Blog: India To Ban Bitcoin, Ethereum And Other Cryptocurrencies. Details Here – India.com

New Delhi: India is on track to ban a few private cryptocurrencies after the government announced on Tuesday it was introducing a new financial regulation bill. A bill that “seeks to prohibit all private cryptocurrencies in India” is among 26 pieces of legislation planned to be brought to Parliament in the session beginning next week, according to a Lok Sabha release.Also Read – Fake News: BCCI Quashes Reports of ‘Halal’ Meat Diet For Team India Players

The government is set to introduce “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021″ in the winter session of Parliament beginning 29 November for consideration and passing. Also Read – Breaking News Live: Cabinet Likely To Clear Farm Laws Repeal Bill Today

The bill aims “to create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India. Also Read – Horoscope Today, November 24, Wednesday: Sagittarius Should Prioritise Health, Gemini Should Not Lose Calm

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,” it said in a notification on the Lok Sabha website.

On November 13, Prime Minister Narendra Modi chaired a meeting to discuss the future of cryptocurrencies, amid concerns that unregulated crypto markets could become avenues for money laundering and terror financing, a person aware of the matter said, asking not to be named.

The RBI had in 2018 banned the banking system from cryptocurrency transactions, which was struck down by the Supreme Court in 2020.

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