcoin, Ether, Ripple, and other private cryptocurrencies but it may allow certain kinds of uses and promotions of the technology behind them.
According to the RBI booklet on payment systems, the government is sceptical of these currencies and RBI is exploring the creation of a digital version of the Indian national currency.
“In India, the regulators and governments have been sceptical…