Government to introduce Cryptocurrency bill and seek ban on all private cryptos with few exceptions

The government is set to table the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in the winter session of Parliament. The bill seeks to ban all private cryptocurrencies with ‘few exceptions’.

The government is set to table the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in the winter session of Parliament. The bill seeks to ban all private cryptocurrencies with ‘few exceptions’, the official document shared by the government says. The initial document doesn’t provide any clarity on these exceptions. It states that the decision has been taken to promote the official digital currency which will be issued by the Reserve Bank of India. The RBI shown the intent of bringing its own crypto but is yet to announce one.

“To create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India. The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses,” the official document accessed by India Today Tech reads.