India plans to introduce a law to ban private cryptocurrencies such as bitcoin in the country during the budget session of parliament that began Friday.
In the agenda (PDF) published on the lower house website, the legislation seeks to “prohibit all private cryptocurrencies in India,” but allow “for certain exceptions to promote the underlying technology [blockchain] of cryptocurrency and its uses.”
The central bank is looking into the need for a digital version of the fiat currency and how to implement it.
In 2018, an Indian government panel recommended banning all private cryptocurrencies and proposed up to 10 years of jail time for offenders. The panel also suggested the government to explore a digital version of the fiat currency and ways to implement it.
