India is planning to introduce a new bill seeking to prohibit all private cryptocurrencies in the country during the budget session of parliament that will begin on Friday.
According to the proposed law, it will provide a framework for the creation of an official digital currency to be issued by the RBI and allow certain exceptions to promote blockchain, the underlying technology of cryptocurrency and its uses, according to a bulletin of the lower house of parliament.
India’s monetary policy regulator had in 2018 banned crypto transactions after a number of frauds in the months following Prime Minister Narendra Modi’s sudden decision to ban 80% of the nation’s currency. Cryptocurrency exchanges responded with a lawsuit in the Apex Court in September and won respite in March 2020.
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