The bills up for legislation include the Cryptocurrencies and Regulation of Official Digital Currency Bill (2021), which will regulate cryptocurrencies in India. The cryptocurrency bill to be tabled in the upcoming winter session of the parliament will ban most private cryptocurrencies in India, apart from few exceptions. With the bill, the government also aims to formulate a framework for the official digital currency of India, which will be issued by the Reserve Bank of India. After voicing serious concerns about misuse of private cryptocurrencies, the centre has said that India will launch its own digital currency in December. The wire agency also quoted a senior government official as saying that the plan is to eventually ban private cryptocurrencies while India paves the way for a new Central Bank Digital Currency (CBDC).

Source: dna November 24, 2021 08:27 UTC