CRYPTOCURRENCY BANNED IN INDIA ? RBI BAN BITCOIN | CRYPTOCURRENCY BILL 2023

CRYPTOCURRENCY BANNED IN INDIA ? RBI BAN BITCOIN | RBI DIGITAL CRYPTOCURRENCY | CRYPTO YOUTUBER AMAN

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The government has listed a bill that will prohibit “all private cryptocurrencies” in India and provide a framework for creation of an official digital currency to be issued by the Reserve Bank of India. Titled “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2023,” the bill will be considered in the ongoing Budget session of Parliament. The RBI is already exploring the possibility of issuing a digital version of the rupee that could eventually come as the country’s central bank digital currency (CBDC) — based on the technological background of cryptocurrencies.

Although adequate details about the planned change are yet to be revealed, the government in the Lok Sabha bulletin on Friday mentioned that the bill was aimed “to create a facilitative framework for creation of the official digital currency” and “prohibit all private cryptocurrencies in India.” It will, however, have certain exceptions that would be “to promote the underlying technology of cryptocurrency and its uses.”

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CRYPTOCURRENCY BANNED IN INDIA ? RBI BAN BITCOIN | CRYPTOCURRENCY BILL 2023

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