Indian Government Ban Private Cryptocurrencies India

The winter session of the Parliament is going to start on November 29.

In this winter session, the Government of India is going to bring 26 bills to the Parliament.

Out of these 26 bills, two of them are very important.

The first one is to repeal the three new farm laws and the second one is to prohibit all the private cryptocurrencies in India.

Here we are going to talk about the prohibition of private cryptocurrencies in India.

The bill that will prohibit private cryptocurrencies in India is called The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021.

While the bill will prohibit private cryptocurrencies, with some exceptions, it will promote cryptocurrency technology.

By prohibiting private cryptocurrencies, the bill will seek to create a framework for the creation of digital currency issued by the Reserve Bank of India.

As of now, that’s the way India is planning to promote cryptocurrency technology in the country.

The Reserve Bank of India is against Cryptocurrencies

The Reserve Bank of India believes cryptocurrencies pose a serious threat to the macroeconomic and financial stability of the country.

Earlier this month, RBI Governor Shaktikanta Das said, as cryptocurrencies are unregulated by any Central Bank, it poses threat to the financial system of the country.

In order to promote the underlying technology, RBI has said, if the government gave them permission, they can create a digital currency regulated by them.

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