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Government Says India Seeks To Block Most Cryptocurrencies in New Bill

Government Says India Seeks To Block Most Cryptocurrencies in New Bill

KEY POINTS:


The government will allow only certain cryptocurrencies to promote the underlying technology and its uses, according to a legislative agenda for the winter Parliament session.


 


Through the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, India is also looking to make a framework for the official digital currency issued by the Reserve Bank of India.


 


Prime Minister Narendra Modi chaired a meeting to discuss the future of cryptocurrencies amid concerns that unregulated crypto markets could become avenues for money laundering and terror financing, sources said.


 


Government Says India Seeks To Block Most Cryptocurrencies In New Bill - CNBC - MLM Diary


 


India is looking to bar most private cryptocurrencies when it introduces a new bill to regulate virtual currencies in the winter session of Parliament, the government said late on Tuesday.




The government will allow only certain cryptocurrencies to promote the underlying technology and its uses, according to a legislative agenda for the winter session that is set to start later this month.




Through the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, India is also looking to make a framework for the official digital currency that will be issued by the Reserve Bank of India.




The central bank has voiced “serious concerns” about private cryptocurrencies and is set to launch its own digital currency by December. Read More



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