Daily Management Review

India to create its own cryptocurrency and ban others


India plans to pass a law banning various cryptocurrencies, including Bitcoin, and set a legislative framework for an official digital currency to be issued by the country's central bank.

"To set an comprehensive framework for an approved cryptocurrency to be issued by the India's Reserve Bank. The paper also aims to prohibit all private digital currencies in the country, with several exceptions to prompt the underlying digital currency technology and its use," said the agenda published on the lower house's website.

Unregulated cryptocurrency exchanges and their trading have become a bigger concern for the Indian government, especially after the Supreme Court in March 2020 struck down the 2018 ban on digital currency trading by the Indian central bank.

Earlier, the country's authorities had raised concerns about the use of bitcoins in illegal activities, including money laundering, due to the lack of regulation of cryptocurrency.

source: techcrunch.com