Bill To Ban Private Cryptocurrencies In India?

The central government is all set to bring a new bill during the upcoming winter session in the Parliament, which is scheduled to start on November 29, 2021. With Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, the government seeks to create a facilitative framework for the creation of official digital currency that will be issued by the Reserve Bank of India. It also seeks to prohibit all private cryptocurrencies in India. However, it allows some exceptions to promote the underlying technology of cryptocurrency and its uses.