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Reserve Bank of India wants to ban all cryptocurrencies except official

Cryptocurrency on the model of Bitcoin. Sketched by the Pan Pacific Agency.

NEW DELHI, Jan 30, 2021, BloombergQuint. The Budget session of Parliament will consider a bill that prohibits all private cryptocurrencies and provides for an official digital currency to be issued by the Reserve Bank of India, BloombergQuint reported.

The schedule for the session shows that The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 is slated for introduction, consideration and passing. The purpose of the law has been described as to create a facilitative framework for an official digital currency issued by the RBI,
to “prohibit all private cryptocurrencies in India”.

But, certain exceptions will be permitted “to promote the underlying technology of crytptocurrency and its uses,” the Lok Sabha Bulletin said.

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