Government Likely to Ban Private Cryptocurrencies!

New Delhi, 30/1: Central Government is likely to pass a bill that seeks to ban the private cryptocurrencies like Bitcoin, Ripple, Ether, and others in India. The Bill will be presented during the Budget session of the 17th Lok Sabha.

The government is likely to table the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021. The bill aims at creating an official digital currency in India to be issued by the Reserve Bank of India (RBI).

The bill intends to ban Bitcoin, Ether, Ripple, and other private cryptocurrencies but may allow certain kinds of uses and promotions of the technology behind them.

Reportedly the cryptocurrencies were banned earlier but the Supreme Court overturned the ban in 2018.