India is planning on introducing a law to ban private cryptocurrency like Bitcoin, Ethereum, and co, and put in place a framework for an official digital currency issued by its central bank, according to a legislative agenda listed by the government.
The law will “create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India (RBI),” said the agenda, published on the lower house’s website according to The Verge.
The legislation, which is to undergo debate in the current parliamentary session, 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 agenda said.
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An Indian government panel had first recommended banning all private cryptocurrencies in 2019. The panel was to punish offenders with jail terms of up to 10 years and fines for anyone dealing in cryptocurrencies. It also asked the government to consider the launch of an official government-backed digital currency in India. It wants the cryptocurrency to function like banknotes, through the Reserve Bank of India.
The Indian central bank had also earlier ordered financial institutions to cut off individuals or businesses dealing in virtual currency within three months in 2018.
But, in March 2020, India’s Supreme Court overturned the central bank ban allowing banks to resume ties with them. This allowed the banks to handle cryptocurrency transactions from exchanges and traders.
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