India proposes law to ban cryptocurrencies, create official digital currency

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By Rajendra Jadhav
MUMBAI (Reuters) – India plans to introduce a law to ban private cryptocurrencies such as bitcoin and put in place a framework for an official digital currency to be issued by the central bank, according to a legislative agenda listed by the government.
The law will “create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India (RBI),” said the agenda, published on the lower house website on Friday.
The legislation, listed for debate in the current parliamentary session, seeks “to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses,” the agenda said.
In mid-2019, an Indian government panel recommended banning all private cryptocurrencies, with …

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