Centre proposes bill to ban all “Private Cryptocurrencies”

Major Cryptocurrencies including Bitcoin fell sharply after the Government announced the introduction of a cryptocurrency regulating bill in the Parliament's winter session.

Centre proposes bill to ban all “Private Cryptocurrencies”
Photo by André François McKenzie / Unsplash

The cryptocurrency market plunged on Wednesday after reports surfaced of the Indian Government’s intent to pass a bill banning most crypto currencies. “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021” is set to be introduced in the winter session of the Parliament which begins on the 29th of November.

According to the notification on the Lok Sabha website, the bill intends “To create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India. The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.”