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Cryptocurrency ban in India paves the way for official digital currency

Cryptocurrency

India Plans to Evaluate and Enforce a bill to prohibit “all private cryptocurrencies” in the country according to a legislative agenda for the winter session. The Indian Government said on Tuesday evening that the proposed law will permit certain exceptions to promote the underlying technology of cryptocurrency and its applications.

The bill – called Cryptocurrency & Regulation of Official Digital Currency Bill 2021 – will also create a “facilitative framework” for the creation of the official digital currency for the country, the legislative agenda adds.

Lawmakers in India have for several quarters been discussing risks of cryptocurrency trading and trialing a central government-backed digital currency.

An increasingly growing number of Indians, many of whom have never invested in the stock market or any other asset class, have started to trade cryptocurrencies in recent quarters, prompting concerns among some that they might end up losing their money.

Local cryptocurrency exchanges have reported growing volumes of transactions and user bases this year and raised record capital from high-profile investors.

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