During the upcoming budget session, the Indian parliament will consider the government’s proposed bill to ban cryptocurrencies. CoinDesk reports.
The bill is about banning all cryptocurrencies and developing a regulatory framework to create an official digital currency issued by the Reserve Bank of India. The document contains some exceptions aimed at promoting the blockchain technology underlying cryptocurrencies.
If the bill is passed, India will become the largest Asian country to choose to ban cryptocurrencies over their regulation.
In April 2018, the Reserve Bank of India banned controlled institutions from providing cryptocurrency-related services to individuals and companies. In March 2020, the country’s Supreme Court overturned the ban.
“As the government is considering the possibility of presenting this bill at this session of parliament, we are confident that the authorities will certainly heed the views of all stakeholders before making any decision,” said the CEO of Mumbai-based CoinDCX exchange.
ForkLog previously reported that the Reserve Bank of India has begun exploring the potential of the digital rupee.
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