A bill seeking to outlaw the sale and purchase of private cryptocurrencies within India is soon to be considered by the nation’s parliament.
The bill, known as the Cryptocurrency and Regulation of Official Digital Currency Bill, doesn’t just seek to regulate private cryptocurrencies, but instead enact an outright ban of them, teeing India up to be the only major nation in the continent of Asia to do so.
Although private cryptocurrencies would be banned under this bill, the underlying technology would not. This is in part due to the bill being enacted in order to pave the way for the Reserve Bank of India (RBI)’s planned digital currency rollout.
Despite the bill outwardly seeming likely to pass due to the BJP’s majority control in Indian parliament, the specifics of the bill still remain largely unknown to the public. We will provide updates on the situation as it progresses.