Govt to ban all pvt cryptocurrencies paving way for India’s own digital currency

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New Delhi: The Indian government is set to introduce a bill during Parliament’s Winter Session seeking a ban on private cryptocurrencies while paving the way for a new Central Bank Digital Currency (CBDC).

This bill on cryptocurrencies is among 26 bills listed for the winter session of the Parliament scheduled to start from November 29 and conclude on December 23.

The ‘Cryptocurrency and Regulation of Official Digital Currency’ bill will create a facilitative framework for an official digital currency to be issued by the Reserve Bank of India, and ban all private cryptocurrencies, such as Bitcoin and Ethereum.

Modi recently chaired a meeting to discuss the future of cryptocurrencies, amid concerns that unregulated crypto markets could become avenues for money laundering and terror financing,

Earlier this year, the government considered criminalising the possession, issuance, mining, trading and transference of crypto-assets.

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