India Aims to Ban Private Cryptocurrencies

Written By Guest User

  • Indian government officials have introduced a bill that would aim to “prohibit all private cryptocurrencies” in the nation.

  • The Cryptocurrency & Regulation of Official Digital Currency Bill 2021 seeks to implement strict regulation of crypto in India, and established the framework for an official central bank digital currency (CBDC) that would be issued by the Reserve Bank of India.

  • While the bill includes a ban of all private cryptocurrencies, it allows the promotion and use of blockchain technology in the public space in terms of government adoption.

  • Several Indian crypto businesses have formed groups to lobby against these changes, including CEO of WazirX Nischal Shetty. Shetty states that “this is not the end but the beginning of crypto regulations in India. Ultimately, innovation will win.”

  • The bill will be reviewed in the legislative agenda for the Indian government winter session starting on November 29th.

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