Indian Parliament to consider bill banning cryptocurrencies

During the upcoming budget session, the Indian Parliament will consider the government-proposed bill to ban cryptocurrencies. CoinDesk reports.

The bill seeks to ban all cryptocurrencies and develop a regulatory framework for the creation of an official digital currency issued by the Reserve Bank of India. The document provides some exemptions intended to promote the underlying blockchain technology.

If the bill is enacted, India will become the largest Asian country to ban cryptocurrencies rather than regulate them.

In April 2018, the Reserve Bank of India prohibited its supervised entities from providing services related to cryptocurrencies to individuals and companies. In March 2020, the Supreme Court overturned the ban.

“As the government considers presenting this bill in this session of Parliament, we are confident that authorities will surely heed the views of all stakeholders before taking any decision,” said the CEO of the Mumbai-based exchange CoinDCX.

The Reserve Bank of India began to study the potential of the digital rupee.

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