The government is proposing a new bill to ban cryptocurrencies such as Bitcoin, Ether, Ripple, and others in India. The same was presented today on the first day of the budget session. Not just that, the bill also talks about having our own digital currency. The Reserve Bank of India is suggesting issuing a digital version of the Indian Rupee.
The RBI also noted that. the government and the regulators are skeptical about private cryptocurrencies and the related fear that comes with them. RBI also mentions the intent of creating our own Rupee digital currency if the need arises.
In 2018 the ban on cryptocurrencies was enforced by the RBI and banks were instructed not to carry any related transactions, but in 2020 it was overturned by Supreme Court. The new Cryptocurrency and Regulation of Official Digital Currency Bill 2021 do suggest regulating and allowing certain exceptions to promote the cryptocurrency as a technology. However, the detailed text of the entire bill is not yet available.
What’s your take on this new proposed cryptocurrency bill?