All but a few private cryptocurrencies will be banned in India. This became clear after the government announced on Tuesday it was introducing a new financial regulation bill.
The ‘Cryptocurrency and Regulation of Official Digital Currency’s bill goal is to create a facilitative framework for an official digital currency. It will be issued by the Reserve Bank of India, and ban all private cryptocurrencies, such as Bitcoin and Ethereum.
Prime Minister Narendra Modi said earlier this month all democratic nations must work together to ensure cryptocurrency “does not end up in the wrong hands, which can spoil our youth”.
The law is due to be presented to parliament in the next session. Without providing further details, the parliament bulletin said It will allow exceptions to promote the underlying blockchain technology.
The government considered criminalising the possession, issuance, mining, trading and transference of crypto-assets earlier this year.