India to ban private cryptocurrencies, bill to be tabled in Parliament

New Delhi [India]: The government would introduce a bill to ban all private cryptocurrencies in India while providing certain exceptions to promote the underlying technology of cryptocurrency.The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021′ is among 26 new bills on the agenda of the government for the winter session of parliament beginning November 29. The bill seeks to create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India.While seeking to prohibit all private cryptocurrencies in India, the bill “allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses”.Prime Minister Narendra Modi had earlier this month chaired a meeting on the way forward for cryptocurrency and related issues.According to sources, the meeting strongly felt that attempts to mislead the youth through over-promising and non-transparent advertising be stopped.It was…

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