Indian govt. today introduced much awaited cryptocurrency and regulation of official digital currency bill 2021 to facilitate a framework to create an official digital currency to be issued by Reserve Bank of India (RBI). The bill also seeks to ban all sorts of private cryptocurrencies and allow only the ones that are required for promotion of underlying technology.
India Takes Next Step Towards Crypto Adoption
Regulation of cryptocurrency in India has been a subject of debate with RBI taking strict actions many times including restriction to purchase cryptocurrencies through bank accounts. But, with passing time Bitcoin and cryptocurrencies have taken a huge leap in terms of institutional adoption especially in 2020-21.
The Indian house of parliament today introduced a bill titled, “The cryptocurrency and Regulation of Official Digital Currency Bill, 2021” and it will be discussed in Lok Sabha house of Indian parliament. The bill primarily focusses on creation of official digital currency and prohibit all other private cryptocurrency except the ones required for promotion of Blockchain technology.
It is clear from the purport of bill that apart from official digital currency only primary public cryptocurrencies like Bitcoin might be allowed to operate in India while all other ICO based as well cryptocurrencies owned by private firms like XRP, IOTA etc. might not find a place in India.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at firstname.lastname@example.org