Photographer: Akos Stiller / Bloomberg
Photographer: Akos Stiller / Bloomberg
India plans to introduce a bill that seeks to ban all private cryptocurrencies in the country during the parliamentary budget session that began on Friday.
The proposed law will provide a framework for the creation of official digital currency issued by the Reserve Bank of India and will allow certain exceptions the promotion of blockchain, the underlying technology of cryptocurrency and its uses, which according to a journal of the lower house of parliament.
The central bank is looking into the need for a digital version of the fiat currency and how to implement it.
Read More: India plans to introduce Law to ban cryptocurrency trading
India had a monetary policy regulator in 2018 they banned crypto transactions following a series of cheats in the months following Prime Minister Narendra Modi’s sudden decision to ban 80% of the country’s currency. Cryptocurrency exchanges responded with a lawsuit in the High Court in September and won relief in March 2020.