India proposes law to ban cryptocurrencies, create official digital currency

The full version of the article, along with thousands like it, can be found on the following page: India proposes law to ban cryptocurrencies, create official digital currency

Digital Currencies

India plans to introduce a law to ban existing cryptocurrencies such as bitcoin and create a framework for an official digital currency to be issued by the Reserve Bank, according to a legislative agenda.

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 a jail term of up to 10 years and heavy fines for anyone dealing in digital currencies.

The panel has, however, asked the government to consider the launch of an official government-backed digital currency in India, to function like bank notes, through the Reserve Bank of India.

Back in April of 2018, the Reserve Bank of India ordered financial institutions to break off all ties with individuals or businesses dealing in virtual currency such as bitcoin within three months.

However, in March of last year, India's Supreme Court allowed banks to handle cryptocurrency transactions from exchanges and traders, overturning a central bank ban had that dealt the thriving industry a major blow.

Governments around the world have been looking into ways to regulate cryptocurrencies but no major economy has taken the drastic step of placing a blanket ban on owning them, even though concern has been raised about the misuse of consumer data and its possible impact on the financial system.

The team at Platform Executive hope you have enjoyed this news article. Translation from English to other languages via Google Cloud Translation. Initial reporting via our official content partners at Thomson Reuters. Reporting by Rajendra Jadhav. Editing by Alasdair Pal.

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