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Government to introduce bill to ban cryptocurrency in Budget Session

The cryptocurrency bill aims to create a framework for the creation of an official digital currency to be issued by the Reserve Bank of India.

January 30, 2021 / 09:44 AM IST

The government is to introduce a bill to ban, with exceptions, the trading in cryptocurrencies in India and also put in place the framework for an official digital currency to be issued by the Reserve Bank of India.

The move is likely to end ambiguity on cryptocurrency which is neither banned nor legalised in India. The RBI had banned banks from dealing with crypto exchanges but that embargo was overturned in March 2020 by the Supreme Court of India.

The Regulation of Official Digital Currency Bill, 2021 is likely to be introduced in the Budget Session of the Parliament, a Lok Sabha bulletin has said.

"The bill also seeks to prohibit all private cryptocurrencies in India. However, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses," CNBC TV18 quoted the bill as saying.