MUMBAI: Digital currencies, including Bitcoin, are in vogue in today’s age of technology, but they are still legalized in India. On the contrary, there has been talk of tightening controls over the last three years. There are now reports that all cryptocurrencies in the country, including Bitcoin, will be banned and the government will bring in new stricter rules.
The central government is going to ban cryptocurrencies like Bitcoin, Ether. To this end, the government will introduce the Cryptocurrency and Regulation of Official Digital Currency Bill-2021 in the next budget session. However, the government does not want to impose a complete ban on cryptocurrency.
According to the Lok Sabha bulletin, the bill will pave the way for India’s official digital currency. The Reserve Bank of India (RBI) will prepare the framework for this. The bill will be tabled in the Lok Sabha for discussion. The bill is expected to pass the bill in the current budget.
The prevalence of cryptocurrency in the country has increased rapidly. But there is no law or guideline in the country for this. In 2018, the RBI issued a circular on cryptocurrency. The case was taken to the Supreme Court after the RBI banned all financial institutions from providing cryptocurrency related services. Last year, the Supreme Court rejected the ban imposed by the RBI and allowed trading in cryptocurrencies. Experts say that investors invest in cryptocurrency at their own risk.