Insta
Digital Rupee Coming Soon? Govt Likely To Table Bill To Create Official Digital Currency, Regulate Cryptocurrencies
Prime Minister Narendra Modi with Finance Minister Nirmala Sitharaman.
In a significant development, India may soon ban all the private cryptocurrencies and launch its own sovereign digital currency as the government is preparing to table a bill for the same in the Parliament's Budget Session, reports Economic Times.
The bill titled, "Cryptocurrency and Regulation of Official Digital Currency Bill, 2021" would launch a facilitative framework for the creation of the official digital currency of the nation which will be issued by the Reserve Bank of India (RBI). Interestingly, China has already been working on a digital Yuan for over five years.
However, it should be noted that while the bill seeks to ban all private cryptocurrencies, it allows for certain exceptions so as to promote the underlying technology of cryptocurrency and its uses.
It should be noted that prior to this, RBI had also imposed a ban on cryptocurrencies in India through the use of the banking system to make transactions. However, the ban was later revoked in March 2020 by the Supreme Court.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest
